OVERDRAFT COVERAGE OPTIONS:
OVERDRAFT PROTECTION AND COURTESY PAY
Alpine Credit Union understands that unexpected overdrafts occur from time to time – Overdraft Coverage can help.
Overdraft Coverage Options
The choice is yours. Consider these ways to cover overdrafts:
|Overdraft Protection link to another suffix within your account at Alpine Credit Union 1||No fee per transfer|
|Overdraft Line of Credit1, 2||Subject to interest|
|Courtesy Pay||$25 Courtesy Pay Fee per item|
1 Call us at 866-355-9425, email us at email@example.com, or visit any branch to sign up or apply for these service(s); 2 Subject to credit approval.
OVERDRAFT PROTECTION and OVERDRAFT LINE OF CREDIT applies to all transactions and may help prevent overdrafts by automatically transferring funds to your checking account from another suffix within your account, or line of credit you have at Alpine Credit Union for a finance charge. Please note that overdraft lines of credit are subject to credit approval. Call us at 866-355-9425, email us at firstname.lastname@example.org, or visit any branch to sign up or apply for these service(s).
COURTESY PAY allows you to overdraw your account up to the disclosed limit for a fee to pay a transaction. Even if you have Overdraft Protection and/or Overdraft Line of Credit, Courtesy Pay is still available as secondary coverage if the other protection source is exhausted. Please review What Else You Should Know for other important information.
You can discontinue Courtesy Pay in its entirety by contacting us at 866-355-9425 or sending us an email at email@example.com. If you are receiving this communication via letter, please provide us with a valid email address to receive future communication via email rather than by postal service.
What Else You Should Know
- A link to another suffix within your account or line of credit may be less expensive than an overdraft. A single larger overdraft will result in one fee, instead of multiple smaller overdrafts. Good account management is the best way to avoid overdrafts. Use our mobile, internet, and telephone banking services to track your balance. For financial education resources, please visit mymoney.gov.
- The $25 Courtesy Pay Fee that is charged if you overdraw your account is the same fee that is charged if an item is returned as unpaid. If multiple items overdraw your account on the same day, each item will be assessed an appropriate Courtesy Pay Fee or an NSF Fee of $25. All fees and charges will be included as part of the Courtesy Pay limit amount. Your account may become overdrawn more than the Courtesy Pay limit amount because of a fee.
- Recipients of federal or state benefit payments who do not wish us to deduct the amount overdrawn and the Courtesy Pay Fee from funds that you deposit or that are deposited into your account may call us at 866-355-9425.
- If an item is returned because the available balance in your account is not sufficient to cover the item and the item is presented for payment again, Alpine Credit Union will charge an NSF Fee each time it returns the item because it exceeds the available balance in your account. If, on representment of the item, the available balance in your account is sufficient to cover the item Alpine Credit Union may pay the item, and, if payment causes an overdraft, charge a Courtesy Pay Fee.
- For consumer accounts, there is a limit of 5 Courtesy Pay Fees ($125) per day we will charge. We will not charge a Courtesy Pay Fee if a consumer account is overdrawn by less than $10. These exceptions do not apply to business accounts.
- This describes the posting order for purposes of determining overdrafts. Our general policy is to post items throughout the day and to post ACH credits before debits. ATM, and debit card transactions are posted in the order in which the items are received, while ACH and paper checks are posted in lowest to highest dollar amount; however, because of the many ways we allow you to access your account, the posting order of individual items may differ from these general policies. Holds on funds (described herein) and the order in which transactions are posted may impact the total amount of Courtesy Pay Fees or NSF Fees assessed.
- Although under payment system rules, Alpine Credit Union may be obligated to pay some unauthorized debit card transactions, Alpine Credit Union will not authorize debit card or ATM transactions unless your account’s available balance (including Overdraft Coverage Options) is sufficient to cover the transactions and any fee(s).
- Giving us your consent to pay everyday debit card and ATM overdrafts on your consumer account (Extended Coverage) may result in you incurring Courtesy Pay Fees for transactions that we would otherwise be required to pay without assessing a Courtesy Pay Fee. However, this would allow us to authorize transactions up to the amount of your Courtesy Pay limit and may also help you avoid overdrafts in excess of your available balance. If you consent to Extended Coverage on your consumer account, it will remain on your account until it is otherwise withdrawn.
- Alpine Credit Union authorizes and pays transactions using the available balance in your account. Alpine Credit Union may place a hold on deposited funds in accordance with our Funds Availability Disclosure, which will reduce the amount in your available balance. The available balance for checks, ACH items, and recurring debit card transactions is comprised of the ledger balance, less any holds on deposited funds and any debit card holds, plus the amount of the Courtesy Pay limit and any available Overdraft Protection. The available balance for authorizing ATM and everyday debit card transactions on accounts with Standard Coverage is the ledger balance, less any holds on deposited funds and any debit card holds, plus any available Overdraft Protection, but does NOT include the Courtesy Pay For accounts with Extended Coverage, the Courtesy Pay limit is included in the available balance for authorizing ATM and everyday debit card transactions.
- Please be aware that the Courtesy Pay amount is not included in your available balance provided through online banking, mobile banking or Alpine Credit Union’s ATMs.
- Alpine Credit Union will place a hold on your account for any authorized debit card transaction until the transaction settles (usually within two business days) or as permitted by payment system rules. In some cases, the hold may exceed the amount of the transaction. When the hold ends, the funds will be added to the available balance in your account. If your account is overdrawn after the held funds are added to the available balance and the transaction is posted to the available balance, a Courtesy Pay Fee may be assessed.
- Except as described herein, Alpine Credit Union will not pay items if the available balance in your account (including the Courtesy Pay limit, if applicable) is not sufficient to cover the item(s) and the amount of any fee(s).
- A Courtesy Pay limit of $500 will be granted to eligible consumer checking accounts opened at least 30 days in good standing.
- A Courtesy Pay limit of $750 will be granted to eligible business checking accounts opened at least 60 days in good standing.
- Courtesy Pay is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any time without prior notice.
- Courtesy Pay may be reduced if you default on any loan or other obligation to us, your account becomes subject to any legal or administrative order or levy, or if you fail to maintain your account in good standing by not bringing your account to a positive balance within 32 days for a minimum of one business day. You must bring your account balance positive for at least one business day to have the full Courtesy Pay limit reinstated.
- Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in the Funds Availability Disclosure. The total (negative) balance, including all fees and charges, is due and payable upon demand.
If you have any questions about Overdraft Protection or Courtesy Pay, please call us at 866-355-9425 or visit a branch.