Overdraft Protection
Providing Overdraft Protection through Courtesy Pay
Courtesy Pay is a service that applies to checks, ACH (automatic or pre-authorized) debits, and bill pay transactions that occur on your share draft account even if it causes the account to become overdrawn. Courtesy Pay coverage does NOT apply to ATM transactions and everyday Debit Card transactions Automatically. You must “OPT-IN” to receive this service.
It can happen to anyone at any time. A draft is written, but not deducted from your available balance or a simple math error is made. As a pre-qualified member in good standing, Courtesy Pay may provide you with the ability to overdraw your personal share draft account up to $500. Courtesy Pay allows Ohio Valley Community Federal Credit Union to provide an additional service to our members by helping to protect your account and credit rating when an inadvertent overdraft occurs.
Courtesy Pay is a service that will be provided to your account after your account has been open for 30 days unless you contact us to opt out. As long as the account in maintained in good standing, which is defined as making regular deposits sufficient to cover transactions, bringing the account to a positive balance at least once every thirty days or less, and having no loans that are more than 30 days past due, we may, at our discretion, pay overdrafts up to the limits mentioned above, including our normal Non-Sufficient Funds and /or Courtesy Pay fees.
Courtesy Pay offers additional flexibility and convenience in managing account holder funds and provides peace of mind knowing that share drafts may be paid up to the authorized overdraft limit.
This non-contractual courtesy of paying overdrafts requires no account holder action. It is not a loan, therefore no additional agreements needs to be signed, and it costs nothing unless the privilege is used-by initiating share drafts, electronic funds transfers, or other payment or withdrawal requests for more than is on deposit in the account. Courtesy pay will always be your last line of defense against having a draft or EFT transaction returned for non-sufficient funds. Before utilizing the courtesy pay feature, we will look to either transfer available funds from your regular share account and or access your overdraft line of credit loan, if available.
If you maintain the account in good standing and have a need for this “Courtesy” we may, at our discretion, pay the item(s) up to the authorized limit and we will charge the account our normal Non-Sufficient Funds and or Courtesy Pay fee for each item that overdraws the account.
Social Security benefits, worker’s compensation, SSI and other Government benefits are currently exempt from execution, levy or garnishment under Federal and State law. By participation in the Courtesy Pay program you will be waiving any protections provided by law regarding your deposits. Acceptance of the program is your acknowledgement of an understanding of the overdraft program and consent thereof. If you do not wish to waive the exempt status of the protected funds you should contact us to opt out of the Courtesy Pay Program.
If you have questions or wish to opt out of the Courtesy Pay Program, please call us at (740) 483-2279 or 1-800- 688-2408
