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Overdraft Protection is an individual line of credit loan established for the purpose of covering your share draft/checking account from insufficient or inadequate funds.
Designate the order in which transfers from accounts are made. Either shares first, loans second, clubs third or designate a combination of accounts, including joint accounts.
Protection has always been available from your share/savings account, now you can also have the same convenience and protection from a loan.
Loans are created when Checks/ATM/ACH are presented, and the funds in your draft/checking are inadequate. Loan advances are made in exact increments to pay an item attempting to clear your account.
Only 16.5% APR* is charged on credit limits up to $7,500.00. There is no transfer or monthly service charge for the ODP loan service.
Advances appear on your monthly statement, along with all ODP Loan information, including monthly payment.
No monthly payment is required if the line of credit is not used. When used, the monthly payment will be 4.5% of any outstanding balance and is due on the 28th of each month. ODP loans have the same convenient payment options as other Gardiner Federal Credit Union loans, including payroll deduction.
Start enjoying the benefits of an ODP loan today.
*APR - Annual Percentage Rate