At times, unanticipated expenses or unforeseen problems can leave you with too little cash in your checking account. Having a check returned due to insufficient funds can be a costly, inconvenient and potentially embarrassing experience.
At Community Resource Credit Union, we do not encourage overdrafts. As always, we encourage you to manage your finances responsibly. However, we want to save you from the additional merchant fees and possible damage to your credit history that might result if a check is returned.
That’s why we provide Courtesy Pay, a special overdraft service for CRCU's members.
What is Courtesy Pay?
Courtesy Pay is a discretionary overdraft service requiring no action on your part that provides you a safety net up to an automatically assigned overdraft limit. Your Courtesy Pay limit may be available for checks and other transactions made using your checking account number or automatic bill payment and recurring debit card payment. Also, at your request, we may authorize and pay ATM transfers or withdrawals and everyday debit card purchases using your limit.
How does Courtesy Pay work?*
We are not obligated to pay any item presented for payment if your account does not contain sufficient funds; however, as long as you maintain your account in “good standing,” we may approve your overdraft items within your current available Courtesy Pay limit as anon-contractual courtesy.
For Courtesy Pay consideration, your account is in “good standing” if you:
(1) Make sufficient deposits to bring your account to an end of-day positive balance at least once every 30 calendar days (including the payment of all credit union fees and charges)
(2) Avoid excessive overdrafts suggesting the use of Courtesy Pay as a continuing line of credit
(3) There are no legal orders, levies or liens against your account.
Please note that the amount of overdraft plus our Courtesy Pay Fee of $29.50 for each item will be deducted from your Courtesy Pay limit. If the item is returned, the Non-Sufficient Fee (NSF) of $29.50 will be deducted from your account. No interest will be charged on the overdrawn balance.
*Please refer to the Courtesy Pay Policy for additional details.
How do I know when I use the overdraft limit?
You will receive a Courtesy Pay notice in the mail each time items are paid. The notice will show the check number if available, transaction amount, and the Courtesy Pay Fee. You will need to subtract the total fees when balancing your check book.
What is my Courtesy Pay limit? If I have two checking accounts, can I get Courtesy Pay on both?
Locate your account type below and make note of the corresponding limit. If you have multiple accounts for your household, you may have a limit on all eligible accounts.
- Free Checking $300
- Interest Checking $500
- Senior Checking $500
- Reward Checking $500
How Do I Know When I Use Courtesy Pay? What If I Go Beyond My Courtesy Pay Limit?
Overdrafts above and beyond your established Courtesy Pay limit may result in checks or other items being returned to the payee. The Non-Sufficient Fee (NSF) of $29.50 will be charged per item and assessed to your account. An NSF notice will be sent to notify you of items paid and/or returned.
How Quickly Must I Repay My Courtesy Pay?
You should make every attempt to bring your account to an end-of-day positive balance as soon as possible, and must do so within 30 calendar days. If you are not able to do so, you will receive a letter from Community Resource Credit Union informing you that your Courtesy Pay limit has been suspended and additional items will be returned.
What does my Courtesy Pay cost?
There is no additional cost associated with this privilege unless you use it. You will be charged our Courtesy Pay Fee of $29.50 for each overdrawn item created by check, in-person withdrawals, ATM withdrawals or other electronic means paid under the limit. For example, three paid items in one day will result in $88.50 in Courtesy Pay Fees. To help you manage your account, your monthly checking statement will reflect all paid and returned items for the current month and year-to-date fees.
What are some of the ways I can access my Courtesy Pay limit? Will my limit be reflected in the balance I receive?
The chart below shows the different ways you can access your Courtesy Pay limit and indicates whether or not this limit will be reflected in the balance provided.
|Access Points||Is my Overdraft Privilege available?||Does the balance provided include my courtesy pay limit?|
|Writing a Check||Yes||-NA-|
|ACH – Auto Debit||Yes||-NA-|
How soon can I use my Courtesy Pay?
If you are a new accountholder, you may be able to use the Courtesy Pay privilege service 30 days after the account is opened, assuming your account is in “good standing” as defined in this brochure.
Are there other ways I can cover over-drafts at Community Resource Credit Union?
The best way to avoid overdrafts and fees is to keep track of your account balance by entering all items in your check register, reconcile your check book regularly and manage your finances responsibly. However, if a mistake occurs, Community Resource Credit Union offers additional ways to cover overdrafts in addition to Courtesy Pay.
What if I do not want to have Courtesy Pay on my checking account?
If you would like to have this service removed from your account, please call 281.422.3611 or 800.238.3228 extension 1023.