Protecting You From Expensive Overdraft with Courtesy Pay
We have long offered our Courtesy Pay service, an overdraft privilege program that gives members an added level of protection against unanticipated cash flow emergencies and account reconciliation errors. Many of our members take advantage of this valued service when they may be short on cash or need an immediate advance to their checking account.
Due to legislation, the Credit Union is not able to authorize and pay overdrafts on ATM and everyday Debit Card transactions unless specifically authorized by you to do so. If you choose not to authorize the Credit Union to pay overdrafts on these transactions, your ATM and Debit Card transactions, for which there are not enough funds in your account, will be declined.
We urge you to take this opportunity to opt-in now by simply logging in to your account online via eBranch or printing and returning the completed Reg E Opt-In Form to us via one of the methods below:
- Deliver to Any Branch Location
- Email: ContactUs@CUofGA.org
- Fax: 678-486-1191
- Mail: Credit Union of Georgia, P.O. Box 2148, Woodstock, GA 30188
We truly believe that Courtesy Pay is a useful service that in many cases; prevents the inconvenience and potential embarrassment of declined transactions. There is no charge for simply having Courtesy Pay on your account; you will only be charged if you use the service to pay items in excess of your available balance. Please remember that if you choose not to opt-in to the Credit Union’s FREE Courtesy Pay Service, all ATM and Debit Card transactions that would overdraw your account will be declined. If you have any questions regarding Courtesy Pay, please contact us today at 678-486-1111.
To learn more on Courtesy Pay, CLICK HERE.*Should an overdraft occur, your account will be charged the standard Overdraft fee of $33 for each check, ACH, Point-of-Sale, ATM withdrawal, in-person withdrawal, or other electronic item that is paid. This is the same fee that we charge for items drawn against insufficient funds and returned to the payee. If multiple items are presented against your account on the same day, each item will be assessed an appropriate Overdraft or Returned Item Fee of $33. Credit Union of Georgia has the discretion, but is not agreeing and does not have an obligation to pay your overdrafts and we may withdraw or reduce the amount of this Courtesy Pay privilege at any time. An overdrawn balance must be repaid within 35 days or your Courtesy Pay limit may be removed. Credit Union of Georgia will not pay an item above your Courtesy Pay limit and may return items if you do not maintain your account in good standing by bringing your account to a positive balance within a 35 day period for a minimum of one business day, if you default on any loan or other obligation to the Credit Union or if your account is subject to any legal or administrative order or levy. Fees charged for covering overdrafts, as well as the amount of the overdraft item, will be subtracted from your Courtesy Pay amount as items are paid. It may be possible that your account will become overdrawn in excess of the Courtesy Pay amount as a result of the assessment of a fee. Balances at an ATM or other point of inquiry will not include your Courtesy Pay limit; however, items may be paid in excess of the balance provided. Transactions may not be processed in the order in which they occurred and the order in which transactions are received and processed may impact the total amount of fees assessed.
Discretionary Courtesy Pay Disclosure
It is the policy of Credit Union of Georgia to comply with all applicable laws and regulations and to conduct business in accordance with applicable safety and soundness standards.
The Deposit Account Agreement and Disclosure provided to you at the time you opened your account with us controls the duties, obligations and rights of the Depositor, the Authorized Signatories and Credit Union of Georgia with regard to your checking account. The Deposit Account Agreement (and all amendments thereto) and its terms shall control any possible conflict, if any, between any provision of this Discretionary Courtesy Pay Disclosure and the Deposit Account Agreement and Disclosure. A copy of the Deposit Account Agreement and Disclosure is available to you upon request.
Courtesy Pay is not a line of credit. However, if you inadvertently overdraw your account, Credit Union of Georgia will have the discretion to pay the overdraft, subject to the limit of your then-existing Courtesy Pay limit and the amount of the overdraft fee. Credit Union of Georgia is not obligated to pay any item presented for payment if your account does not contain sufficient available funds. Any discretionary payment by Credit Union of Georgia of an overdraft check (or item, such as an ATM withdrawal) does not obligate Credit Union of Georgia to pay any other overdraft check (or item), or to provide prior notice of its decision to refuse to pay such check (or item).
Pursuant to Credit Union of Georgia’s commitment to always provide you with the best level of service, now and in the future, if you maintain your account in good standing, which includes at least:
A) Bringing your account to a positive balance within every thirty-five (35) day period for a minimum period of 1 business day;
B) Not being in default on any loan or other obligation to Credit Union of Georgia and
C) Not being subject to any legal or administrative order or levy,
Credit Union of Georgia will have the discretion to pay overdrafts within the Courtesy Pay limits, but payment by Credit Union of Georgia is a discretionary courtesy and not a right of the member or an obligation of Credit Union of Georgia. A Courtesy Pay limit will be given to consumer account members in good standing 30 days from account opening. Any and all fees and charges, including without limitation, the non-sufficient funds fees (as set forth in our fee schedules and deposit account agreement and disclosure), will be included as part of this maximum amount. It may be possible that your account will become overdrawn in excess of the Courtesy Pay amount as a result of the assessment of a fee.
The total of the discretionary Courtesy Pay (negative) balance, which includes any and all fees and charges, including all non-sufficient funds/overdraft fees is due and payable upon demand, and Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all such amounts, as described in the Deposit Account Agreement and Disclosure. Our standard Courtesy Pay fee of $33 will be imposed for overdrafts created by checks, ACH, ATM withdrawals, everyday debit card transactions, in-person withdrawals, or by other electronic means. We do not charge a Courtesy Pay fee if a consumer account is overdrawn by less than $5. This limitation does not apply to business accounts.
While Credit Union of Georgia will have the discretion to pay overdrafts on accounts in good standing (as described above), any such payment is a discretionary courtesy, and not a right of the member or an obligation of Credit Union of Georgia and Credit Union of Georgia in its sole and absolute discretion, can cease paying overdraft at any time without prior notice of reason or cause. If you do not maintain your account in good standing, the Courtesy Pay limit will be removed.
For our consumer members, Credit Union of Georgia will not pay overdrafts for ATM or everyday debit card transactions unless Credit Union of Georgia has provided you with the notice required by §1005.17(b) of Regulation E and you have opted in to the payment of these overdrafts. In order to avoid overdrafts due to ATM and everyday debit card transactions, Credit Union of Georgia will place a hold on your account for any ATM or everyday debit card transaction authorized until the transaction settles. ATM and everyday debit card transactions usually settle within two business days after the transaction is authorized. The amount of the hold will be for the amount authorized, or as permitted under applicable payment network rules. Holds on authorized ATM and everyday debit card transactions will be removed prior to settlement where required by applicable payment network rules.
Both consumer and business members may discontinue Courtesy Pay coverage at any time by contacting the Credit Union at 678-486-1111.
Important Information Regarding Available Balance
Credit Union of Georgia authorizes and pays transactions using the available balance in your account. The available balance is comprised of the ledger balance (collected funds) less any debit card holds, and does not include any deposited funds on hold. Credit Union of Georgia may place a hold on deposited funds in accordance with our Deposit Account Agreement and Disclosure. If the funds in the available balance are not sufficient to cover a transaction, any available overdraft protection and/or the amount of the Courtesy Pay limit, may be used to authorize and pay a transaction.
Credit Union of Georgia 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, a Courtesy Pay Fee may be assessed. Please contact us at ContactUs@CUofGA.org or 678-486-1111 if you have any questions.