Overdraft Coverage Options
Overdraft Protection & Courtesy Pay
Life happens! Expree Credit Union understands that unexpected overdrafts occur from time to time – Overdraft Coverage can help.
Overdraft Coverage Options
The choice is yours. Consider these ways to cover overdrafts:
1Call us at (502) 564-5597, email us at CP@Expree.org, or come by a branch to sign up for these services.
Overdraft Protection applies to all transactions and may help prevent overdrafts by automatically transferring funds to your checking account from another account you may have at Expree Credit Union for a fee.
Courtesy Pay allows you to overdraw your account up to the disclosed limit for a fee to pay a transaction. Even if you have Overdraft Protection, Courtesy Pay is still available as secondary coverage if the other protection source is exhausted. Please review the “What Else You Should Know” section included with this disclosure for other important information.
*If you choose Extended Coverage on your consumer account, ATM transactions and everyday debit card transactions will be included with the transactions listed under Standard Coverage. If you already have Courtesy Pay Extended Coverage, it is not necessary to request it again.
You can discontinue Courtesy Pay in its entirety by contacting us at (502) 564-5597 or sending us an e-mail at CP@Expree.org.
Extended Coverage Consent Form
What Else You Should Know
• A link to another account may be a less expensive option than an overdraft. A single larger overdraft will result in just one fee, as opposed to multiple smaller overdrafts. Good account management is the best way to avoid overdrafts. Use our mobile banking, internet banking, and telephone banking services to keep track of your balance. For additional financial education resources, please visit www.Expree.org/Greenpath.
• The $30 Courtesy Pay (CP) Fees is the same fee amount that is charged if an item is returned as unpaid. If multiple items overdraw your account on the same day, each item will be assessed an appropriate Courtesy Pay (CP) Fees or a Return Item Fee of $30. All fees and charges will be included as part of the Courtesy Pay limit amount. Your account may become overdrawn more than the Courtesy Pay limit amount because of a fee.
• If an item is returned because the available balance in your account is not sufficient to cover the item and the item is presented for payment again, Expree Credit Union will charge a Return Item Fee each time it returns the item because it exceeds the available balance in your account. If, on representment of the item, the available balance in your account is sufficient to cover the item Expree Credit Union may pay the item, and, if payment causes an overdraft, charge a Courtesy Pay (CP) Fees.
• For consumer accounts, there is no limit on the total Courtesy Pay (CP) Fees per day we will charge.
• This describes the posting order for purposes of determining overdrafts. Our general policy is to post items throughout the day and to post ACH credits before debits. ATM, ACH, checks, and debit card transactions are posted in the order received, while paper checks are posted in check number order; however, because of the many ways we allow you to access your account, the posting order of individual items may differ from these general policies. Holds on funds (described herein) and the order in which transactions are posted may impact the total amount of Courtesy Pay (CP) Fees or Return Item Fees assessed.
• Although under payment system rules, Expree Credit Union may be obligated to pay some unauthorized debit card transactions, Expree Credit Union will not authorize debit card or ATM transactions unless your account’s available balance (including Overdraft Coverage Options) is sufficient to cover the transactions and any fee(s).
• Giving us your consent to pay everyday debit card and ATM overdrafts on your consumer account (Extended Coverage) may result in you incurring Courtesy Pay (CP) Fees for transactions that we would otherwise be required to pay without assessing an Courtesy Pay (CP) Fees. However, this would allow us to authorize transactions up to the amount of your Courtesy Pay limit and may also help you avoid overdrafts in excess of your available balance. If you consent to Extended Coverage on your consumer account, it will remain on your account until it is otherwise withdrawn.
• Expree Credit Union authorizes and pays transactions using the available balance in your account. Expree Credit Union may place a hold on deposited funds in accordance with our Membership and Account Agreement, which will reduce the amount in your available balance. The available balance for checks, ACH items, and recurring debit card transactions is comprised of the ledger balance, less any holds on deposited funds and any debit card holds, plus the amount of the Courtesy Pay limit and any available Overdraft Protection. The available balance for ATM and everyday debit card transactions on accounts with Standard Coverage is the ledger balance, less any holds on deposited funds and any debit card holds, plus any available Overdraft Protection, but does NOT include the Courtesy Pay Limit. For accounts with Extended Coverage, the Courtesy Pay Limit is included in the available balance for authorizing ATM and everyday debit card transactions.
• Please be aware that the Courtesy Pay amount is not included in your available balance provided through online banking, mobile banking or Expree Credit Union’s ATMs.
• Expree Credit Union will place a hold on your account for any authorized debit card transaction until the transaction settles (usually within two business days) or as permitted by payment system rules. In some cases, the hold may exceed the amount of the transaction. When the hold ends, the funds will be added to the available balance in your account. If your account is overdrawn after the held funds are added to the available balance and the transaction is posted to the available balance, an Courtesy Pay (CP) Fees may be assessed.
• Except as described herein, Expree Credit Union will not pay items if the available balance in your account (including the Courtesy Pay limit, if applicable) is not sufficient to cover the item(s) and the amount of any fee(s).
• New consumer checking accounts will receive a $130 Introductory Courtesy Pay limit at account opening that will be increased to $530 after 60 days in good standing for consumer accounts or $730 after 60 days in good standing with a confirmed Direct Deposit.
• Courtesy Pay is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any time without prior notice.
• Courtesy Pay may be suspended if you default on any loan or other obligation to us, your account becomes subject to any legal or administrative order or levy, or if you fail to maintain your account in good standing by not bringing your account to a positive balance within 30 days for a minimum of one business day. You must bring your account balance positive for at least one business day to have the full Courtesy Pay limit reinstated.
• Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in the Membership and Account Agreement. The total (negative) balance, including all fees and charges, is due and payable upon demand.
If you have any questions about Overdraft Protection or Courtesy Pay, please call us at (502) 564-5597 or visit a branch.