What Else You Should Know - Gulf Credit Union

What Else You Should Know

A link to another account or a line of credit may be a less expensive option than an overdraft. A single larger overdraft will result in just one fee, as opposed to multiple smaller overdrafts. Good account management is the best way to avoid overdrafts. Use our mobile banking, internet banking, and telephone banking services to keep track of your balance. For additional financial education resources, please visit www.mymoney.gov.
The $30 Overdraft Fee that is charged if you overdraw your account is the same fee amount that is charged if an item is returned as unpaid. If multiple items overdraw your account on the same day, each item will be assessed an appropriate Overdraft Fee or a Returned Item Fee of $30. All fees and charges will be included as part of the Privilege Pay limit amount. Your account may become overdrawn more than the Privilege Pay limit amount because of a fee.
For consumer accounts, we will not charge a fee if your account balance is negative $5 or less.
Recipients of federal or state benefits payments who do not wish us to deduct the amount overdrawn and the Overdraft Fee from funds that you deposit or that are deposited into your account may call us at (409) 963-1191.
If an item is returned because the available balance in your account is not sufficient to cover the item and the item is presented for payment again, Gulf Credit Union will charge a Returned Item Fee each time it returns the item because it exceeds the available balance in your account. If, on representment of the item, the available balance in your account is sufficient to cover the item Gulf Credit Union may pay the item, and, if payment causes an overdraft, charge an Overdraft Fee.
This describes the posting order for purposes of determining overdrafts. Our general policy is to post ACH credits before ach or share draft debits. All debit transactions post in the order in which the items are received. Holds on funds (described herein) and the order in which transactions are posted may impact the total amount of Overdraft Fees or NSF Fees assessed.
Although under payment system rules, Gulf Credit Union may be obligated to pay some unauthorized debit card transactions, Gulf Credit Union will not authorize debit card or ATM transactions unless your account’s available balance (including Overdraft Coverage Options) is sufficient to cover the transactions and any fee(s).
Giving us your consent to pay everyday debit card and ATM overdrafts on your consumer account (Extended Coverage) may result in you incurring Overdraft Fees for transactions that we would otherwise be required to pay without assessing an Overdraft Fee. However, this would allow us to authorize transactions up to the amount of your Privilege Pay limit and may also help you avoid overdrafts in excess of your available balance that could result in suspension of your debit card. If you consent to Extended Coverage on your consumer account, it will remain on your account until it is otherwise withdrawn.
Gulf Credit Union authorizes and pays transactions using the available balance in your account. Gulf Credit Union may place a hold on deposited funds in accordance with our Deposit Account Agreement and Disclosure, which will reduce the amount in your available balance. The available balance for checks, ACH items, and recurring debit card transactions is comprised of the ledger balance, less any holds on deposited funds and any debit card holds, plus the amount of the Privilege Pay limit and any available Overdraft Protection. The available balance for ATM and everyday debit card transactions on accounts with Standard Coverage is the ledger balance, less any holds on deposited funds and any debit card holds, plus any available Overdraft Protection, but does NOT include the Privilege Pay For accounts with Extended Coverage, the Privilege Pay Limit is included in the available balance for authorizing ATM and everyday debit card transactions.
Please be aware that the Privilege Pay amount is not included in your available balance provided through online banking, mobile banking or Gulf Credit Union’s
Gulf Credit Union will place a hold on your account for any authorized debit card transaction until the transaction settles (usually within two business days) or as permitted by payment system rules. In some cases, the hold may exceed the amount of the transaction. When the hold ends, the funds will be added to the available balance in your account. If your account is overdrawn after the held funds are added to the available balance and the transaction is posted to the available balance, an Overdraft Fee may be assessed.
Except as described herein, Gulf Credit Union will not pay items if the available balance in your account (including the Privilege Pay limit, if applicable) is not sufficient to cover the item(s) and the amount of any fee(s).
Gulf Credit Union may suspend your debit card if you incur overdrafts in excess of the available balance in your account, including any Privilege Pay limit (as described herein). Debit cards on your account will remain suspended until you make sufficient deposits so that your available balance, taking into account any Privilege Pay limit, is positive and then you contact us.
Gulf Credit Union may also suspend your debit card if your account is overdrawn more than 35 consecutive calendar days. Debit cards on your account will remain suspended until you make sufficient deposits so that your account balance is positive.
Gulf Credit Union may also suspend your debit card if we are unable to contact you due to an incorrect mailing address or phone number(s). You must contact us with your correct mailing address and/or phone number(s) to have your debit card reinstated.
We may charge a fee of $5 to reactivate your debit card if we suspend your debit card.
If your debit card is suspended, you will be unable to use your debit card(s) for purchases or to access your account(s) associated with the debit card(s) at the ATM while your debit card is suspended. If you use your debit card for recurring payments, e.g., utilities, you are responsible to make other arrangements for your recurring debit payment(s).
New consumer and business checking accounts will receive a $100 Introductory Privilege Pay limit at account opening that will be increased to $700 after 35 days in good standing for consumer accounts or to $1,000 after 35 in good standing for business accounts.
Privilege Pay is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any time without prior notice.
Privilege Pay may be reduced if you default on any loan or other obligation to us, your account becomes subject to any legal or administrative order or levy, or if you fail to maintain your account in good standing by not bringing your account to a positive balance within 35 days for a minimum of one business day. You must bring your account balance positive for at least one business day to have the full Privilege Pay limit
Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in the Deposit Account Agreement and Disclosure. The total (negative) balance, including all fees and charges, is due and payable upon demand.

If you have any questions about Overdraft Protection or Privilege Pay, please call us at (409) 963-1191 or visit a branch.