Overdraft Privilege
All members with a TEGFCU checking account in good standing can take advantage of $500 in Overdraft Privilege, available 30 days after you open a checking account. We offer this benefit to help you avoid being charged a returned item fee by the merchant and stay in good standing with them. After the overdraft is paid, you’ll have 30 days to make a deposit to bring your checking account to a positive balance.
Overdraft Privilege Considerations:
If you’ve already signed up for overdraft protection from another account, we’ll transfer funds from your designated account to cover the overdraft. If that account has insufficient funds or if the transfer falls short, the overdraft will be paid through Overdraft Privilege.
Overdraft Privilege is not a personal line of credit, and this notice does not constitute either a written agreement of an obligation or a prearranged agreement to pay your overdraft. We may withdraw this privilege at any time. Please review our Overdraft Privilege policy.1
To enroll in Overdraft Privilege for ATM and Debit transactions, please fill out the following form to enroll in our Overdraft Privilege programs for ATM and one-time debit transactions.
Overdraft Savings Transfer
With Overdraft Savings Transfer, you can protect your checking account by linking it to your savings account. If you don’t have enough money in your checking account to cover your ATM withdrawals, debit card purchases, checks, and online bill payments, funds will automatically be transferred from your savings account to cover the difference. A small fee is charged for each transfer.
We recommend Overdraft Savings Transfer if you:
If you also sign up for Overdraft Privilege, funds will be transferred from your designated savings account first and Overdraft Privilege will be used to cover any shortfalls.
Overdraft Line of Credit
An Overdraft Line of Credit is a good alternative for protecting your checking account if you don’t want to link to your savings account or rely solely on Overdraft Privilege. Once your Overdraft Line of Credit is approved, we’ll advance the amount needed to cover your purchase or withdrawal (up to your credit limit).
We recommend an Overdraft Line of Credit if you:
If you also sign up for Overdraft Privilege, we will transfer funds from your line of credit first and use Overdraft Privilege to cover any shortfalls.
For more information about protecting your checking account from overdrafts or help deciding which overdraft protection option is best for you, call us at 845.452.7323 or visit any of our branch locations.2
