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PTFCU has offered Courtesy Pay to members to cover ATM transactions, debit card transactions, checks and ACH payments for a fee, unless you opted out of this service. Due to the new regulation (Regulation E) which became effective July 1, 2010, you now need to “Opt In” if you wish to have this service.
PTFCU has automatically enrolled you in the standard Courtesy Pay Overdraft Service for all types of transactions when you opened an account. Under the new regulations, you will need to “Opt In” (agree) for this service.
If you do not opt in (agree), as of July 1, 2010, the Courtesy Pay service will not be applied to your ATM / one-time debit card transaction, checks or ACH payments. These transactions typically may be declined if you have non-sufficient funds in your account.
Please be advised that the following fees will be assessed under the Courtesy Pay Overdraft Protection as disclosed on the PTFCU Schedule of Fees. A $25.00 fee will be assessed for transactions that occur for each item that is paid. We will pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.
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Courtesy Pay Fee
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Effective July 1, 2010
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| Check, ACH, ATM and one-time Debit Card Transactions - Paid |
$25.00 per item |
Whatever your decision, the new overdraft regulation gives you flexibility. If you opt in, you can cancel at any time. For more information, please contact a Member Service Representative at 866-773-9835, option “0,” Monday-Friday from 7 am to 5 pm.
The Basic Facts
Types of overdraft occurrences. An overdraft may occur when you make a point-of-sale purchase by an ATM / debit card, write a check or an ACH payment is attempted, but you don’t have enough funds in your account to pay for it. If you choose to “Opt In” to PTFCU’s Courtesy Pay Overdraft Service, for a fee, we will cover these transactions if your account becomes overdrawn up to a limit. This fee will apply to each occurrence that overdraws your account. Refer to PTFCU’s Schedule of Fees & Charges for Courtesy Pay applicable fees.
Overdraft protection alternatives. You may also qualify for a Line of Credit or Money Market linked to your savings account to cover transactions when you overdraw your account. A Line of Credit or Money Market Account linked to your share draft account may be less expensive than the Courtesy Pay service. To inquire on these alternative accounts call a Member Service Representative at 866-773-9835, option “0,” Monday-Friday from 7 am to 5 pm.
Useful Terms
Debit Card Transactions – point-of-sale purchases made with your debit card on a day-to-day basis (excludes all checks and automatic bill payments)
Overdraft – an overdraft occurs when you write a check, make an ATM transaction, and use your debit card to make a purchase, or make an automatic bill payment or other electronic payment for an amount greater than the balance in your checking account
Opt In – giving your credit union permission to include you in a particular service
Opt Out – declining a particular service offered by your credit union
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