Courtesy Pay helps protect you and your finances from late fees, damage to your credit and more – all for a $35 fee for each item we pay against an overdrawn account. However, a new Federal Regulation requires that you personally “Opt-In” to authorize overdraft protection on your ATM and debit card transactions. To complete the “Opt-In” process, simply choose one of the options below.
Note: Items in BOLD are required.
- Use the Online Form
Fill out the online form below and we’ll get you all set up with Courtesy Pay.
- Call or Stop by
Call 301.779.8500 or stop by any branch and we’ll do it for you.
WHAT YOU NEED TO KNOW ABOUT OVERDRAFTS AND OVERDRAFT FEES (COURTESY PAY)
An overdraft occurs when you do not have enough money in your account to cover a transaction, but the Credit Union pays it anyway. We can cover your overdrafts in two different ways.
- Standard overdraft practices that come with your account.
- Overdraft protection plans, such as a link to a savings account or an approved line of credit, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.
THIS NOTICE EXPLAINS OUR STANDARD OVERDRAFT PRACTICES
What are the standard overdraft practices that come with my account?
- We do authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- Automatic bill payments
- We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):
- ATM transactions
- Everyday debit card transactions
- We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.
- If we do not authorize and pay an overdraft, your transaction will be declined.
What fees will you be charged if Educational Systems FCU pays your overdraft?
Under our standard overdraft practices:
- We will charge you a fee of up to $35 each time we pay an overdraft.
- There is no limit on the total fees we can charge you for overdrawing your account.
- There is a predetermined limit on the dollar amount available to you for covering your overdrafts. You received a letter advising you of this amount.
When does the Courtesy Pay fee and the amount of the overdraft need to be repaid?
- You must make a deposit or transfer funds to bring your account balance positive within 30 days. Please be advised that late payments, missed payments or other defaults on your account will be reported to the credit bureaus and may be reflected in your credit report. In addition, any overdrafts may be sent to a collection agency. Your account will also be disqualified from the Courtesy Pay program if your account is overdrawn for 30 days or more.
What if you want Educational Systems FCU to authorize and pay overdrafts on your ATM and everyday debit card transactions?
If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions, please complete the form above. For all new members, please note that you must qualify for this service. If qualified, you will receive a letter, after a 90-day waiting period, activating your Courtesy Pay privileges.
There is a $35 fee for each item we pay against an overdrawn account that applies to overdrafts created by check, ATM withdrawals, electronic fund transfers, or other means as more fully described on our website. Once you use Courtesy Pay you have 30 days to bring your account to a positive balance. We may automatically authorize and pay overdrafts for the following transactions: checks and other transactions made using your checking account number and automatic bill payments. If you would like us to pay overdrafts on ATM and everyday card transactions you must opt-in by calling us at 301.779.8500 or online at esfcu.org.
We pay overdrafts at our discretion which means that we do not guarantee that we always authorize payment. If we do not authorize payment on an overdraft, it will be returned. We will not authorize Courtesy Pay payments if you have exceeded your Courtesy Pay overdraft limit or, once a Courtesy Pay payment has been made, you fail to bring your account to a positive balance within 30 days. The Courtesy Pay feature is intended to cover inadvertent overdrafts and may not be used to cover routine or intentional overdrafts. You may opt out of Courtesy Pay at anytime by calling us or stopping by a branch. For complete details on our Courtesy Pay Program, please visit esfcu.org.