CU SoCal Courtesy Pay - Credit Union of Southern California

CU SoCal
Courtesy Pay
An Extra
Level of
Protection for your Account
“
If funds aren’t available
in your account to pay a
transaction, we’ll attempt to
clear the transaction by using
any overdraft protections you
have in place.
“
CU SoCal Courtesy Pay
Having a transaction returned due to non-sufficient
funds can be expensive and embarrassing. That’s
why Credit Union of Southern California (CU SoCal)
offers CU SoCal Courtesy Pay, an overdraft
protection program that provides an added level of
financial protection when you need it most.
What is CU SoCal Courtesy Pay?
CU SoCal Courtesy Pay is a privilege intended to save
you from additional merchant fees or other problems
that may result if funds aren’t available at the time of
withdrawal. Through this program, CU SoCal may pay,
rather than return, non-sufficient fund transactions
on your checking and/or savings account(s).
CU SoCal Courtesy Pay can cover account
reconciliation errors or unanticipated cash
flow emergencies. With the program, you can
avoid potential credit score damage, merchant
and non-sufficient fund (NSF) fees, collection
reporting, difficulties securing checking accounts
in the future, the hassle and embarrassment
of returned checks or having your debit card
declined when you’re trying to make a purchase.
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Who is eligible for CU SoCal Courtesy Pay?
CU SoCal Courtesy Pay is automatically provided to
Members who have an established Membership of
more than one month, are at least 18 years old, and
have no ChexSystems® record.
What does CU SoCal Courtesy Pay cost?
There is no monthly service fee for this overdraft
privilege. However, you are charged a fee for each
transaction paid through CU SoCal Courtesy Pay.
Please refer to CU SoCal’s Schedule of Fees for
applicable charges.
How does CU SoCal Courtesy Pay work?
As long as you maintain your account in good
standing (see disclosure for further details),
CU SoCal will honor overdrafts up to your CU SoCal
Courtesy Pay limit.
If funds aren’t available in your account, we’ll attempt
to clear the transaction by using any overdraft
protection(s) you have in place in the following order:
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
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Designated Share account(s)
Unsecured Line of Credit
CU SoCal Courtesy Pay
If your Courtesy Pay is not used in 12 months, your
limits will be lowered. See disclosure for further details.
What type of transactions does CU SoCal Courtesy
Pay cover?
Qualified Members automatically receive CU SoCal
Courtesy Pay on:



Checks paid through regular channels
Over-the-counter checks
Electronic debits (ACH/EFT)
Unless you direct us otherwise, we do not authorize
and pay overdrafts through CU SoCal Courtesy Pay for
the following types of transactions:


Everyday debit card transactions
ATM transactions/Point-of-Sale (POS) transactions
What type of accounts does CU SoCal Courtesy
Pay cover?
Your checking and/or primary savings (including
Money Market) accounts can each have CU SoCal
Courtesy Pay up to the applicable limit.
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What is my CU SoCal Courtesy Pay limit?
The CU SoCal Courtesy Pay limit is determined by
your current account relationship. Accounts with
eligible direct deposit have a $1,750 limit and
accounts without direct deposit have a $1,000 limit.
Lower limits are available upon request.
How do I know when I use CU SoCal Courtesy Pay
and if I go beyond my limit?
We will notify you of your CU SoCal Courtesy
Pay use either by mail or, if you have elected to
receive notices electronically, through CU OnLine™
eNotice. Members receiving eNotices will be
notified within 24 hours of the overdraft occurrence.
Members receiving notices by mail will only receive
notification if the account remains overdrawn for a
period of ten days.
How quickly must I repay my CU SoCal
Courtesy Pay?
You should make every attempt to bring your
account to a positive balance as quickly as
possible—no later than 40 days from taking your
account negative.
What if I decide to remove CU SoCal
Courtesy Pay?
You can cancel CU SoCal Courtesy Pay at any time.
Simply call a Member service officer at
866 CU SoCal (866.287.6225). Please keep in mind
that once this service is removed, CU SoCal
will return, rather than pay, non-sufficient fund
transactions on your checking, savings, and/or
Money Market account(s). The standard NSF fee
will be charged per item.
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CUSOCAL COURTESY PAY AGREEMENT
OVERDRAFT POLICY
In accordance with our commitment to provide valued service
and benefits, we may, at our discretion, pay your overdrafts that
would cause your eligible savings, checking and/or Money Market
Account to have a negative balance up to the amount of your
Courtesy Pay limit, which is determined by us at our sole and
absolute discretion. We refer to this service as our CU SoCal Courtesy
Pay Service (hereinafter referred to as the “Service”). This Courtesy
Pay Agreement (“Agreement”) sets forth the terms and conditions
applicable to the Service. The Service is available for savings,
checking, and Money Market Accounts for which the primary
account owner is 18 years of age or older and has been a Member
for at least one (1) month. We reserve the right to limit the Service to
one (1) account per household or Member.
WHAT IS AN OVERDRAFT?
Some transactions can result in an overdraft (i.e., negative
balance) in your savings, checking and/or Money Market Account.
These transactions include, but are not limited to, the payment of
checks, electronic transfers, preauthorized payments under our
Bill Pay Service, and other withdrawal requests authorized by you
including, but not limited to, ATM transactions, Visa® Debit Card
transactions, Point-of-Sale transactions, ACH transactions, for
which funds are insufficient, and payment of the aforementioned
items when funds deposited are not yet “available” according to
our Funds Availability Policy.
WHAT OVERDRAFT TRANSACTIONS ARE COVERED?
The Service is available for payment of checks, electronic transfers,
in-person withdrawals, preauthorized payments under our Bill Pay
Service, recurring Visa® Debit Card transactions, ACH transactions,
and payment of the aforementioned items when funds deposited
are not yet “available” according to our Funds Availability Policy. The
Service is not available for ATM transactions, Point-of-Sale, and onetime Visa® Debit Card transactions, unless you opt in, as described in
the next section below.
OPTIONAL OVERDRAFT TRANSACTIONS
The following types of transactions require you to opt in (in other
words, you must provide us with your affirmative consent) if you
would like to include them in the Service. Choosing not to opt in
may result in these transactions being declined:
• ATMtransactions(includingPoint-of-Saletransactions)
• One-timeVisa®DebitCardtransactions
If you want the Credit Union to authorize and pay overdrafts for
the above transactions, you must provide us with your consent
by: (1) calling us toll-free at 866.287.6225; (2) visiting any branch
and speaking with a Member service officer; (3) mailing an opt-in
consent form to P.O. Box 200, Whittier, CA. 90608-0200; or (4) by fax
to 714.671.2753.
ELIGIBILITY FOR CUSOCAL COURTESY PAY SERVICE
The Service is not a credit product and requires no application or
credit approval process. It is a feature that is automatically included
with your savings, checking, and Money Market Account(s) (unless
you opt out of the Service—see page 7). Eligibility is at the sole
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discretion of the Credit Union and is based on you managing your
account in a responsible manner. We may suspend or permanently
revoke the Service from your account, in our sole and absolute
discretion, based on any one or more of the following criteria:
• Youdonotbringyouraccounttoapositivebalanceforatleast
one full business day within a forty (40) day period;
• YourMembershipisnotingoodstanding;
• Youaremorethanfifteen(15)dayspastdueorareindefaultin
any other respect on any loan or other obligation to us;
• Youhaveanoutstandingbalancedueonanoverdraftrepayment
plan;
• Yourcheckingaccountissubjecttoanylegaloradministrative
orders or levies;
• AChexSystems®oranyothernegativeindicatorhasbeen
reported to us;
• Youareapartytoabankruptcyproceeding;
• Anyorallofyouraccount(s)withusarebeingreviewedfor
improper activity or transactions;
• Youraccountisclassifiedasinactive;
• Youhaveanunresolvedpriorlosswithus;
• Webelieveyouarenotmanagingyouraccountinaresponsible
manner which may harm you or us.
THE CUSOCAL COURTESY PAY SERVICE IS A BENEFIT
ANY COURTESY PAY PAYMENT WILL BE MADE BY US ON A CASEBY-CASE BASIS, AT OUR SOLE AND ABSOLUTE DISCRETION. THE
CUSOCAL COURTESY PAY SERVICE DOES NOT CONSTITUTE AN
ACTUAL OR IMPLIED AGREEMENT BETWEEN YOU AND THE CREDIT
UNION, NOR DOES IT CONSTITUTE AN ACTUAL OR IMPLIED
OBLIGATION OF THE CREDIT UNION. THE CUSOCAL COURTESY PAY
SERVICE IS A PRIVILEGE THAT THE CREDIT UNION PROVIDES FROM
TIME TO TIME AND WHICH MAY BE WITHDRAWN OR WITHHELD BY
THE CREDIT UNION AT ANY TIME, WITHOUT PRIOR NOTICE, REASON
OR CAUSE.
HOW THE CUSOCAL COURTESY PAY SERVICE IS ADMINISTERED
If the Service is available to you, we will generally pay your
overdraft items up to $1750 (including fees), if you have a direct
deposit into the account of at least $250 per month, or we will
generally pay your overdraft items up to $1000 (including fees),
with no direct deposit. Lower Courtesy Pay limits are available
upon request. If the CU SoCal Courtesy Pay service on your
account is not used within a 12 month period, the $1750 or $1000
limit (whichever is applicable) will automatically be reduced to a
$500 limit on checking accounts and a $250 limit on savings and
Money Market Accounts. You may request to reinstate your original
limit by phone at 866.287.6225 or in person; you must qualify
according to the eligibility requirements before the original limits
are reinstated. You will be notified by mail, or, if you have agreed to
receive notices from us in an electronic format (eNotices), you will
be notified electronically of any nonsufficient funds checks, items,
or other transactions that have been paid; however, you understand
that we have no obligation to notify you before we pay or return
any check, item, or other transaction. Members receiving eNotices
will be notified within twenty-four (24) hours of the overdraft
occurrence. Members who obtain notices by mail will only receive
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notification if the account remains overdrawn for a period of ten (10)
days. We may refuse to pay any overdrafts without first notifying you
even though your checking account is in good standing and even if
we have paid previous overdrafts.
PAYMENT ORDER OF ITEMS
You understand that the order in which items are processed can
affect the total amount of fees that may be assessed against your
savings, checking, or Money Market Account. You understand
checks presented for payment on the same day will be paid in
check number order. For ACH transactions, deposits are posted first
then debits are posted by settlement date, then lowest to highest
amount. For ATM and Visa® Debit Card transactions, items are posted
in the order received.
COURTESY PAY FEES
A Courtesy Pay fee will be charged to your savings, checking, and/or
Money Market Account, in accordance with our current Schedule of
Fees, for each overdraft that is authorized and paid in your savings,
checking, and/or Money Market Account through the Service. This
means that more than one Courtesy Pay fee may be assessed against
your account(s) per day depending upon the number of overdrafts
authorized and paid through the Service. You understand that your
Courtesy Pay limit shall be reduced by the amount of each overdraft
paid by us through the Service and the amount of the related
Courtesy Pay fee imposed until such amounts are repaid by you as
set forth herein at which time we may replenish your Courtesy Pay
limit by the amount of the repayment. If we choose not to pay the
overdrawn check or other item/transaction under the Service, you
are subject to a Non-Sufficient Funds (NSF) fee for each such item
in accordance with our current Rate Sheet and Fee Schedule. Your
periodic statement will itemize Courtesy Pay fees and NSF fees for
each cycle, as well as the year-to-date total of fees.
TRANSFERS TO COVER OVERDRAFTS
You also agree that we have the right to transfer available funds
from other accounts you may have with us to cover the overdraft
and pay the related fees. You understand and agree that we may
transfer funds to your savings, checking, or Money Market Account
from any of your other account(s) with us (excluding IRA accounts),
including account(s) upon which you are a joint owner, in an
amount equal to the overdraft which we may pay according to the
terms and conditions of this Agreement and to pay the related fees.
WHEN IS THE OVERDRAFT PAYMENT DUE?
The total of the overdraft (negative) balance in your savings,
checking, and/or Money Market Account, including any and all fees
and charges, is due and payable upon demand, and you are required
to immediately deposit funds to cover the negative balance, but in
no case more than thirty (30) days from the date the overdraft notice
was sent to you. If you fail to cover the total overdraft (negative)
balance in the account within thirty (30) days, the Credit Union may
pursue all collection options available, including but not limited to,
transferring funds from your other accounts with us to cover the
overdraft (negative) balance.
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RIGHT OF OFF-SET
In addition to any other rights that we may have, you agree that
any deposits or future deposits in or other credits to any account
in which you may now or in the future may have an interest
are subject to our right of off-set for any liabilities, obligations,
or other amounts owed to us by you (e.g., overdrafts and any
related fees and charges) and such is applicable irrespective of
any contribution to the account or source of funds in the account.
Moreover, unless you opt out of the Service (see below), you
consent and expressly agree that the application of an off-set of
funds in any account includes the off-set of government benefits
(such as Social Security and other public benefit funds) deposited
to the account from which the overdraft or related fees are paid.
Each person who causes an overdraft, which is paid by us, is a
maker and agrees to be individually and jointly obligated to repay
the unpaid negative balance in accordance with the terms and
conditions of this Agreement.
DEFAULT
You will be in default under the terms of this Agreement if
you fail to live up to any of the terms and conditions set forth
herein or you are in default on any loan obligation with us and/
or a negative balance exists in any other deposit account with
us on which you are an owner. If you are in default, in addition
to any other rights we may have, we may temporarily suspend
or terminate the Service or close your account(s) and demand
immediate payment of the entire unpaid negative balance. You
also agree to pay any collection costs, attorneys’ fees, and court
costs which we may incur as a result of your default.
We may terminate or suspend the Service at any time without
prior notice. In no event shall any termination relieve you of your
obligation to repay such sums already overdrafted, overdraft fees,
collection costs, and attorneys’ fees, if any. We can delay enforcing
any of our rights under this Agreement without losing them.
YOUR RIGHT TO OPT-OUT OF THE CUSOCAL COURTESY PAY
SERVICE
If you prefer not to have the Service, please telephone us at
866.287.6225 or write to us at P.O. Box 200, Whittier, CA. 906080200 and include your name, Member number and a statement
that you are opting out of the Credit Union’s Courtesy Pay service
and we will remove the Service from your account. If you opt out
of the Service, you will still be charged our NSF fee for each item
returned.
OPTIONAL OVERDRAFT PROTECTION PLANS
We also offer overdraft protection plans, such as a link to a regular
share savings account or line of credit account, which may be less
expensive than our Courtesy Pay service. To learn more, ask us
about these plans.
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CONTACT US
Local
562.698.8326
Toll-free
866 CU SoCal (866.287.6225)
Telephone Service Center
Monday-Friday, 9 a.m.–6 p.m.
Saturday, 9 a.m.–1 p.m.
PhoneTeller—FREE 24-hour account access
Local 562.945.2214, Toll-free 800.249.2328
Mobile Banking
m.CUSoCal.org
www.CUSoCal.org | [email protected]
P.O. Box 200, Whittier, CA 90608-0200
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FREE ATMs—10,000 more than the largest bank!
Find a FREE ATM near you:

Call toll-free 866 CU SoCal (866.287.6225)
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Visit www.CUSoCal.org
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Text your location from your mobile phone to 692667
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Download the database of ATMs directly to your GPS
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Visit CU SoCal’s Mobile Banking site at m.CUSoCal.org
device at www.co-opnetwork.org
SHARED BRANCHES
Find a shared branch near you:
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Call toll-free 866 CU SoCal (866.287.6225)
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Visit www.CUSoCal.org

Visit CU SoCal’s Mobile Banking site at m.CUSoCal.org
Federally insured by NCUA.
(Updated June 2012)