Our overdraft programs include overdraft savings transfers ($2.00* fee per transfer), overdraft line-of-credit loans that accrue finance charges and can be repaid by monthly payments, and Courtesy Pay. Courtesy Pay provides an additional safety net for you when sufficient funds are not available from your other overdraft options to cover returned items (checks, pre-authorized ACH - automatic debits, everyday debit transactions, ATM card transactions, TellerLine phone transactions, Virtual Branch Home Banking transactions, and other electronic transfers). For example, we typically do not pay overdrafts if your account is not in good standing, (i.e. you're not making regular deposits or you've had too many overdrafts). If we pay an overdraft item, we will charge you a non-sufficient funds fee of $33.00* per item**.
In the event you overdraw your checking account and you are a member in good standing, we will cover the item and charge you a non-sufficient funds fee. The fee is disclosed on the Rate & Fee Schedule. The fee is subject to change at the discretion of the Board of Directors. Courtesy Pay provides a safety net up to $500.00 including any per item fees. You will receive an overdraft notice in the mail each time items are paid on your behalf, taking your account to a negative balance. This is not a loan and the checking account balance must be brought to a positive balance within 30 days of the overdraft. Any deposits you make will first be applied to the any negative balance. No paperwork is required to participate in the service for coverage on checks, automatic bill payments, or ACH transactions and no fees are applied to your account unless the service is used. However, if you want WFCU to authorize and pay overdrafts for ATM and everyday debit card transactions, you are required to opt-in to this service. If you opt-in to the ATM and everyday debit card coverage, you have the right to opt-out at any time.
We encourage you to manage your checking account responsibly and we do not encourage overdrafts or NSF's that would take your account into the negative. The privilege of Courtesy Pay may save you the potential embarrassment that a returned check can cause, protect you from additional NSF fees from merchants, save you from the potential credit problems an NSF can cause, and uphold your privacy by not involving additional parties in an inadvertent overdraft.
Courtesy Pay is being provided as a safety net for you. However, you can voluntarily 'opt out' of the service by notifying your branch.
Please stop by or phone one of our branches if you have any questions. Thank you for choosing Credit Union Checking. We appreciate your business.
* These fees are disclosed on our Rate & Fee Schedule and are subject to change at the discretion of the Board of Directors.
** You must bring your account to a positive balance within 30 days of the overdraft.