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What is Worry Free Overdraft Courtesy Pay?
Worry Free Overdraft Courtesy Pay is a service that adds a measure of protection to your checking account. Worry Free Overdraft Courtesy Pay may cover your insufficient funds items, up to your approved limit, for one low fee per covered overdraft transaction. That means instead of returning an item to the merchant because of insufficient funds, the credit union may pay your item, saving you additional charges from the merchant collection companies. It saves you the embarrassment an inadvertent overdraft can cause. It also helps protect your credit rating.
- Saves you from the embarrassment of returned checks
- Saves you from merchant returned check charges
- Saves you collection agency fees and protects your credit rating
How does Worry Free Overdraft Courtesy Pay work?
Overdrafts on your checking account, up to a limit of $750 [including the amount of the overdrawn item(s) and the Worry Free Overdraft Courtesy Pay fee(s)] may be honored by LGE. A courtesy pay fee will be assessed for each item that draws your account negative. You then have up to 30 days to bring the amount current, either through a direct deposit, transfer of funds, or a deposit at one of our branch offices.
What if I already have overdraft protection?
If you have established other overdraft protection methods, such as a line of credit or automatic transfer from your other accounts, we will pay any overdraft by those other methods first before paying your overdraft utilizing Worry Free Overdraft Courtesy Pay and charging a courtesy pay fee for each overdraft we pay. Speak to a member service representative about establishing a line of credit or other alternatives.
Do I have to apply for this service?
No. We require no applications or additional signatures. As long as you are a member in good standing, which includes having an account with us, you make regular deposits to that account, bring your account back to a positive balance regularly, and there are no legal orders against the account, your Worry Free Overdraft Courtesy Pay privilege remains activated.
How can I access Worry Free Overdraft Courtesy Pay?
Overdrafts may be paid using your Worry Free Overdraft Courtesy Pay funds up to the limits mentioned for the following types of transactions:
- Checks
- POS/Check Card Transactions
- Electronic Transactions
- ATM Withdrawals - We strongly recommend that you first perform a balance inquiry before making an ATM withdrawal. Should you request a withdrawal that draws your account into the negative, the ATM may honor that request by drawing on your Worry Free Overdraft Courtesy Pay limit and/or any other overdraft protection you may have with the credit union. The ATM receipt will show the amount withdrawn. It may not indicate your withdrawal has taken your account negative or accessed Worry Free Overdraft Courtesy Pay and/or other overdraft protection funds, or charged a fee.
Can the credit union stop my Worry Free Overdraft Courtesy Pay protection?
Yes. Worry Free Overdraft Courtesy Pay is stopped if you are not in good standing or if you tell us not to pay your overdrafts. There may be other reasons we need to stop Worry Free Overdraft courtesy Pay.
Worry Free Overdraft Courtesy Pay is a way for us to provide a higher level of service to our members by helping protect your account and reputation when an inadvertent overdraft occurs.
Call us for more information.
We are happy to review Worry Free Overdraft Courtesy Pay and its features with you, along with giving you other options to add convenience and ease to your account. Please call us at 770-424-0060 or 800-541-8921.
Additional Worry Free Overdraft Courtesy Pay information.
Worry Free Overdraft Courtesy Pay is a service that allows us to pay an item presented against your checking account even if it causes the account to become overdrawn.
Worry Free Overdraft Courtesy Pay may provide certain accountholders in "good standing" with the ability to overdraw their checking account up to $750. The Worry Free Overdraft Courtesy Pay limit includes any overdraft fees assessed.
If the account has been open and maintained in good standing, defined as A) making regular deposits sufficient to cover transactions; B) bringing the account to a positive balance at least once every thirty days or less, and; C) there are no legal orders outstanding on your account, we may, at our sole discretion, pay overdrafts up to the limits mentioned above, including our normal Non-Sufficient Funds or Worry Free Overdraft Courtesy Pay charge(s). Whether we pay or return an item, your account will be assessed a fee, either as a Worry Free Overdraft Courtesy Pay charge or a Non-Sufficient Funds charge but you will not be charged both fees. Our current fees can be found here.
Worry Free Overdraft Courtesy Pay offers additional flexibility and convenience in managing accountholder funds, and provides peace of mind knowing that items may be paid up to the authorized overdraft limit. Using Worry Free Overdraft Courtesy Pay may be more costly than other overdraft payment options we may offer. Please speak to a representative to see if you qualify.
This non-contractual courtesy of paying overdrafts requires no accountholder action. It is not a loan. No additional agreements need to be signed, and it costs nothing unless the privilege is used - by initiating checks, electronic funds transfers, or other payment or withdrawal requests for more than is on deposit in the account. If you maintain the account in good standing and have need for this "courtesy", we may, at our sole discretion, pay the item(s) up to the authorized limit, and we will charge the account our normal Non-Sufficient Funds or Worry Free Overdraft Courtesy Pay charge for each item that overdraws the account. We will send you a notice each time an overdraft occurs.
Although you are not charged for using Worry Free Overdraft Courtesy Pay unless you have an overdraft, you may opt-out of Worry Free Overdraft Courtesy Pay at any time. If you do not want us to pay your overdrafts, you must tell us ("opt-out"). If you receive a direct deposit of your monthly social security or other federal benefit check, you must opt-out if you do not want us to apply those funds to repay an overdraft.
Worry Free Overdraft Courtesy Pay allows LGE to provide a higher level of service to our members by helping to protect your account and reputation when an inadvertent overdraft occurs.
Additional information is found in your account agreement. If you have further questions, do not hesitate to call us at 770-424-0060 or 800-541-8921.
*Worry Free Overdraft Courtesy Pay is not currently available at CU Service Centers or for H.S.A. Checking Accounts.
*Not all members will qualify for Worry Free Overdraft Courtesy Pay; in such cases, LGE's normal non-sufficient funds policy applies.
Effective 01/08. |
