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What is Courtesy Pay?
Courtesy Pay is a service that may cover your insufficient funds items (including ATM withdrawals, POS transactions, checks, and ACH transactions, up to your approved limit, for one low fee per covered overdraft transaction. This means that instead of returning a check to the merchant because of insufficient funds, the Credit Union may pay your item, saving you additional charges from the merchant, in addition to the Credit Union's insufficient funds fee. Courtesy Pay saves you the embarrassment an inadvertent overdraft can cause.
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How does Courtesy Pay work?
If funds are not available in your account to pay a check or an electronic transaction, we will first attempt to clear the transaction by using any overdraft protections you have set up, including transferring any available funds from your:
1. Savings account
2. Money Market account
3. Unsecured line of credit
4. Courtesy Pay
Depending on how the overdraft protection is set up, you may choose savings account or the line of credit to cover the overdraft. If there are no funds available in any of these overdraft protection options, the transaction would be paid through Courtesy Pay.
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What is the charge for Courtesy Pay?
A $25 fee will be assessed for each item that brings your account balance to a negative status. There is a maximum of 10 Courtesy Pay fees per day. Overdrafts on your checking account, up to a limit of $500 (with direct deposit), $300 (without direct deposit), or $100 (upon request with a MyStart Teen Checking account), including the amount of the overdrawn item(s) and the Courtesy Pay fee(s), may be honored by WPCCU.
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Can I add Courtesy Pay to a MyStart Teen Checking Account?
Courtesy Pay up to $100 will be available on the MyStart Teen Checking account only on the written approval of an adult signer on the account. If selecting this service, items such as checks, ACH transactions, or debit card transactions that cause an overdraft may be paid on a MyStart Teen Checking account, including the amount of the overdrawn item(s) and the Courtesy Pay fee(s). If we choose to pay an overdrawn check, transfer or withdrawal amount, you will be subject to a Courtesy Pay fee of $25 as set forth in the Schedule of Fees and Charges for each transaction.
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How much time do I have to cover a check paid by Courtesy Pay?
You have up to 30 days to cover the overdraft, either through a direct deposit, transfer of funds or a deposit at one of our branch offices, shared branches or an ATM. If your account remains overdrawn after 45 days, WPCCU may close your account and report it to ChexSystems and to a collection company for follow-up.
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Who is eligible for Courtesy Pay?
We require no applications or additional signatures to obtain this service unless you have a MyStart Teen Checking account. In this instance, the adult signer on the account can add Courtesy Pay upon written request. If you have any of our other checking accounts, and have an account in good standing with WPCCU, you are automatically eligible to be covered by Courtesy Pay. (NOTE: an account in good standing must meet the following criteria: no charge-offs, no loan delinquencies of more than 30 days, no full restrictions on the account and your correct address must be on file.)
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What are the limits of Courtesy Pay?
The three categories of Courtesy Pay are as follows:
- Members with direct deposit have a $500 limit
- Members without direct deposit have a $300 limit
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Members with MyStart Teen Checking accounts have a $100 limit. (Courtesy Pay added upon written request of adult signer on the account)
Water and Power Community Credit Union will not be obligated to pay an overdraft item at any time and will not be liable if an item is returned.
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What does Courtesy Pay cover?
WPCCU pays on the following types of transactions:
- Checks paid through regular channels
- Over-the-counter checks
- Debit card transactions
- ATM/POS transactions
- ACH transactions
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Where can I find the Terms and Conditions for Courtesy Pay?
Please click here to download the Terms and Condition for Courtesy Pay.
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