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Overdraft Protection

Protecting you from expensive overdraft with Courtesy Pay

 

When there’s not quite enough in your checking account…

Having a check returned due to insufficient funds can be a costly and humiliating experience. That’s why we provide “Courtesy Pay,” a special overdraft privilege for Credit Union of Georgia’s members.

Courtesy Pay gives you an added level of protection against unanticipated cash flow emergencies and account reconciliation errors.

At Credit Union of Georgia, we do not encourage overdrafts. As always, we encourage you to manage your finances responsibly. The purpose of this privilege is to save you from the embarrassment, additional merchant fees or other problems that might result if a check is returned.

Frequently Asked Questions

  • Courtesy Pay is an overdraft privilege limit that is automatically assigned to your account. There is no action required on your part. You do not need to sign anything. Courtesy Pay is a safety net that prevents items from being returned. It costs you nothing unless you use it ($33 per item).

     

     

  • As long as you maintain your account in good standing (defined as making regular deposits and bringing your account to a positive balance at least once every 30 days), Credit Union of Georgia may honor overdrafts up to the Courtesy Pay limit on your account.

  • Overdraft transfers and overdraft protection will always be used first. Courtesy Pay is there for those unexpected occurrences.

  • We can set up overdraft transfer or process your overdraft protection application today!

  • Pay those bills without incurring any late charges. Write the check without having to pay from another source.

  • There is no additional cost associated with this privilege unless you use it. However, you should keep in mind that you will be charged a Courtesy Pay fee of $33 for each item paid under the limit.

  • Overdrafts above and beyond your established Courtesy Pay limit may result in a check or checks being returned to the payee. The normal NSF fee will be charged per item and assessed to your account. So as not to exceed your limit if you use Courtesy Pay, you should note that the amount of the overdraft plus our standard NSF fee of $33 for each item will be deducted from your overdraft limit.

  • You should make every attempt to bring your account to a positive balance within 30 days. If you are unable to do so, you will receive a letter from Credit Union of Georgia informing you of the situation and your options. If, after a period of time, your account has not been brought to a positive balance, we may suspend your overdraft privilege limit and take other steps to recover funds.

  • If you are a new active account holder, you may be able to use the overdraft privilege limit assigned to your account 30 days after the account is opened.

The fine print
* Credit Union of Georgia cannot authorize and pay overdrafts on ATM and everyday Debit Card transactions unless authorized to do so by the member. If the member chooses not to opt-in for this free service, these transactions will be declined. 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.
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