OPTIONS FOR KEEPING YOUR ACCOUNT COVERED

OPTIONS FOR KEEPING YOUR ACCOUNT COVERED

Life happens. Choose an overdraft protection plan that’s right for you.

We understand that managing finances can sometimes be challenging, which is why we've introduced these programs to provide you with added convenience and peace of mind.

With Courtesy Pay, we may cover your overdrafts for various types of transactions, subject to certain conditions. Alternatively, our Overdraft Protection Plan allows you to link your accounts, ensuring that funds are automatically transferred to cover any overdrafts.

Discover how these programs work, fees associated with them, and how you can opt-in to benefit from these services.

UNDERSTAND YOUR OVERDRAFT PROTECTION OPTIONS

LAYER 1: LINK YOUR SAVINGS ACCOUNT

Link your Savings account to cover your Checking account. In case of an overdraft, we’ll transfer money from your linked account to pay the overdraft. Funds will be transferred in increments of $100. There’s no fee for this service.

LAYER 2: LINK YOUR WCU CREDIT CARD or HELOC

Your Credit Card or Home Equity Line of Credit can be linked to cover your Checking account, ensuring a safety net for your banking needs. Increments on $100 will be transferred to your Checking account.

Example: If your transaction causes an overdraft of $105.00, $200 will be charged to your card or HELOC.

While there are no fees associated with transferring funds to cover your Checking account, keep in mind, interest will begin to accrue immediately with this layer of overdraft protection.

LAYER 3: OPT-IN TO COURTESY PAY

Courtesy Pay is an additional, valuable layer of coverage option, even if you have Overdraft Protection. If your other accounts can’t cover a transaction, the Credit Union may pay the item, up to $500. Each transaction presented, and paid, will assess a $10 fee. Please note: not all transactions are guaranteed to be paid.

General Overdraft FAQs:

What is an overdraft?

An overdraft occurs when the available balance in your account is not enough to cover a transaction, but the Credit Union pays it anyway.

How are overdrafts and associated fees determined?

The Credit Union uses the available balance in your account to determine if you incur overdrafts and associated fees. The law permits the Credit Union to pay items drawn on your account in any order, even if it causes an overdraft. You are responsible for paying all fees, penalties, charges, and costs incurred as a result of overdrafts or negative balances.

How can I understand my available balance versus actual balance?

A checking account’s “available balance” is usually different than the “actual balance”.

Your “actual balance” reflects all items that have posted to your account.  It does not include transactions that are still processing or “pending”.

“Available balance” is usually less than your actual balance.  Your available balance can change throughout the day! As pending transactions come through, (like debit card holds) the amount available changes.

What are my obligations regarding overdrafts?

It is your responsibility to monitor and balance your accounts. You are responsible for any overdrafts caused by you or any joint owner on your account. You must repay any overdraft amounts and bring your accounts current at least once every 30 calendar days. Excessive or repeated overdrafts may lead to the suspension or termination of your checking account.

What happens if I am not in good standing with the Credit Union?

The Credit Union may not pay your overdrafts if you are not in good standing. Being in good standing typically means having an account with the Credit Union for at least 60 days, being 18 years or older, maintaining a positive balance at least once every 30 days, being current on all loans and obligations, having no past charge-offs, and having no legal actions against your account(s).

Courtesy Pay FAQs:

How does Courtesy Pay work?

Courtesy Pay is a standard overdraft program that comes with your account when in good standing. If you have opted in, the Credit Union may pay overdrafts at its discretion, meaning there's no guarantee that all transactions will be authorized and paid. If an overdraft is not authorized and paid, your transaction will be declined.

What are the standard overdraft practices under Courtesy Pay?

If you opt-in to Courtesy Pay, the Credit Union may authorize and pay overdrafts for various types of transactions, including checks, automatic bill payments, ATM transactions, everyday debit card transactions, and any other transaction from your checking account.

What fees will I be charged under Courtesy Pay?

Under Courtesy Pay, you will be charged a fee of up to $10.00 each time the Credit Union pays an overdraft. However, the Credit Union will not charge fees on more than 5 overdrafts per day, and it will not pay any overdrafts that cause your checking account to go more than $550.00 into the negative.

What if I don't opt-in to Courtesy Pay?

If you do not opt-in to Courtesy Pay, the Credit Union will charge you an NSF (Non-Sufficient Funds) fee of $10.00 each time it rejects a transaction due to insufficient funds.

Overdraft Protection Plan FAQs:

What is an Overdraft Protection Plan?

An Overdraft Protection Plan allows you to link your savings or loan account to your checking account. If you cause an overdraft, the Credit Union will transfer money from your linked account to cover the overdraft.

How does the Overdraft Protection Plan transfer work?

By "linking" your savings or loan account to your checking account, the Credit Union will automatically transfer money from your linked account to pay for any overdrafts.

What happens if I have no money available in any of my linked accounts?

If you have no money available in any of your linked accounts, the Credit Union will charge you either an NSF fee of $10.00 each time it rejects an item (if you have instructed the Credit Union to reject items) or an overdraft fee of $10.00 each time it pays an item (if you have authorized the Credit Union to pay overdrafts using Courtesy Pay).

Are there any fees for overdraft transfers?

The Credit Union does not charge any fees for transferring funds from your linked account(s) for Overdraft Protection.

Are there any limits on overdraft transfers?

Yes, the Credit Union permits only 6 transfers from your linked account(s) to your checking account per day.

How can I authorize the Credit Union to pay overdrafts?

To authorize the Credit Union to pay overdrafts, you can call 877-862-3525, send a secure message through Online Banking, or complete a form and present it at a branch or mail.