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Courtesy Pay Service is Now Available
In response to Check 21, the recently enacted legislation that eliminates much of the "float" time previously encountered in the check clearing process, Florida State University Credit Union is pleased to provide our members with a fumble-proof way to avoid bouncing checks. Courtesy Pay is a new service that allows us to pay an item presented against our member's checking account even if it causes the account to become overdrawn. Courtesy Pay may provide certain accountholders in "good standing" with the ability to overdraw their checking account up to $500. A letter was recently mailed to all Florida State University Credit Union members announcing this new service.
What is Courtesy Pay?
Courtesy Pay is a new service that adds a measure of protection to your checking account. 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.
How Does Courtesy Pay Work?
Overdrafts on your checking account, up to a limit of $500 [including the amount of the overdrawn item(s) and the Courtesy Pay fee(s)] may be honored by Florida State University Credit Union. A $30 fee will be assessed for each item that draws your account negative. You then have up to 30 days to bring the amount current.
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 Courtesy Pay and imposing a $30 fee for each overdraft we pay.
Do I Have To Apply For This Service?
No. If you are eligible* for this service, we require no applications or additional signatures. Effective January 6, 2005, your share draft/checking account terms and conditions will automatically be amended to include the terms and conditions for Courtesy Pay service.
*You are eligible for this service as long as you are a member in good standing which includes having an account with us that has been open for at least 30 days, have direct deposit, are over 18 years of age, and have no past due loans.
How Can I Access Courtesy Pay?
Overdrafts may be paid utilizing your Courtesy Pay funds up to the limits mentioned for the following types of transactions: checks, check card transactions, and electronic transactions.
Call Us For More Information
We are happy to review 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 850-224-4960 or 877-GO-FSUCU.
