Courtesy Pay is a service that adds a measure of protection to your personal checking account. Courtesy Pay may cover your insufficient funds items, up to your approved limit, for one low fee of $20 per covered overdraft transaction. That means, instead of returning a check or other item to the merchant or payee because of insufficient funds, the credit union may pay your check, saving you additional charges from merchant collection companies, in addition to the credit union’s non-sufficient fund fee. It also saves you from the embarrassment that a declined transaction or an inadvertent overdrawn check can cause and helps protect your credit rating. The credit union offers the following Courtesy Pay options:
Basic Courtesy Pay
By selecting this choice, we will provide courtesy pay coverage for ACH items, paper drafts and Bill Pay transactions. Fees may be assessed if any of these items are covered by Courtesy Pay. This choice will not cover ATM Card Point of Sale or everyday debit card transactions. If you attempt to process one of these types of transactions without having sufficient available funds, it may be declined.
Enhanced Courtesy Pay
By selecting this choice, we will provide courtesy pay coverage for ACH items, paper drafts, Bill Pay transactions, plus ATM Card Point of Sale and everyday debit card transactions. Fees may be assessed when courtesy pay is used to cover any of these transactions.
Courtesy Pay privileges cannot be used to cover overdrafts that might result from:
- An automatic transfer between accounts at Dow Credit Union
- "Today" Online Banking Bill Pay transactions
- Transfer requests within Online Banking or the Mobile App
- Withdrawals over the counter at Dow Credit Union
- ATM withdrawals
If an account has been open at least 90 days and maintained in good standing, we may, at our sole discretion, pay overdrafts up to the approved limits, including the Courtesy Pay fee(s).
Members may become eligible for Courtesy Pay privileges when they:
- Have an open share draft (checking) account greater than 90 days
- Have deposited at least $750 to this account
- Have no more than 16 checks or other items returned NSF in the current or previous year
- Have not caused a financial loss (charge off) to the Credit Union
- Are not past due on a loan payment
- Trust accounts, HSA and Minor accounts are not eligible for Courtesy Pay (Basic or Enhanced)
The Overdraft Transfer Service will remain in place exactly as it is now. Overdrafts on your Checking Account will still look to your Prime Share Savings Account to cover the deficient balance. If there are sufficient available funds in the Prime Share Savings Account to cover the transaction, then the Overdraft Transfer Service transfer the funds from your Prime Share Savings to your Checking Account. There is no fee for using the Overdraft Transfer Service.
If you have non-sufficient available funds in your Prime Share Savings Account, Courtesy Pay privileges may be activated.