ANNOUNCING A NEW OVERDRAFT SERVICE FOR MEMBERS WITH A SHARE DRAFT (CHECKING ACCOUNT)

Too busy to keep track of your checking account balance?  To help resolve these types of situations, we have implemented a new Courtesy Pay Program.  Funds for overdrafts will first come from your overdraft protection that you chose when you opened your share draft account, but if funds are still not available, we may elect to cover your overdrafts up to $500.00 for Regular Share Draft accounts and up to $100 for Student Share Draft and Checkless Draft Accounts.  When this occurs, your account will have a negative balance.

We will save you the embarrassment and inconvenience of a returned check as well as the fee merchants normally charge you for checks returned to them.

Therefore, rather than returning your check, the credit union will cover the difference up to $500 and your account will be charged $25.00 for handling each item paid by the Discretionary Courtesy Pay Program.  A fee will be imposed for overdrafts created for all checks, ACH items, Internet Bill Pay items, debit card transactions and ATM withdrawal from your share draft account.   You will then have 30 days from the date the account was overdrawn to pay off the negative balance.

The Courtesy Pay fee will be much less than the fees you would have accumulated without this protection.  For example, without the service you might pay a $25 returned check fee from the credit union, as well as a $25 or higher returned check fee from the merchant totaling at least $40.

The Credit Union reserves the right to not pay items that would cause your account to overdraft if your account is not in good standing, you are not making regular deposits, or you have too many overdrafts.  If you are not interested in having this service as part of your share draft account, you do have the right to refuse this service by opting out in writing.

For more information about our Courtesy Pay Program, feel free to contact us at (337) 482-6956.