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Checking Protection Options

 

Checking Protection Options

An overdraft happens when you do not have enough money in your account to cover a transaction. Whether you have an emergency expense or a human error, it can be inconvenient, embarrassing, and costly. Great Basin offers multiple ways to protect your checking account from overdrafts.

Member Privilege Program

We offer a courtesy overdraft protection program called Member Privilege. Please review the options carefully before making your choice. 

Option #1: Cover Everything.

  • We will COVER debit card transactions, checks, bill pays, or ACH transactions even if there isn’t enough money available in your account (up to a $500 total limit). For each transaction that is covered, you will be charged a $29 Member Privilege fee.
Option #2: Cover Nothing.

  • We will NOT COVER debit card transactions if there is not enough money in your account. Your card will be declined; there is no fee when this happens.
  • We will NOT COVER checks, bill pays, or ACH transactions if there is not enough money in your account. You will receive a $29 non-sufficient funds fee from Great Basin for each transaction. You will also be subject to a fee from the payee/merchant for the returned transaction and possibly a late payment.
Option #3: Decline My Card. Cover My Bills.

  • We will NOT COVER debit card transactions if there is not enough money in your account. Your card will be declined; there is no fee when this happens.
  • We will COVER checks, bill pays, or ACH transactions even if there isn’t enough money available in your account (up to a $500 total limit). For each transaction that is covered, you will be charged a $29 Member Privilege fee.

Advance Line

This revolving line of credit connected to your checking account can help to provide peace of mind.

  • Up to $1,000 limit, on approved credit
  • Cash advances for personal use available
  • No fee for usage
Amount Used  Interest Charge
$50 $1.16
$500 $11.64
$1,000 $23.29
Current Advance Line APR is 17%. APR = Annual Percentage Rate. Interest charge examples based on one month.

When compared to the cost of many payday loans, the Advance Line is your friend. Ask us about applying today to be sure it’s ready right when you need it.

Share/Loan Transfers

All checking accounts are automatically set up to transfer from the Essential Share Savings to cover an overdraft.

Additionally, you can request to set up this type of automatic transfer from other sub-accounts you have (like a Secondary Share or Money Market) or lines of credit (like your Visa Credit Card).

 

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