Overdraft Line of CreditTerms and ConditionsPurposeThis program is offered to protect approved members from the occasional overdraft by transferring funds from their overdraft line of credit and to allow members to have a quick-cash reserve without going through the approval process for each advance. Terms1. When the checking account falls below a zero balance the overdraft loan will advance a minimum of $100 to allow checks and ACH items to clear, up to the established line. NO PARTIAL TRANSFERS 2. Transfers will appear on the monthly statement-NO OTHER NOTICE WILL BE SENT. 3. After the line of credit is depleted, the money will then transfer from the available savings account, up to six times per month, with a transfer fee of $2.00 per check. 4. Quick-cash loan advances have a minimum advance of $100.00 5. A minimum monthly payment of $50.00 is required/ 6. Maximum amount of loan will not exceed GFCU unsecured limits. 7. A delinquent account over 15 days will not allow transfers. 8. An account delinquent 30 days will result in closure of the line. 9. This agreement may be cancelled at anytime with written notice. 10. The credit union will only transfer between account numbers established with the loan. 11. The Guthrie Federal Credit Union is not responsible for any adverse consequences of having made a transfer per this agreement. 12. All parties on the checking account must also be on the loan, all parties on the loan must also be on the checking account. |
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