What is Courtesy Pay?
Courtesy Pay is a service that adds a measure of protection to your checking account. Through Courtesy Pay, Sooper Credit Union may cover transactions presented for payment that would normally be returned for Non-Sufficient Funds (NSF). Instead of returning the overdraft item to the merchant, we may cover it up to your approved limit. This limit is based upon your relationship with Sooper Credit Union at the time the overdraft is presented. In addition, Courtesy Pay assists members in avoiding the embarrassment of “bounced” checks and declined transactions at merchants, and being able to get cash and make ATM/POS transactions when there are not available funds.
What transactions are covered by Courtesy Pay?
The following transactions can cause overdrafts that may be paid by Courtesy Pay:
• Personal Checks
• Debit Card Purchases
• ACH Transactions (electronic withdrawals presented for payment to Sooper)
• Online Bill Pay Payments
• ATM Transactions
What are the standard overdraft practices that come with my account?
We do, and will continue to, authorize and pay overdrafts for the following types of transactions:
• Checks and other transactions made using your checking account number
• Automatic bill payments
• Recurring debit card transactions
For members who joined the credit union before July 1, 2010:
Beginning August 15, 2010, we cannot authorize and pay overdrafts for the following types of transactions (unless you ask us to)
• ATM transactions
• Everyday debit card transactions
We pay overdrafts 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 is the difference between an overdraft and an NSF?
An overdraft occurs when you don't have the money in your account to pay one or more of your transactions, but as a courtesy (and in most situations) we honor the transactions and allow your account to temporarily have a negative balance. This coverage is called COURTESY PAY. An NSF (NON SUFFICIENT FUNDS) occurs when you don't have the money in your account to pay one or more of your transactions and you have exhausted the balance of all of your elected overdraft protections (e.g. savings, line-of-credit). The item is not paid by Sooper Credit Union and it is returned.
What happens if I don't have Courtesy Pay and my check is returned?
If a check is returned, you'll still receive a NSF charge of $30.00 in addition to a possible merchant NSF charge. The merchant can resubmit the check for payment. If the funds aren’t available when the merchant resubmits the item, you would be charged these fees a second time. If funds are not available in your account, whether we pay or return an item, your account is assessed a fee, either as a Courtesy Pay charge or NSF charge, but you'll not be charged both fees.
Is Courtesy Pay a loan?
No. It's a non-contractual courtesy that we extend to our members. This feature is discretionary on the part of Sooper Credit Union and can cease at any time without prior notification.
What if I already have a transfer from savings for overdraft protection?
If you have an existing overdraft protection plan and you enroll in Courtesy Pay, you will receive Courtesy Pay, but only after the overdraft protection has been exhausted.
What about members for whom you pay NSFs over the Courtesy Pay limit?
The Courtesy Pay administrator may choose to pay or return the items over the Courtesy Pay limit.
How is the Courtesy Pay limit established?
In order to have Courtesy Pay, you must have established a checking account with Sooper Credit Union. If approved for Courtesy Pay, once the checking account has been established, the limit is determined by whether or not you have direct deposit going into your checking account. The limit without direct deposit is $250.00 and the limit with direct deposit is $500.00.
What if I want to have Courtesy Pay removed? Can I have access to it again sometime in the future?
You may request to have Courtesy Pay removed from your account. If you would like to enroll in Courtesy Pay again in the future (and you qualify), you may do so by contacting us.
If the payment is an automatic/recurring payment, the payment will be processed. If the payment is set as a manual process, a send date will need to be scheduled.
How will I know if Courtesy Pay was used?
You will be notified by mail if an overdraft item has been covered by Courtesy Pay and asked to bring your account to a positive balance immediately.
If I have Courtesy Pay, why were my checks returned for Non-Sufficient Funds?
Courtesy Pay is a discretionary service. We are never obligated to pay items that will overdraw your account. We typically do not provide Courtesy Pay if you have excessive overdrafts, your account is not in good standing, or you do not make regular deposits.
What fees will I be charged if I take advantage of Courtesy Pay and Sooper Credit Union pays my overdraft?
Under our standard overdraft practices, we will charge you a fee of $30 for each occurrence.
If my account is overdrawn, how long do I have to bring my account into a positive balance?
The total of the overdraft (negative) balance in your Checking Account, including any and all fees and charges is due and payable upon demand, and you are required to immediately deposit with us sufficient funds to cover the overdraft paid by us and pay the related fees. If you cannot bring your account balance to a positive balance immediately, please call 303-427-5005 to make arrangements to resolve the negative balance.
Is Courtesy Pay available for new members?
If eligible for Courtesy Pay, it is available to you the day you establish your checking account.
What are the benefits of Courtesy Pay?
Courtesy Pay saves the expense of having to pay additional fees from merchants, payments being late, or checks being returned NSF several times. It also saves the embarrassment of having a debit card purchase or ACH transaction denied.
Courtesy Pay can help:
• Reduce charges from retailers for returned checks
• Save time and embarrassment to redeem unpaid checks
• Add convenience and flexibility in managing unexpected shortages on your account
Is Courtesy Pay available for my Business Account?
At this time, Courtesy Pay is not offered for Business Accounts.
What if I want Sooper Credit Union to authorize and pay overdrafts on my ATM and everyday debit card transactions?
If you would like us to do this, please download and complete this enrollment form and return to us:
Sooper Credit Union
5590 West Evans Avenue
Denver, Colorado 80227
By Fax: (303) 763-6278
In Person: Click here to find Sooper Credit Union branch locations.
How can I remove Courtesy Pay from my account?
Complete and sign an Opt-Out form, which is available at any of the branches. We will remove Courtesy Pay from your checking account once we receive the Opt-Out form. You may also contact one of our member service representatives at 303-427-5005 or 1-888-SOOPER-1. Be aware that although Courtesy Pay is a discretionary service, the following could occur even if you do not opt out of Courtesy Pay. With Courtesy Pay, your account is less likely to incur the following:
• Items exceeding your checking account available balance being returned Non-Sufficient Funds
• Potential Merchant/Retailer fees resulting from the Non-Sufficient Funds in addition to the credit union’s fee for Non-Sufficient Funds
• Possible reporting to Chex Systems due to excessive Non-Sufficient Funds
• Inconvenience, embarrassment, the expense and added time spent resolving the Non-Sufficient Funds
If I have questions specific to my own situation, what next steps should I take?
Please visit any of our branches or contact us at 1-888-SOOPER-1 or 303-427-5005 for more information.
These FAQ’s are intended for information purposes only and does not constitute legal, accounting or other professional advice. Although it is intended to be accurate, it doesn't act as an agreement or disclaimer.
Revised April 30, 2010
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