Peace of mind and purchase power for the way you bank
- Fixed Competitive Rates
- Anytime Funds
- Apply Now
- Revolving Credit
GPO’s Overdraft Line of Credit Loan (OLOCL) can help you manage your expenses while also protecting you from fees in the event your account balance drops below zero. Having an OLOCL attached to your GPO checking account can help you maintain financial balance while borrowing what you need from your local credit union.
- Overdraft Line of Credit Benefits
- No annual fee
- No NSF Fee or Overdraft Protection fee
- Flat interest rate of 13.88% APR
- Pay no interest until you actually use your line of credit
- Payments based on amount you actually use, not the amount of your overdraft line
- Immediate access to funds that can help you every day or during emergencies
- Flexible overdraft line amounts of $500 and up
Your GPO Classic Checking account can link to an OLOCL to cover any pending transactions that your checking account balance can't cover. An overdraft line of credit helps you avoid fees due to insufficient funds, ensuring that your checks don't bounce, your debit card doesn't get denied, and that you don't miss payments.
- Checks and other transactions using your Classic Checking account number
- Automatic bill payments
- Monthly subscriptions taken out of your Classic Checking account
- Recurring debit card transactions (such as insurance payments or monthly membership fees).
Overdraft protection provides you with a safeguard in the event of a financial emergency. You can avoid expensive fees and always cover pending transactions from your checking account. Without overdraft protection, your credit union might decline pending transactions if there isn't enough money in your checking account.
Overdraft Protection Options
GPO offers members three different versions of our overdraft program: Overdraft Line of Credit Loan, Courtesy Pay and Savings Overdraft Protection. With many options to choose from, find the protection that is convenient for you and the way you bank!
Overdraft Comparison Chart
|Feature||Overdraft LOC||Courtesy Pay||Savings Overdraft Protection|
|Requires application and credit approval||X|
Maximum credit based on account type and balances
|Interest applies to balance||X|
|Fee for each transaction||X||X|
Based on credit approval. GPO Classic Checking account and membership required. The Annual Percentage Rate (APR) for an Overdraft Line of Credit Loan is 13.88%. Payments are calculated based on 2% of the outstanding loan balance or a minimum of $17.00 – whichever is greater on the outstanding loan balance.