Overview
What is Courtesy
Pay?
How does it work?
Sounds good,
but what’s the catch?
What
types of payments are eligible for Courtesy Pay privileges?
Who is
eligible?
What
about overdraft transfers from my savings?
How do I sign
up?
Overview
Courtesy Pay is a service that allows us to pay a check or certain
other items presented against your checking account, even if they cause
the account to become overdrawn.
Courtesy Pay may provide certain account holders in “good
standing” with the ability to overdraw their checking accounts
up to $500 or $750, which includes the overdraft amount(s) and fee(s).
Courtesy Pay offers additional flexibility and convenience in
managing your funds and provides you peace of mind, knowing that checks
may be paid up to the authorized overdraft limit.
This non-contractual Courtesy Pay privilege requires no additional
action from you. It is not a loan. No additional agreements need to
be signed, and there is no fee unless the privilege is used - by initiating
checks, certain electronic funds transfers, or other payment or withdrawal
requests that exceed the amount on deposit in the account. If you maintain
your account in good standing and have the need for this service, we
may, at our sole discretion, pay the item(s) up to the authorized limit,
and we will charge the account the same amount as our normal Non-Sufficient
Funds fee for each item that overdraws the account. We will send you
a notice each time an overdraft occurs.
Courtesy Pay allows DCECU to provide a higher level of service
to our members by protecting your account and reputation when
an inadvertent overdraft occurs.
Back To Top 
What is Courtesy Pay?
Courtesy Pay is a new service that adds a measure of protection
to your personal checking account. Courtesy Pay may cover your insufficient
funds checks, up to your approved limit ($500 or $750), for one low
fee of $20.00 per covered overdraft transaction. That means, instead
of returning a check to the merchant or payee because of insufficient
funds, the credit union may pay your check, saving you additional charges
from the merchant collection companies, in addition to the credit union’s
non sufficient fund fee. It also saves you from the embarrassment that
an inadvertent overdrawn check can cause and helps protect your credit
rating.
Back To Top
How does it work?
If you’re a member in good standing, Dow Chemical Employees’ Credit
Union may cover checks, certain items and automatic electronic payments
that overdraw your personal checking accounts up to a predetermined
limit, including fees. For each check or other item that is paid, your
account will be assessed a Courtesy Pay fee of $20.00. The merchant
or payee will never know that you were overdrawn. DCECU will notify
you by mail whenever your Courtesy Pay service has been accessed.
If you have a question about your account or how Courtesy Pay works,
please visit our Account Services Department between 7:30 a.m. and 5:30
p.m. Monday through Friday or call our Member Contact Center at (989)
or (800) 835-7794, Monday through Friday from 7:00 a.m. until 6:00 p.m.
ET.
Back To Top
Sounds good, but what’s the catch?
There is no catch. When Courtesy Pay privileges have been activated
to cover an overdraft, it is your responsibility to correct any balance
deficiency as quickly as possible. DCECU expects you to make a deposit
covering your overdraft to maintain eligibility in the program. We trust
you’ll agree that it’s important to promptly meet your financial
obligations to preserve your good standing with the Credit Union and
to prevent any collection activity.
Back To Top
What types of payments are eligible
for Courtesy Pay privileges?
Courtesy Pay privileges will be extended for checks that you write
to others, payments clearing through the Automated Clearing House (ACH),
debit card purchases and “future” or “recurring” Cyber
Connection Bill Pay transactions only.
Courtesy Pay privileges cannot be used to cover overdrafts that
might result from;
- an automatic transfer between accounts at DCECU,
- “today” Cyber Connection Bill Pay transactions,
- transfer
requests within 1Call or Cyber Connection Internet
banking,
- withdrawals over the counter at DCECU, or
- ATM withdrawals.
Back To Top
Who is eligible?
If the account has been open at least 90 days and maintained in good
standing, defined as;
A) Making regular deposits sufficient to cover transactions;
B) Bringing the account to a positive balance at least once every
thirty days or less, and;
C) There are no legal orders outstanding on your account,
we may, at our sole discretion, pay overdrafts up to the limits mentioned
above, including the Courtesy Pay fee(s).
Members are eligible for Courtesy Pay privileges when
they:
Have an open share draft (checking) account greater than 90 days
Have deposited at least $750 to this account
Have no more than 16 checks/items returned NSF in the current or previous
year
Have not caused a financial loss (charge off) to the Credit Union
Are not past due on a loan payment
Back To Top
What about overdraft transfers
from my savings?
Your current overdraft protection arrangements will remain in place
exactly as they are now. Overdrafts on your checking account will still
look to your savings to cover the deficient balance. If adequate funds
are not available in your savings account, or you have exceeded the
monthly allowable transfers, Courtesy Pay privileges may be activated.
Back To Top
How do I sign up?
There is no need to apply. If you meet the eligibility criteria (listed
above), DCECU will automatically add this service to your account. If
for some reason you decide you would rather not have Courtesy
Pay privileges, you may opt out by visiting our Account Services
Department between 7:30 a.m. and 5:30 p.m. Monday through Friday, or
by calling our Member Contact Center at (989) or (800) 835-7794, Monday
through Friday from 7:00 a.m. until 6:00 p.m. ET.
Back To Top
