Electronic transactions are a convenience that has become a part of our daily lives. Using them makes it easier than ever to make purchases and payments. In our fast paced lives, it is also easy to make a mistake and become overdrawn.
Here's how it works:
There is no fee to have Courtesy Pay added to your account. You are only charged a fee if you exceed the available balance in your account and Courtesy Pay is used.
When an item (check, ACH or everyday debit card transaction) is presented to us for payment and the funds are not available in your account, we will authorize the transaction up to your Courtesy Pay limit. When this transaction clears your account, you will be charged a fee based on the following fee schedule:
- 1st and 2nd Occurrence - $1 per transaction
- 3rd to 12th Occurrences - $30 per transaction
- 13th to No Limit Occurrences - $35 per transaction
In addition, you are responsible for ensuring your account is positive within 45 days.
Whether or not a transaction is covered by Courtesy Pay is discretionary and Southwest Financial Federal Credit Union reserves the right not to pay.
How Courtesy Pay Helps You:
- Convenience – Even if your available balance is low, your transaction may be covered.
- Peace of Mind – Courtesy Pay can prove vital in urgent circumstances such as unexpected car repairs or extra costs while traveling.
- Privacy – Courtesy Pay safeguards you from the potential embarrassment of bouncing a check with a merchant or having your debit card declined when buying groceries or taking your friend to dinner. Neither the merchant nor your friends will be aware of the status of your account.
When you opt in to Courtesy Pay, you not only avoid the embarrassment of being declined, you avoid any additional fees charged by the merchant. Without Courtesy Pay, your transaction will be declined and/or returned to the merchant and you may be charged a non-sufficient funds fee. In addition, the merchant may also charge a returned item fee.
Even though Courtesy Pay is a great service, we don’t want to assume that it is the right service for you. To opt in to Courtesy Pay, please submit the opt in form, which authorizes Southwest Financial to pay overdrafts on your account.