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Courtesy Pay FAQs
Q: What is Courtesy Pay?
A: Courtesy Pay is a discretionary service we provided to eligible accounts. It is designed to help prevent your insufficient funds items from being returned or declined. With Courtesy Pay, Edwards FCU may provide you a specific Courtesy Pay limit depending on the type of account you have.
Q: What's the difference between Courtesy Pay and other Overdraft Protection Programs?
A: Other overdraft protection programs such as a link to a savings account may be preferable but are limited as to how many times a transfer may be made to cover an overdraft. Also, other overdraft protection programs require that funds be available. With Courtesy Pay items that would otherwise be declined or returned are paid and the debit is posted to your account. In the event your account is accidentally overdrawn, Courtesy Pay is a useful addition if there are no other funds available at the time of overdraft.
Q: Am I eligible for Courtesy Pay?
A: You are eligible for courtesy pay if you...
- Have a minimum of $1 in your savings account
- Have a checking account that has been open for a minimum of 60 days
- Are not delinquent on any of your Edwards FCU loans (if applicable)
Enrollment in the program for Checks and ACH items are automatic when you meet the above conditions. Edwards FCU may automatically pay items that would otherwise be returned due to insufficient funds by overdrawing your Share Draft (Checking) account not to exceed your courtesy pay limit. If you do not wish to participate in this program, you may contact us to "Opt-out" of this service.
Q: What type of overdrafts does Courtesy Pay Cover?
A: Initially Courtesy Pay will only cover Checks and ACH debits, but with your consent Courtesy Pay may also cover ATM withdrawals and everyday debit card purchases. You may at your request Opt-In to the payment of ATM and everyday debit card purchases. You may also rescind your consent at any time. Furthermore, you may Opt-out of courtesy pay in its entirety. (Please keep in mind that ‘opting-out’ may result in Checks and ACH items being returned as NSF and your account will be charged a $29.00 NSF fee.)
Q: What is my Courtesy Pay Limit?
A: For eligible members, your courtesy pay limit on you Share Draft (Checking) account will be either $500 or $750 (inclusive of fees). The default courtesy pay limit for share draft accounts is $500. For members with a direct deposit of at least $500 per month, your courtesy pay limit will be increased to $750 so long as your direct deposit is reoccurring. Business Members are eligible for a Courtesy Pay limit of $750.
Q: How much does Courtesy Pay cost?
A: For each overdraft that is posted to your account a $29.00 Courtesy Pay charge will be assessed to your account. Although overdrafts are discouraged, Courtesy Pay allows you to avoid excessive fees that a merchant may charge for returned items.
Q: How long do I have to bring my account positive?
A: Once your account is overdrawn you will have a full 30 days to bring your account current. However, if the account remains overdrawn after 30 days your courtesy pay privileges will be suspended and a $15 collection fee may be assessed. All accounts must be paid current no later than 45 days unless arrangements have been made prior to 31 days overdrawn.
Q: How will I know when I have used Courtesy Pay?
A: You will be notified by mail the first time your Courtesy Pay is used. Other notices will also be sent to you when your account has been overdrawn for 5, 15, and 30 days (excluding weekends and holidays).