At Greater Nevada Credit Union we understand that unforeseen expenses can occur when you might not have enough money in your account to pay for them. That's why we currently cover overdrafts for checks written on your account through our service called Overdraft Advantage.
As a result of government regulations, we are no longer able to authorize overdrafts for your everyday debit card and ATM transactions, regardless of the amount or importance, unless you ask us to. (The regulations do not apply to paper checks.)
Some financial institutions have decided not to offer you the choice to elect whether you want these transactions paid or not. We believe this is a decision best made by you, our member.
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. Though we do so at our discretion and don't guarantee payment, in most cases, Greater Nevada still honors your transactions as a courtesy to you. We can cover your overdrafts in two different ways:
- We have standard overdraft practices that come with your account
- We also offer overdraft protection plans, such as a link to a savings account or line of credit (upon credit approval), which may be less expensive than using our standard practices. To learn more about these, ask your Member Service Representative or call (775) 882-2060.
Our standard overdraft practice is to authorize and pay overdrafts for:
- Checks and other transactions made using your checking account number
- Automatic bill payments
We do not authorize and pay overdrafts for the following types of transactions unless you ask us to:
- ATM transactions
- Everyday debit card transactions
Under our standard overdraft practices:
- Greater Nevada charges a fee of $35 each time we pay an overdraft.
- Also, if your account remains overdrawn, we may assess an additional $10 per day until you bring your account to a positive balance. You have 20 days to bring your account to a positive balance or your Overdraft Advantage privileges will be revoked and collection process will begin.
- There is no limit to the total fees we can assess if you overdraw your account.
If you choose not to authorize Greater Nevada to pay your overdrafts for Debit/ATM transactions:
- All overdraft Debit/ATM transactions will be declined regardless of amount or importance of the attempted purchase or transaction.
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