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An insufficient fund check that is returned or a debit card purchase attempt that is declined can be embarrassing, frustrating and in the case of checks, can result in fees from the merchant or retailer. SEI Credit Union understands that many people need an occasional safety net to avoid this type of situation, which is why we offer Courtesy Pay.
What is Courtesy Pay?
Courtesy Pay is a noncontractual overdraft protection service that we offer to our members with eligible share draft (checking) accounts. As long as you maintain your account in good standing, we may cover insufficient fund items up to your approved limit of $500. We will charge our normal NSF fee of $29 and send you a notice each time an overdraft occurs. You are required to bring your account to a positive balance within 45 days.
How can I have overdraft coverage for my checks, automatic bill payments and other debit transactions using my account number?
Courtesy Pay is automatically added to your account for checks, automatic bill payments and other debit transactions using your account number, such as a gym membership, electric bill, etc. You can remove this service at any time by contacting us.
How can I have overdraft coverage for ATM withdrawals and Debit Card Purchases?
Simply contact us and ask to add overdraft coverage for your ATM withdrawals and everyday debit card purchases (see opt-in form for details). There are no applications or credit approvals necessary. You can revoke this service at any time by contacting us.
How can Courtesy Pay beneﬁt me?
Courtesy Pay may save you the embarrassment of having your debit card declined or the expense of a returned check due to an error in your checkbook, an unplanned expense or just a shortage on cash between paydays.
How does Courtesy Pay work?
With Courtesy Pay, if we receive an item that causes the balance in your account to go below zero, as a courtesy, we may pay the item up to $500; including the overdraft fee.
Is Courtesy Pay a loan?
No. There are no loan applications to complete. It is a service provided by the Credit Union to assist you with occasional overdrafts.
How will I know if I use my Courtesy Pay?
We will mail you a notice when you have an overdraft on your account that activates Courtesy Pay. We will continue to send reminder letters of your overdraft until you bring your account to a positive balance.
What if I go over my Courtesy Pay limit?
If you exceed the Courtesy Pay limit, any additional items will be returned or declined when presented for authorization or payment.
Is there a charge for Courtesy Pay?
There are no fees to have the service available on your account. If you use Courtesy Pay you will be charged our standard fee of $29 for each insuﬃcient item as described in our Courtesy Pay Policy. The charges associated with Courtesy Pay are also listed in the Schedule of Fees & Charges.
If I use my Courtesy Pay, how long do I have to bring my account into balance?
You should bring your checking account to a positive balance as soon as possible. To keep your account in good standing, you have 45 days to pay any overdraft and associated fees. However, depending on the situation, we can ask for repayment at any time. Any deposit made automatically or by you will ﬁrst be applied to any overdrawn balance and associated fees.
What happens if I can’t bring my account to a positive balance?
If your balance remains negative for 45 days, your Courtesy Pay will be suspended or revoked and you risk losing your checking privileges. The service may be reinstated when your account returns to good standing.
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