Courtesy Pay helps protect businesses against having their checks returned in the event of an inadvertent overdraft of your account. This service gives you a reserve for emergencies or unexpected situations. There is no fee for having this privilege on your account and only charged if the business overdraws their account. You are automatically Opted-In to Courtesy Pay on your Business account.
Here is how Courtesy Pay works for you:
For example, suppose you do not have Courtesy Pay and your account balance is $50. If you write a $100 check, we will charge your account a fee for writing a check with insufficient funds. This fee is currently $30. The check will then be returned. In most cases, the establishment that you wrote the check will require you to redeem the check. You will also probably be charged a fee by that company (usually around $35) for writing an NSF check. You've now incurred two fees ($30 at McCoy and $35 at the merchant) for a check that wasn’t even paid.
However, if you have Courtesy Pay, here is how the situation typically would have worked. When the check arrives, the Credit Union will pay the check and charge you the $30 overdraft transaction fee. The total charge would've been $30 compared to $30 PLUS $35 in merchant fees if you didn't have Courtesy Pay. Additionally, you avoid being added to any bad checklists on the check approval networks or with the merchant.
When you use your Courtesy Pay you must remember to subtract the overdraft fee from your account balance. In the example, $130 would've been from your account: $100 (the check amount) PLUS $30 (the overdraft fee amount). Any item that comes in while your account has a negative balance will be charged the $30 overdraft fee. It is important to record these fees. Your next deposit will bring your balance to the deposit amount minus the overdrawn amount and the overdraft fee.
Potential Savings of $35 with Courtesy Pay
ATM receipts, and other ways that provide available balance information, will show your current available balance, NOT including Courtesy Pay.
Points to Remember about Courtesy Pay
- Every debit item on an overdrawn account will be charged an overdraft fee of $30.
- You must promptly repay the amount of the overdraft and the overdraft fee.
- Standard Courtesy Pay is available for overdrafts that result from checks, over-the-counter withdrawals, and electronic debits (ACH) to your account.
- You must decline Courtesy Pay Plus to pass on McCoy paying debit card transactions and ATM withdrawals using Courtesy Pay.
- You are currently enrolled in Courtesy Pay Plus, if you no longer want it, you must revoke your consent for the service.
- You may revoke Courtesy Pay by calling 407-855-5452 or 1-888-584-7701 (tollfree), or online at our website.
- Courtesy Pay does not interfere with any form of overdraft protection you already have available on your account. Any other form of overdraft protection you already have established will be applied before Courtesy Pay.
Courtesy Pay Terms and Conditions
You must maintain your account in good standing, which includes at least:
- Bringing your account balance to a positive balance
- Not being in default on any loan or other obligation to McCoy Federal Credit Union
- Not being subject to any legal or administrative order or levy.
