FAQ: Courtesy Pay

November 29, 2018
by Team SESLOC

What is an Overdraft Protection Plan?

Overdraft protection helps you avoid costly overdraft fees when you do not have sufficient funds in your checking account for a check, electronic debit, ATM, or debit card transaction you authorized.

Your consumer checking account is automatically linked to your primary savings account for overdraft purposes. You may also apply for an overdraft line of credit. We automatically transfer available funds from these accounts into your checking account as needed to avoid an overdraft situation. There is a $3 fee charged to your savings account for each overdraft transfer. Transfers from an overdraft line of credit are not assessed a fee; however, interest accrues from the date of the transfer.

What is Courtesy Pay?

When you don’t have sufficient funds available in your checking account, including any overdraft protection plan you have established, to clear your paper checks or pre-authorized electronic transactions, SESLOC may cover your inadvertent overdrafts.

How Much Does Courtesy Pay Cost?

When your available balance goes negative, Courtesy Pay may cover your overdraft. Courtesy Pay fees are based on the transfer amount. For current fees associated with Courtesy Pay, view our Fee Schedule »

How Do I Qualify For Courtesy Pay?

SESLOC members in good standing with a checking account that has been open for at least 90 days, who make regular deposits sufficient to cover transactions, are automatically enrolled in Courtesy Pay for paper checks and pre-authorized electronic items cleared through the automated clearing house (ACH). Eligibility is at the sole discretion of the Credit Union and is based on you managing your checking account in a responsible manner. Please see complete Courtesy Pay Agreement and Disclosure for more details.

Is There Coverage for ATM & Point of Sale Transactions Using My Visa Debit Card?

Yes, an additional level of protection is available for your ATM and one-time/everyday debit card point-of-sale transactions. These transactions are ATM withdrawals and retail purchases with your SESLOC debit card. You must qualify for Courtesy Pay to use this additional coverage and it requires that you complete our Opt-In form. You may opt-in through Online Banking, or complete the Opt-in Form and return it to any SESLOC branch.

If you do not complete the Opt-In form, Courtesy Pay protection may still cover paper checks and electronic items cleared through the automated clearing house (ACH), including recurring debit card transactions for the payment of a bill that you have previously authorized.

How Do I Decline Courtesy Pay Protection?

If you would like to be excluded from the discretionary payment of overdrafts entirely, you may opt out. Any owner of the account may authorize this. Your opt-out covers all transactions on the account, regardless of which account owner initiated the transaction. To opt out, send a signed written notice to:

SESLOC Federal Credit Union
Attn: Member Support
P.O. Box 5360
San Luis Obispo, CA 93403-5360

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