OVERDRAFT COVERAGE OPTIONS:
OVERDRAFT PROTECTION AND COURTESY PAY
Jolt Credit Union understands that unexpected overdrafts occur from time to time – Overdraft Coverage can help.
Overdraft Coverage Options
The choice is yours. Consider these ways to cover overdrafts:
|Overdraft Transfer from Primary Savings1||$7.50 fee per transfer|
|Overdraft Line of Credit1,2||$5.00 per day of advance|
|Courtesy Pay Standard or Extended Coverage||$30 Courtesy Overdraft Fee per item presented*|
1Call us at 800-798-2328, email us at firstname.lastname@example.org, or come by a branch to apply for these services; 2Subject to credit approval.
*Per item presented means each time an item is presented, including representment
Overdraft Transfer or Overdraft Line of Credit Services apply to all transactions and may help prevent overdrafts by automatically transferring funds to your checking account from your primary savings account or line of credit you may have at Jolt Credit Union for a fee and/or finance charge. Please note that overdraft lines of credit are subject to credit approval. Overdraft transfers are automatically set up at account opening. Call us at 800-798-2328, email us at email@example.com, or come by a branch to apply for an Overdraft Line of Credit; subject to credit approval. Good account management is the best way to avoid overdrafts.
Courtesy Pay allows you to overdraw your account up to the disclosed limit for a fee to pay a transaction. Even if you have Overdraft Transfer or Overdraft Line of Credit, Courtesy Pay is still available as secondary coverage if the other protection source is exhausted. Please review What Else You Should Know for other important information.
Transactions Covered with Courtesy Pay
(No action required)
(Your consent required on consumer accounts)*
If you would like to select Extended Coverage for future transactions:
|ACH - Automatic Debits||X||X|
|Recurring Debit Card Transactions||X||X|
|Online Bill Pay Items||X||X|
|Internet Banking Transfers||X||X|
|Teller Window Transactions||X||X|
|Everyday Debit Card Transactions||X*|
*If you choose Extended Coverage on your consumer account, ATM transactions and everyday debit card transactions will be included with the transactions listed under Standard Coverage. If you already have Courtesy Pay Extended Coverage, it is not necessary to request it again.
You can discontinue Courtesy Pay in its entirety by contacting us at 800-798-2328 or sending us an e-mail at firstname.lastname@example.org.
What Else You Should Know
- An Overdraft Transfer from your primary savings account, which is automatically set up at account opening, or a line of credit may be a less expensive option than an overdraft. A single, larger overdraft will result in just one fee, as opposed to multiple smaller overdrafts. Good account management is the best way to avoid overdrafts. Use our mobile banking, online banking, and telephone banking services to keep track of your balance. For additional financial education resources, please visit www.mymoney.gov.
- The $30 Courtesy Pay Fee that is charged on items greater than $5 is the same fee amount that is charged if an item is returned as unpaid. If multiple items overdraw your account on the same day, each item will be assessed an appropriate Courtesy Pay Fee or a Non-Sufficient Funds Fee of $30. All fees and charges will be included as part of the Courtesy Pay limit amount. Your account may become overdrawn more than the Courtesy Pay limit amount because of a fee.
- Recipients of federal or state benefits payments who do not wish us to deduct the amount overdrawn and the Courtesy Overdraft Fee from funds that you deposit or that are deposited into your account may call us at 800-798-2328 to discontinue Courtesy Pay.
- If an item is returned because the Available Balance (as defined below) in your account is not sufficient to cover the item and the item is presented for payment again, Jolt Credit Union ("We") will charge a Non-Sufficient Funds Fee each time we return the item because it exceeds the Available Balance in your account. Because we may charge a Non-Sufficient Funds Fee each time an item is presented, we may charge you more than one fee for any given item as a result of a returned item and representment of the item. When we charge a Non-Sufficient Funds Fee, the charge reduces the Available Balance in your account and may put your account into (or further into) overdraft. If, on representment of the item, the Available Balance in your account is sufficient to cover the item, we may pay the item, and, if payment causes an overdraft, charge a Courtesy Overdraft Fee.
- For consumer accounts, there is no limit on the total Courtesy Pay Fees per day we will charge. We will not charge a Courtesy Overdraft Fee if the amount of the item is $5 or less.
- This describes the posting order for purposes of determining overdrafts. Our general policy is to post items throughout the day and to post ACH credits before debits. ATM, ACH and debit card transactions are posted from lowest to highest dollar amount (or in the order in which the items are received), while paper checks are posted in check number order (or lowest to highest dollar amount); however, because of the many ways we allow you to access your account, the posting order of individual items may differ from these general policies. Holds on funds (described herein) and the order in which transactions are posted may impact the total amount of Courtesy Overdraft Fees or Non-Sufficient Funds Fees assessed.
- Courtesy Pay is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any time without prior notice.
- Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in the Membership and Account Agreement. The total (negative) balance, including all fees and charges, is due and payable upon demand.
- We may be obligated to pay some debit card transactions that are not authorized through the payment system but which we are required to pay due to the payment system rules, and as a result you may incur fees if such transactions overdraw your account. However, we will not authorize debit card or ATM transactions unless your account's Available Balance (including Overdraft Coverage Options) is sufficient to cover the transactions and any fee(s).
- Giving us your consent to pay everyday debit card and ATM overdrafts on your consumer account (Extended Coverage) may result in you incurring Courtesy Overdraft Fees for transactions that we would otherwise be required to pay without assessing a Courtesy Overdraft Fee. However, this would allow us to authorize transactions up to the amount of your Courtesy Pay limit. If you consent to Extended Coverage on your consumer account, it will remain on your account until it is otherwise withdrawn.
Understanding Your Available Balance: Your account has two kinds of balances: the Ledger Balance and the Available Balance.
- We authorize and pay transactions using the Available Balance.
- Your Ledger Balance reflects the full amount of all deposits to your account as well as payment transactions that have been posted to your account. It does not reflect checks you have written and are still outstanding or transactions that have been authorized but are still pending.
- Your Available Balance is the amount available to you to use for purchases, withdrawals, or to cover transactions. The Available Balance is your Ledger Balance, less any holds due to pending debit card transactions and holds on deposited funds.
- The balance used for authorizing checks, ACH items, and recurring debit card transactions is your Available Balance plus the amount of the Courtesy Pay limit and any available Overdraft Transfer from Primary Savings or Overdraft Line of Credit.
- The balance used for authorizing ATM and everyday debit card transactions on accounts with Standard Coverage is your Available Balance plus any available Overdraft Transfer from Primary Savings or Overdraft Line of Credit and does NOT included the Courtesy Pay limit.
- The balance used for authorizing ATM and everyday debit card transactions on accounts with Extended Coverage is your Available Balance plus any available Overdraft Transfer from Primary Savings or Overdraft Line of Credit and includes the Courtesy Pay limit.
- Because your Available Balance reflects pending transactions and debit holds, your balance may appear to cover a transaction but later upon settlement it may not be sufficient to cover such transaction. In such cases, the transaction may further overdraw your account and be subject to additional overdraft fees. You should assume that any item which would overdraw your account based on your Available Balance may create an overdraft. Note that we may place a hold on deposited funds in accordance with our Membership and Account Agreement, which will reduce the amount in your Available Balance.
- Please be aware that the Courtesy Pay amount is not included in your Available Balance provided through mobile banking or Jolt Credit Union's ATMs.
- We will place a hold on your account for any authorized debit card transaction until the transaction settles (usually within two business days) or as permitted by payment system rules. In some cases, the hold may exceed the amount of the transaction. When the hold ends, the funds will be added to the Available Balance in your account. If your account is overdrawn after the held funds are added to the Available Balance and the transaction is posted to the Available Balance, a Courtesy Overdraft Fee may be assessed.
- Except as described herein, we will not pay items if the Available Balance in your account (including the Courtesy Pay limit, if applicable) is not sufficient to cover the item(s) and the amount of any fee(s).
Understanding Courtesy Pay Limits
- A Courtesy Pay limit of $700 will be granted to eligible consumer checking accounts opened at least 60 days in good standing.
- Courtesy Pay may be suspended if you default on any loan or other obligation to us, your account becomes subject to any legal or administrative order or levy, or if you fail to maintain your account in good standing by not bringing your account to a positive balance within 32 days for a minimum of one business day. You must bring your account balance positive for at least one business day to have the Courtesy Pay limit reinstated.
If you have any questions about Overdraft Protection or Courtesy Pay, please call us at 800-798-2328 or visit a branch.Go to main navigation