An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:
- We have standard overdraft practices, Courtesy Pay, which comes with your account.
- We also offer overdraft protection plans, such as a link to a savings account or line of credit, which may be less expensive than Courtesy Pay. To learn more, ask us about these plans.
What is Courtesy Pay?
Courtesy Pay is our standard overdraft practice that authorizes and pays overdrafts for the following types of transactions when funds are not available:
- Checks, Automated Clearing House (ACH – electronic processing of financial transactions) and other transactions made using your checking account number
- Automatic bill payments
After August 15, 2010 Courtesy Pay will not automatically be provided to cover overdrafts for the following types of transactions unless you ask us to:
- ATM transactions
- Everyday debit card transactions
We pay overdrafts using Courtesy Pay 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 I be charged if TVFCU pays my overdraft with Courtesy Pay?
- Depending on your Winner’s Circle Reward Level, we will charge you a fee between $17 and $32 each time we pay an overdraft.
- There is a limit of $130 per day on the total fees we will charge you for overdrawing your account.
What if I want TVFCU to authorize and pay overdrafts using Courtesy Pay on my ATM and everyday debit card transactions?
If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions using Courtesy Pay,visit one of our convenient locations or call 423-634-3600 or 800-634-3600 (Nationwide).
When is my Opt-In decision effective?
New Accounts: You may Opt-In at the time your new accounts are opened.
Keep in mind that although you may have chosen to Opt-In, your share and draft accounts must be open for at least 90 days before we will begin paying ATM and everyday debit card transaction overdrafts through our Courtesy Pay program.
Current TVFCU Members: If you choose to Opt-In for ATM and everyday debit card transaction overdrafts it will be effective August 15, 2010. If you submit your Opt-In form after August 15, 2010, it will be effective within two business days of our receiving your Opt-In request. If we do not receive a response from you, we will not authorize overdrafts for your ATM and everyday debit card transactions, beginning August 15, 2010.
