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We want to tell you about an upcoming change in our usual practices for paying VISA Debit/Check card and ATM transactions in excess of any available balances in your Checking, Line of Credit or Savings accounts. Due to new regulations that take place this summer, we will now offer Courtesy Pay Select coverage for VISA Debit/Check card and ATM transactions only if you authorize us to. Since these changes may affect the way you manage your account, we want you to be fully informed about the Courtesy Pay* overdraft coverage that's right for you.
Courtesy Pay Select protection for your VISA Debit/Check card and ATM transactions will only be available if you agree to "Opt-In" to this protection. By completing the Opt-In form, you allow us to authorize VISA Debit/Check card and ATM transactions that you wish to complete - even if those transactions overdraw your available balances. While there is a Courtesy Pay fee of $29 when The Summit pays an overdraft for you (reduced to $25 effective August 1st), many consider it a small price to pay compared to the embarrassment of having a purchase denied or the discomfort of not being able to access cash from an ATM in an emergency situation. Plus, this reduced fee is still less than the $29 NSF fee you would be charged for insufficient funds.
If you choose not to opt-in, VISA Debit/Check card and ATM transactions that exceed your current available balance - regardless of how small the overdraft - might be declined at the point of sale or ATM machine. The chart below shows the types of transactions that are currently covered by Courtesy Pay and how that will change depending on your Opt-In choice.
Type of transactions
covered by Courtesy Pay |
Your coverage
today with Standard
Courtesy Pay |
If you opt-in
to Courtesy Pay Select |
If you don't
opt-in to Courtesy Pay Select |
Checks and other preauthorized
electronic withdrawals like ACH
|
Covered |
Covered |
Covered |
| ATM withdrawals |
Not Covered |
Covered |
Not Covered |
VISA Debit/Check card
transactions |
Not Covered |
Covered |
Not Covered |
It is our pleasure to offer this service as a safety net in addition to your checking Line of Credit and available balances in your Primary Savings account. In order for us to provide Courtesy Pay Select service on VISA Debit/Check card and ATM transactions, please carefully review and complete the form under Online Applications in Online Access. If you have any questions, please contact us at (585) 453-7030 or (800) 836-7328 extension 7030.
*The Credit Union may choose to pay withdrawals in excess of your account balance. The Cumulative Negative Balance Limitation for the Courtesy Pay Service is $300.00, if the Credit Union determines you are eligible. Effective 8/1/10, the new Cumulative Negative Balance Limitation will be $500.00. Courtesy Pay is only available to those members whose accounts are in good standing, the primary member on the account is 18 years of age or older and the member has been a member for more than 90 days. Effective 8/1/10, the new time frame for eligibility will be 60 days. We can terminate this service at anytime in our sole discretion. Any overdraft resulting from a Courtesy Pay transaction must be repaid within 10 days after the date of the transaction. Refer to the Membership and Account Agreement for further details.
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