What is a courtesy payment?
The Courtesy Pay is a service you may already have on your checking account allows us to cover your insufficient funds items on debit card purchases, point-of-sale (POS) transactions, ATM withdrawals, checks and ACH transactions, up to the approved limit.
What is a courtesy pay limit?
The Courtesy Pay limit includes the amount of the overdraft(s), plus a Paid NSF Fee per presentment. Courtesy Pay applies to checks, ACH (automatic or pre-authorized) debits, Tyndall Online Banking/Bill Pay transactions, and recurring debit card transactions.
Can courtesy pay be refunded?
If you use Courtesy Pay, you will incur a non-refundable fee for the convenience of knowing your transaction is covered. Courtesy Pay is automatically provided for checks, ACH and recurring transactions from your checking account, but you must opt in to add Courtesy Pay for your debit card transactions.
What is courtesy pay privilege?
What is Courtesy Pay Privilege? Courtesy Pay Privilege is an overdraft protection service that is available to our members with eligible checking accounts. This non-contractual overdraft protection service will automatically cover checks and automatic withdrawals when there are non- sufficient funds.
How do I cancel courtesy pay?
Courtesy Pay Program Opt-Out Request Confirmation Your request can take up to 24 hours to process. If you’d like to re-opt in to the Courtesy Pay Program in the future, please visit any Golden1 branch or call our Member Service Contact Center at 1-877-GOLDEN 1 (1-877-465-3361).
What is the difference between overdraft and courtesy pay?
Overdraft Protection automatically transfers funds from your eligible linked account to your checking account if you overdraw it. Courtesy Pay allows the Credit Union to authorize everyday debit card and ATM transactions to a specified maximum limit.
How many times can I use courtesy pay?
There is no limit on the number of times you can use Courtesy Pay in a day. However, your account has a specific Courtesy Pay dollar amount that you cannot exceed. For more information, read “What You Need to Know About Overdraft Protection.”
How do I use courtesy pay?
Courtesy Pay can be used to pay checks, ACHs, and Bill Payer transactions. You must affirmatively choose (Opt In) to have Courtesy Pay cover every day Debit Card transactions. Courtesy Pay will not cover ATM withdrawals, in-person transactions, or online banking transfers.
What is a bank courtesy fee?
Courtesy Pay is a service that allows us to pay an item presented for payment against your checking account even if it causes the account to become overdrawn. This may include checks (share drafts), ACH, in-person withdrawals, ATM withdrawals, debit card and Bill Pay transactions.
What is a courtesy overdraft privilege?
Courtesy Overdraft Protection is a service for qualifying members that allows us to pay certain checking account transactions when there are insufficient funds in your account. Checking transactions that qualify for Courtesy Overdraft Protection are checks, automatic bills and ACH transactions.
How do you use courtesy pay?
Is courtesy pay a loan?
Courtesy Pay is not a loan and your checking account must be brought to a positive balance within 35 days. Courtesy Pay can be used to pay checks, ACHs, and Bill Payer transactions. You must affirmatively choose (Opt In) to have Courtesy Pay cover every day Debit Card transactions.
Is there a courtesy pay program for credit unions?
In addition, to promote thrift and fiscal responsibility, credit unions should educate members about program details and less expensive options. While credit unions must comply with the disclosure requirements of Regulation Z (Truth in Lending Act), courtesy pay services generally qualify for an exception to these requirements.
Is it good or bad to use courtesy pay?
While courtesy pay may assist infrequent users in avoiding the inconvenience and merchant fees associated with returned checks, repeat use of courtesy pay can result in high aggregate fees that negatively impact a member’s financial position.
What do you need to know about Regulation E?
Regulation E protects consumers when they use electronic fund transfers. Please review the implementation and guidance materials available on our website, including regulations and official interpretation, before submitting a question about the Bureau’s rules or regulations.
Is there a fee for overdraft courtesy pay?
Unlike traditional lines of credit, non-contractual overdrafts do not require individual underwriting or written agreements. This service, which is often referred to as bounce protection or courtesy pay, charges members a per item fee for honoring drafts or other transactions that overdraw a share account.