Credit Line

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Credit Line

CREDITLINE______________________

Overdraft Protection

"Your lifeline to having peace of mind"

Greater Minnesota Credit Union Credit Line Overdraft Protection is a valuable safeguard against temporary cash shortages--now that's peace of mind!

General Information

Credit Line Overdraft Protection is active only when a checking account is overdrawn. You may set the Credit Line limit when you set up the account. When you draw from the Credit Line, you will pay interest only on the loan amount you advance. There is no charge to set up automatic overdraft protection.

If your account should become overdrawn, funds will automatically be transferred into the account by your overdraft source. At the time of application you may decide how funds are drawn:

Transfer from savings first, then advance on Credit Line
Advance on Credit Line first, then transfer from savings
Advance on Credit Line only

Benefits

No service charge --some financial institutions charge up to $10 per advance for this same service.
No annual fee--some financial institutions charge up to $25 per year for overdraft protection.
No interest charged until you actually draw from your credit line.

As a member of GMCU, you can protect your checking account from accidental overdrafts by applying for Credit Line, our personal line of credit product. You can also use Credit Line as a flexible source of financing. In effect, you can write yourself a loan! There are no application fees, no fees for accessing funds, and no restrictions on how you spend your funds.

How to Apply

Stop in at your local office and fill out a short application, or ask one of our loan officers by phone or by email for more details.