To guard against costly fees and the loss of check acceptance, members can choose from several overdraft protection options.
If there are insufficient funds in draft/checking, an automatic transfer is made from a designated share/savings account.* Automatic transfers are only done in $100 increments.
* Transfer Exception:
Transfers are NOT made for Debit Card Approvals. Funds may be transferred when the account has insufficient funds to pay previously approved transactions.
Members can apply for a line of credit loan. If there are insufficient funds in the draft/checking account the loan is activated up to an approved credit limit. Interest is charged on the amount of credit used for the number of days the loan is outstanding. The interest rate for an unsecured overdraft line of credit is 16%. The minimum monthly payment of $25 is automatically transferred at the end of the month. The balance can be paid in full at any time. There is no yearly maintenance fee for this loan.
- Certain requirements must be met before an account is qualified for Courtesy Pay.
- Courtesy Pay can be suspended at any time at the discretion of the credit union.
A form of overdraft protection which activates after all other overdraft options have been used. You must qualify for this service. You must be at least 18 years of age. Your share draft account must be open at least 90 days and you cannot have a loan that is more than 30 days delinquent. The system will automatically pay your share drafts and ACH items up to $300.00, including fees. You will be automatically disqualified if you fail to meet any of the criteria. It is your responsibility to monitor your account to determine if you have available funds for courtesy pay. Courtesy pay is valid for share draft and ACH processing only. In some circumstances, courtesy pay may be activated to pay ATM, debit card, home banking, or bill pay transactions. There will be a $25.00 per item fee up to $100.00 per day for drafts. There will be a $25.00 per item fee up to $100.00 per day for ACH items. If you have additional transactions, they will be paid up to the limit with no additional fee on the same day. Your account may be negative no longer than 30 days. If your account is not positive for 30 days, courtesy pay will be revoked and collection efforts will begin. If the issue is not cleared up within 45 days, your share draft account (checking) will be closed for account abuse. It is up to you to contact the Credit Union and work out a payment plan if you are unable to bring your account to a positive status in 30 days. This will save your credit score from declining. The Credit Union reserves the right to revoke the courtesy pay service at any time. You may opt-out of this service at any time by giving the Credit Union written notice that you do not wish to participate. You may e-mail, fax or mail your opt-out request. By not opting-out of the program, you agree that all deposits made to your share draft account may be used to cover any items we pay for you using courtesy pay. This includes retirement benefits such as Social Security and SSI.