Overdraft Protection & Courtesy Pay in a Nutshell

Monetary or Banking Concept: Bouncing CheckMost of us have done it. We thought for sure there was enough money in our checking account to cover our check. Then you receive a notice that you have an overdraft fee. Or you are shopping and your debit card is not approved for your purchase. It’s quite embarrassing.

Have you ever wondered what services are offered to prevent insufficient funds or declined payments?   Below we discuss three types of overdraft services.

Overdraft Protection

Overdraft Protection can be offered fee-free or with a charge.  You select the savings accounts or lines of credit that you want as overdraft sources and the funds are automatically transferred to your checking account when needed to cover any overdrafts you may have.  Be aware that overdraft transfers from savings accounts are subject to the Regulation D limitation allowing a maximum of six (6) electronic transfers per calendar month.

Courtesy Pay

Courtesy Pay is a discretionary service offered to eligible checking accounts to pay checks, ACH debits, bill pay or recurring debit card transactions.  It can be used for payment in the event that you have insufficient available balances to cover the item(s).  Courtesy Pay can help you avoid the embarrassment and inconvenience of returned items.  Having Courtesy Pay will often prevent returned item fees or late charges posed by merchants or other payees.  If used, your account will result in a negative balance up to the amount of the Courtesy Pay Limit and you will be charged a Courtesy Pay fee for each item paid.  The limit amount may change periodically and is based on your account remaining in good standing.

Extra Courtesy Pay

Extra Courtesy Pay is an optional service provided to members that are qualified for Courtesy Pay and choose to opt in for the Extra Courtesy Pay coverage.  Extra Courtesy Pay covers one-time ATM and debit card purchases using your Courtesy Pay limit.

For more information on Members 1st’s Overdraft Services, please click here or contact Deposit Operations at (800) 283-2328 ext. 6022, TeleBranch (Customer Service) at (800) 237-7288 or visit any branch.

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