WHAT IS COURTESY PAY?
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Courtesy
Pay is a new service that adds a measure of protection to your
personal checking/share draft account. Courtesy Pay may cover items
such as checks, up to your approved limit, when funds are
insufficient for a set fee per covered overdraft transaction. That
means, instead of returning a check to the merchant because of
insufficient funds, the Credit Union may pay your check, saving you
additional charges from the merchant collection companies, in
addition to the Credit Union’s insufficient funds fee. It saves you
the embarrassment an inadvertent overdrawn check can cause. It also
helps protect your credit rating. |
HOW DOES COURTESY PAY WORK?
Overdrafts on your checking account, up to a limit of $500
[including the amount of the overdrawn item(s) and the Courtesy Pay
fee(s)] may be honored by University Credit Union. A $25 fee will be
assessed for each item that draws your account negative. You then
have up to 30 days to bring the account current, either through a
direct deposit, transfer of funds, or a deposit at one of our
full-service ATMs or main branch office.
WHAT IF I ALREADY HAVE OVERDRAFT
PROTECTION?
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If you
have established other overdraft protection methods, such as a line
of credit or automatic transfer from your other accounts, we will
always look to pay any overdraft by those other methods first before
paying your overdraft utilizing Courtesy Pay and imposing a $25 fee
for each overdraft we pay.
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DO I HAVE TO APPLY FOR THIS SERVICE?
No. We
require no applications or additional signatures. As long as you are
a member in good standing which includes having an account with us
for at least 60 days, you make regular deposits to that account,
bring your account back to a positive balance regularly, and there
are no legal orders against your account, your Courtesy Pay
privilege remains activated. Courtesy Pay is a way for us to
provide a higher level of service to our members by helping protect
your account and reputation when an inadvertent overdraft occurs.
CALL US FOR MORE INFORMATION
We
are happy to review Courtesy Pay and its features
with you, along with giving you other
options to add convenience and ease
to your account. Please call us at
(617) 739-7447.
Important Courtesy Pay
Information
Courtesy Pay is a new service that allows us to pay a
check/share draft written on our member's checking/share draft
account even if it causes the account to become overdrawn.
Courtesy Pay may provide certain accountholders in
"good standing" with the ability to overdraw their personal share
draft account up to $500.
If the account has been open at least 60 days and
maintained in good standing, defined as A) Making regular deposits
sufficient to cover transactions; B) Bringing the account to a
positive balance at least once every thirty days or less, and; C)
There are no legal orders outstanding on your account, we may, at
our sole discretion, pay overdrafts up to the limits mentioned
above, including our normal Non-Sufficient Funds and/or Courtesy Pay
charge(s). Whether we pay or return an item, your account will be
assessed a fee, either as a Courtesy Pay charge or a Non-Sufficient
Funds charge but you will not be charged both fees.
Courtesy Pay offers additional flexibility and
convenience in managing accountholder funds, and provides peace of
mind knowing that checks may be paid up to the authorized overdraft
limit.
This non-contractual courtesy of paying overdrafts
requires no accountholder action. It is not a loan. No additional
agreements need to be signed, and it cost nothing unless the
privilege is used - by initiating checks/share drafts, electronic
funds transfers, or other payment or withdrawal requests for more
than is on deposit in the account. If you maintain the account in
good standing and have need for this "courtesy", we may, at our sole
discretion, pay the item(s) up to the authorized limit, and we will
charge the account our normal Non Sufficient Funds and/or Courtesy
Pay charge for each item that overdraws the account. We will send
you a notice each time an overdraft occurs.
If you receive a direct deposit of your monthly
Social Security payment into your checking account and do not want
Courtesy Pay eligibility, you must advise us to stop us from paying
your overdrafts with these funds.
Courtesy Pay allows University Credit Union to
provide a higher level of service to our members by helping to
protect your account and reputation when an inadvertent overdraft
occurs.
If you
have questions, do not hesitate to call Member Services at (617)
739-7447.
