Why would I need Courtesy Pay or Courtesy Pay Plus?
Due to the revisions in Regulation E, financial institutions cannot allow a checking account to go into the negative from ATM card POS and debit card purchases and apply an overdrawn fee.
As a rule, ATM and debit card transactions that would create a negative balance are not approved by the Delta Community. Because some members would like to be able to have their purchase approved regardless of their current balance and would agree to accept a fee, Delta Community has enhanced the Courtesy Pay service to provide members with the ability to opt-in and allow ATM card POS and Debit Card purchases to be included.
Overdraft service options:
- Overdraft Protection allows you to link a qualified account such as a Savings, Visa®, Money Market or Line of Credit to your Checking account. If your Checking account ever has an insufficient funds balance when a transaction such as a check, electronic payment or purchase is presented, the money will be automatically transferred from one of the accounts you designate.
- The Courtesy Pay service provides coverage on your checking account, up to a limit of $500 aggregate should a personal check, online bill pay paper check or recurring ACH debit be presented when funds are not in your available balance. ACH transactions are electronic financial transactions made using your checking account number, such as an automatic withdrawal for car insurance, gym membership or mortgage.
- Click here for more details on Courtesy Pay or Overdraft Protection
- You can now enroll in Courtesy Pay Plus, a new account protection service designed to cover ATM Card and Visa Debit Card purchases should there ever be an instance when there are not enough funds available in your account. This service by law requires members to give their consent allowing the credit union to cover purchases made with an ATM Card or Visa Debit Card and charge a fee. See more details below.
To set up your account, simply contact us at 1-800-544-3328 or visit any of our branch locations.
How does Overdraft Protection cover my Checking account?
You can set up Overdraft Protection using a Savings account, Money Market account, Visa or Line of Credit. More than one account can be used to cover your transactions. The system will use the account(s) you have authorized, in the sequential order you requested, as long as you have available funds or credit. A $3 transfer fee will be assessed for any transfer of funds from a loan product. Instructions to set up Overdraft Protection.
Is there a fee to have or use Overdraft Protection for my Checking account?
Funds transferred for Overdraft Protection that are pulled from a Savings, Money Market or other share account will not be assessed a fee. However, for any overdraft transfers that pull funds from a Visa or other loan products, a fee of $3 per overdraft transfer will apply. And, if a line of credit is utilized, you may also incur finance charges.
If none of your authorized overdraft protection sources have available funds or credit, we may pay items presented using Courtesy Pay or Courtesy Pay Plus, if there are funds available or in the case of Courtesy Pay Plus, you have opted in.
Is Courtesy Pay or Courtesy Pay Plus a loan?
No, it‘s a service provided by the Credit Union to provide you with the convenience of knowing your purchases will be approved if there are insufficient funds in you accounts.
Why should I opt-in to Courtesy Pay Plus for ATM card and Debit Card purchases?
By opting in to Courtesy Pay Plus, you add an extra layer of overdraft protection coverage which will cover ATM card and Debit Card purchases. Fees are only applied if you use the overdraft protection so, since there is no fee to opt-in and no fee if you do not use the service, you have nothing to lose.
Are cash withdrawals using my ATM Card covered?
No. If you do not have sufficient funds in your Checking account to cover an ATM withdrawal, the transaction will be declined.
What happens if I choose not to opt-in to Courtesy Pay Plus?
Your cardholder experience will remain the same as it is today. The credit union will not authorize and pay overdrafts for ATM card or Debit Card purchases, unless you ask us to by opting in electronically to Courtesy Pay Plus via the Delta Community website or verbally by telephone at 1-800-544-5438.
Is there a fee for Courtesy Pay and Courtesy Pay Plus?
There is no charge for opting in, but if there are insufficient funds in the account and Courtesy Pay or Courtesy Pay Plus is used, then there is a per item fee of $35 for each time an item is paid.
There is no limit on the total fees that can be charged when you overdraw your account. However, Delta Community Credit Union reserves the right to cancel Courtesy Pay/Courtesy Pay Plus due to excessive fees.
What are the eligibility requirements for Courtesy Pay Plus?
Requirements for Courtesy Pay Plus are the same as Courtesy Pay, and include but are not limited to the following guidelines:
- Member in good standing with a Checking account opened for 60 days or more
- Account is not more than 30 days delinquent or in default on loans or other obligations to us
- No legal or administrative orders or levies against your Checking account
- Courtesy Pay is required for Courtesy Pay Plus
- A Debit Card must be issued for your checking account
What is the maximum amount available for overdrafts for Courtesy Pay and Courtesy Pay Plus?
Courtesy Pay and Courtesy Pay Plus have a combined limit of $500 which includes the aggregate amount of the overdrawn item(s) and the Courtesy Pay fee(s). A fee will be assessed for each item paid by Courtesy Pay.
If my account is overdrawn, how long do I have to bring my account into a positive balance?
Repayment of the overdraft amount is expected within 30 days. If you have additional overdraft items during this time, the account must be brought to a positive balance on or before the 30th day from the date of the initial overdraft item. Deposits received by Delta Community during the 30 days will be applied first to your overdrawn checking balance.
What if I exceed my Courtesy Pay or Courtesy Pay Plus limit?
Checks, ACH items, or ATM Card and Debit Card purchases that exceed your account protection coverage beyond the $500 limit may be returned or declined when presented for payment.
What if I never plan to use Courtesy Pay Plus?
You can still opt-in to Courtesy Pay Plus. There’s no charge to opt-in, and you’ll have an extra layer of overdraft protection for ATM card or Debit Card transactions. Remember you will only incur fees if you use the service.
If I opt-in to Courtesy Pay Plus for ATM Card and Debit Card purchases, will my items always be paid?
We pay overdrafts at our discretion. This means we do not guarantee we will always authorize and pay any type of transaction when there is not enough money available in your checking or designated overdraft protection accounts to cover the item. For example, we may not pay overdrafts when you are in default on a loan with Delta Community or your account is otherwise not in good standing.
Does the credit union offer other ways to protect overdrawing a Checking account?
Yes. When you open a Delta Community Checking Account, it is set up to automatically transfer funds from your Savings Account to your Checking Account should there be insufficient funds in your account. If you have a Money Market, Additional Savings Account or line of credit such as a credit card, you can have those set up as overdraft protection as well. (Home Equity Line of Credit loans cannot be used for overdraft protection.) There is no transaction fee for these types of overdraft transfers; however, if a line of credit is utilized, you may incur finance charges. Please refer to your card terms and conditions for further details.
How can I opt-in to Courtesy Pay Plus?
Simply log in to Online Banking and select Courtesy Pay Plus under Additional Services. You can also stop by any Delta Community Credit Union branch or contact us at 1-800-544-3328.
Can I opt -out of Courtesy Pay and only have Courtesy Pay Plus?
Courtesy Pay is required in order to have Courtesy Pay Plus. There is no fee to have Courtesy Pay if it’s never used.