Overdraft Privilege

What You Need to Know about Overdrafts and Overdraft Fees

An overdraft occurs when you do not have enough money in your account to cover a transaction, but GreenState pays it anyway so that the transaction is not immediately declined.

What are the different ways an overdraft can be covered?

We can cover your overdrafts in three different ways:

  1. We have standard overdraft practices that automatically come with your account.
  2. You can request extended overdraft coverage which includes ATM and debit card transactions. 
  3. We also offer overdraft protection plans, such as a link to a savings account, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans by calling (800) 397-3790 or by visiting any branch location.
    • Automatic Overdraft Transfers from deposit accounts. Funds transfer in $100 increments from a linked account to cover overdraft transactions. We will charge you a fee of $6 (plus sales tax) for each transfer.

The rest of this page explains our standard overdraft practices.

What are the standard overdraft practices that come with my account?

The default standard is GreenState Credit Union will authorize and pay overdrafts for the following types of transactions:

  • Checks and other transactions made using your checking account number (including ACH transactions)
  • Automatic bill payments (including recurring monthly payments)

GreenState will not authorize or pay overdrafts for the following types of transactions unless you ask us to:

  • ATM transactions
  • Everyday debit card transactions

We pay overdrafts at our discretion; we do not guarantee we will always authorize and pay any type of transaction. For example, we typically do not pay overdrafts if your account is not in good standing, or you are not making regular deposits, or you have too many overdrafts.

If we do not authorize and pay an overdraft, your transaction will be declined.

Can I request that GreenState authorize and pay overdrafts on my ATM and everyday debit card transactions?

Yes, you can request that your account be granted extended coverage and GreenState will authorize and pay overdrafts on your ATM and everyday debit card transactions. To request extended coverage for your account call (800) 397-3790 or visit us at any branch location.

What fees will I be charged if GreenState pays my overdraft?

Under our standard overdraft practices:

  • We charge a fee of $29.50 - $34 (plus sales tax) based on number of occurrences. (Maximum of 6 items per day)
  • There is a limit of 6 items per day we can charge you for overdrawing your account. We recommend that all members make use of online or mobile banking to keep track of account balances.
  • The amount of any overdrafts plus our non-sufficient funds fees and/or overdraft feeds you owe GreenState shall be due and payable upon demand.

Can I change or revoke authorization for GreenState to pay overdrafts for transactions?

Yes. If you’ve previously requested extended coverage but would like to change back to the default standard practice you can make that request by calling us at (800) 397-3790 or by visiting any branch location.

If you’d like to revoke all authorization to pay overdrafts on any type of transaction, including checks and bill pay, you can make that request by calling us at (800) 397-3790 or by visiting any branch location.