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Courtesy Payment

Overdrawn account? We’ve Got Your Back.

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When accidents happen, we’re there to help.
  1. Overview
  2. FAQs

Overview

BCU can help you avoid declined transactions due to an overdrawn account.

How Courtesy Payment works

In situations when you don’t have sufficient funds to cover a transaction, Courtesy Payment may be granted to cover the amount of the overdraft. The Courtesy Payment service can be applied to the following: checks, ACH payments (e-checks), ATM withdrawals and debit card purchases (both recurring and one-time). We pay overdrafts at our discretion, which means we don’t guarantee we will authorize each and every transaction.

If the Courtesy Payment transaction is authorized, your account will reflect the amount overdrawn, plus a $29.00 service charge. Because there is a fee associated with the service, it’s important to understand how your account balance is calculated and how Courtesy Payment fees are assessed. Please reference this document for more information about overdrafts and account balance calculations.

Opt in/out of the Service

You can choose to opt out of the program at any time by calling Member Relations. Should you require the Courtesy Payment service at a later time, you can request to have it added back to your account.

You must opt-in to receive Courtesy Payment service for one-time debit card and ATM overdraft transactions. When you open your account, you will be prompted to opt in or out. Remember, you can always change your opt-in preference by updating your member profile in Online Banking, visiting a Credit Union Service Center, or giving us a call at 800-388-7000.



What You Need to Know About Overdrafts and Overdraft Fees

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:

  1. Overdraft Transfer that is a link to your Savings account that will transfer funds, which may be less expensive than our Courtesy payment service.
  2. Our Courtesy Payment service that comes with your account (providing eligibility requirements are met).

What is the Courtesy Payment service that comes with my account?

We do authorize and pay overdrafts for the following types of transactions:

  • Checks and other transactions made using your checking account number
  • Automatic bill payment

We do not authorize and pay overdrafts for the following types of transactions unless you opt-in to have these transactions covered (see below):

  • ATM transactions
  • One-time (individual, not recurring) 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 service charges will be incurred if the Credit Union pays my overdraft?

Under our standard overdraft practices:

  • There will be a service charge of $29.00 each time we pay an overdraft. There is a $5.00 grace on your account for overdrafts, meaning overdraft fees will only be incurred if you draw your account negative by over $5.00.
  • There is a limit of 5 Courtesy Payment fees that the Credit Union will charge per day, per account

What if I want the Credit Union to authorize and pay overdrafts on my ATM and one-time (individual, not recurring) Debit Card transactions?

First, log-in, then select to opt-in to our Courtesy Payment Service.

Courtesy Payment is available on Checking and Money Market accounts open at least 30 days and in good standing. To be in good standing requires at a minimum:

  • Having a cumulative minimum deposit of at least $200 made into your Credit Union account(s).
  • Making regular deposits consistent with your past practices.
  • Depositing an amount equal to or greater than the amount of discretionary Courtesy Payment extended to your account and bringing your account to a positive balance within a twenty (20) day period.
  • You are not in default on any loan or other obligation to your Credit Union.
  • You are not subject to any legal or administrative order or levy.

Courtesy Payment may be granted that will allow you to overdraw your account. We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. Our Courtesy Payment service will attempt to pay, when possible, checks, ACH payments, and recurring debit card purchases presented against insufficient funds in your account. Courtesy Payment will allow you to overdraw the available balance in your account from up to $200, and in certain cases, up to an absolute maximum of $1,500 including any service charges. The limit may change from time to time based on your individual your Credit Union account transaction history. If you believe an overdraft situation is likely, you should ask us for your specific limit.

Transactions may not be processed in the order which they have occurred. This may affect the total amount of service charged incurred. For more information about how account balances are calculated, please refer to the Disclosure Regarding Balance Calculation and Overdrafts. You can opt out of Courtesy Payment either out of one time (individual, non-recurring) debit card and ATM transactions or Courtesy Payment for the account at any time by updating your member profile in online banking, visiting a Credit Union Service Center, or contacting Member Relations. For more information on this program, contact us at BCU, 340 North Milwaukee Avenue, Vernon Hills, IL 60061.