What Is It?. . . . A Valuable Member Benefit
Courtesy Pay is designed for members of Community South Credit Union that are in good standing and meet certain requirements. The Courtesy Pay Program does not replace the existing overdraft protection resulting from the available balance in your savings account, but provides a secondary source of protection.
With Courtesy Pay, you may avoid many of the costly fees resulting from insufficient funds, such as returned check fees from merchants and their collection agencies. Courtesy Pay may also protect your credit rating and save you from the embarrassment of checks being returned.
How Does It Work? . . . . An Account Management Tool
Courtesy Pay overdrafts your checking account to pay check, debit card, BillPayer, ACH Debit, ATM and other transactions presented for payment from your account which would otherwise be rejected or returned due to insufficient funds. CU By Phone transactions are not covered through Courtesy Pay. In order to pay eligible transactions through Courtesy Pay, your account will be overdrawn and become negative.
The initial maximum Courtesy Pay limit for each account is set at $500 including any Courtesy Pay fee imposed on your account. The Courtesy Pay fee will be equal to the NSF fee per item set forth in the credit union's fee schedule.
The Courtesy Pay Program is automatically added to your account once you meet the following requirements:
- You are at least 18 years of age or older, your account has been open for at least 90 days
- Your account has had a positive balance within the last 30 days
- You do not have any loans more than 30 days delinquent and you have had an automated direct deposit within the last 45 days
A notification letter will be sent to you if Courtesy Pay has been added to your account. You do have the opportunity to opt-out of the Courtesy Pay program, however any items presented for payment may be returned if there are not sufficient funds in the account. There will also be applicable NSF fees accessed. Please contact the credit union at (850) 638-8376 if you choose to opt-out of Courtesy Pay.
For each overdraft paid through Courtesy Pay, you will receive a notice describing the transaction and fee imposed. Your checking account must return to a positive balance as soon as possible, but no later than 30 days following the paid overdraft. If your account remains negative in excess of 31 days, your Courtesy Pay privilege will be revoked. Legal action may be taken if a payment arrangement is not worked out.
As stated, Courtesy Pay is a valuable member benefit but is strictly discretionary on the part of the credit union, and the credit union retains the right to not pay an item presented for payment which would result in a negative balance or overdraft status on your account.