Truth in Savings Account Disclosures
Except as specifically described, the following disclosures apply to all of the accounts.
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Rate information.
The Dividend Rate and Annual Percentage Yield on your accounts are set forth above. The Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and the frequency of compounding for an annual period. The Dividend Rate and Annual Percentage Yield may change monthly as determined by the Credit Union’s Board of Directors. A withdrawal will reduce earnings.
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Nature of Dividends.
Dividends are paid from current income and available earnings after providing for the required reserves. The Dividend Rates and Annual Percentage Yields are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period.
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Compounding and Crediting.
Dividends will be compounded and credited as set forth above. The Dividend Period for each account is set forth above. The Dividend Period begins on the first calendar day of the Dividend Period and ends on the last calendar day of the Dividend Period.
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Balance information.
The minimum balance required to open each account is set forth above. Dividends are Calculated by the Daily Balance method which applies a periodic rate to the balance in the account each day. Any day the balance falls below the minimum required, no dividends will be earned for that day.
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Accrual of Dividends.
Dividends will begin to accrue on cash deposits on the business day you make the deposit to your term account. Dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account. If you close your account before accrued dividends are credited, accrued but unpaid dividends will be paid on term share certificates; accrued but unpaid dividends for all other accounts will not be paid if you close the account before accrued dividends are credited.
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Transaction Limitations except for checking transactions.
During any statement period, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer or telephonic order of instruction. If you exceed the transfer limitations set forth above in any statement period, your account may be subject to closure by the credit union.
- Fees could reduce earnings on the account. Click here for fee schedule.
Courtesy Pay Disclosures
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, but we pay it anyway. We can cover your overdrafts in two different ways:
- We have standard overdraft protection practices called Courtesy Pay that come with your account.
- We offer overdraft protection plans, such as a link to a savings account or additional credit union accounts. These plans are less expensive than our “Courtesy Pay” program. To learn more, contact our Member Services Department.
What are the standard overdraft practices (Courtesy Pay) that come with my account?
We DO authorize and pay overdrafts for the following types of transactions:
- 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 (see below):
- ATM transactions
- Everyday debit card transactions
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.
If we do not authorize and pay an overdraft, your transaction will be declined.
What fees will I be charged if Gulf Coast Educators Federal Credit Union pays my overdraft?
Under our Standard overdraft practices (Courtesy Pay Program): We will charge you a flat $20 fee per overdraft occurrence.
Overdraft/NSF Fees:
$20.00 per Overdraft/NSF Occurrence
Overdraft Fee, NSF fee for check or ACH item – Fee applies to every overdraft created by check, in person withdrawal, ATM/ITM withdrawal, or other electronic means within a business day.
Occurrence – An occurrence is defined as anytime your account is taken negative to pay an item or an item is returned due to insufficient funds in your account.
Available Balance = Current Balance – pending withdrawals/debits
- Your available balance is the balance in your account after deducting debit card or other transactions that are on hold/pending and that GCEFCU is legally obligated to pay as well as any other holds on your account and any deposits that are not yet available for withdrawal under the Funds Availability Act.
- Your available balance is the amount of funds in your account that you can withdraw or access. GCEFCU uses the available balance when deciding to pay items that may overdraw your account. (The available balance can be negative if you overdraw your account).
There is a limit of $300 per day on the total fees we can charge you for overdrawing your account.
*Overdraft balance must be paid within 30 days.
What if I want Gulf Coast Educators FCU to authorize and pay overdrafts on my ATM and everyday debit card transactions?
If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, you may opt in by visiting www.gcefcu.org, logging into your online banking account and completing the OPT-IN FORM or by calling us at 281.487-9333 or toll free at 1.800.683.3863. You can revoke your authorization for Gulf Coast Educators FCU to pay these overdrafts at any time by any of the above methods. Your revocation must include both your name and your account number so that we can properly identify your account.