Here at eDCU, we want to help our members manage their finances responsibly. We also understand that unforeseen circumstances or expenses can possibly leave you with insufficient available funds in your checking account.
To protect you from additional merchant fees, potential embarrassment and possible damage to your credit history, we offer two options for your checking account: Overdraft Protection and our standard overdraft practice called Courtesy Pay.
Overdraft Protection vs. Courtesy Pay
Overdraft Protection is a service where money is transferred from a designated savings or line of credit to cover any transactions that would otherwise overdraw your checking account. Think of this as your “first line of defense”. When used, a fee of $2.00 per transaction is assessed. Per federal regulations, the maximum number of remote transactions that can be made each calendar month on share accounts is six (6) per account. As a result, we are prohibited by regulation from automatically transferring available funds once this limit has been reached even if you still have available funds in your share or money market account to cover the overdraft.
Courtesy Pay is a service that protects you when the available balance as defined in your Membership Account Agreement, in your checking account is insufficient to pay a transaction, and eDCU pays it on your behalf. Courtesy Pay covers checks you write and automatic payments (such as bill payments) and is standard with our checking accounts.
Courtesy Pay can also cover your everyday debit card and ATM transactions. This option is not automatic. You must tell us you want this coverage by opting in.
Benefits of Courtesy Pay Coverage
If your available balance in your account is low and you need to make a purchase or cover an emergency expense, your transaction will be declined. To avoid this situation, opt in now to cover your everyday debit card and ATM transactions. Our Courtesy Pay coverage offers:
- Convenience – even if your available balance is low, your transaction may be covered on the spot
- Peace of mind – vital coverage in urgent circumstances, such as unexpected car repairs
- Privacy – you are saved the potential embarrassment of a declined transaction
Courtesy Pay is a great back-up option when paired with our Overdraft Protection. If you don’t have an alternative account to designate for overdrafts or you lack enough funds in the designated account to cover a transaction, Courtesy Pay can help you avoid declined transactions. Think of this as your “back-up plan” to cover an unexpected expense, which is especially helpful when making an important purchase.
Courtesy Pay is a Discretionary Service
Discretionary means that your transactions (including everyday debit card purchases and ATM transactions if you opt in for this additional service) are not guaranteed to go through and eDCU reserves the right not to pay a transaction.
Cost for Courtesy Pay
There is no cost to enroll in Courtesy Pay coverage and there is never a fee unless you use it! You are only charged a fee if you overdraw your account and Courtesy Pay is used. Each time Courtesy Pay is used, a NSF fee as disclosed in our current fee schedule is assessed.
Select your Option for Courtesy Pay
Call us at 360-943-7676/800-327-4286, visit one of our financial centers, or click here to sign the option form now.
You may also print, sign and return the completed form to:
evergreenDIRECT Credit Union
PO Box 408
Olympia, WA 98507-0408
For more information, please read the Courtesy Pay disclosure.