Overdraft Protection Options

Learn How The Summit Protects You From Checking Overdrafts

When it comes to overdraft protection, The Summit stands behind you. If a transaction exceeds the available funds in your checking account, we take the following actions to ensure your payments and purchases are successful.

Overdraft Protection/Line of Credit

Having a revolving line of credit gives you peace of mind and the flexibility to access funds when and if you need them. The line of credit is tied to your account, so you’ll also get overdraft protection with no annual fees or transfer fees. And funds become available again as you pay down your balance. Apply today.

Share-to-Share Overdraft Transfer Fee

If your Overdraft Protection/Line of Credit is exhausted, or if you have not opted into these services, The Summit will take the $10.00 fee from your Primary Saving Account.

Courtesy Pay and Courtesy Pay Select

After the options above have been exhausted, we’ll see if the account is eligible and enrolled in Courtesy Pay.  A Courtesy Pay overdraft occurs when the available balance* in your account is insufficient to cover a transaction, but The Summit Federal Credit Union pays it anyway. We can cover your overdrafts in two different ways:

  • We have a Standard Courtesy Pay Program that comes with your account.
  • We offer Courtesy Pay Select Program that you opt-in.

As of September 1, 2021, we are making changes to our Courtesy Pay Program. The Summit is adopting a threshold amount or a de minimis level for Courtesy Pay and Courtesy Pay Select fees. This excludes our new Digital Edge Account. Additionally, recurring debit card transactions will be subject to Courtesy Pay fees starting on September 1, 2021. This insert explains important changes to the Courtesy Pay Program.

We authorize and pay overdrafts for the following types of transactions at our discretion:

  • Checks and other transactions made using your checking account number (i.e. ACH)
  • Automatic Bill Payments

We do not authorize and pay overdrafts for the following types of transactions unless you Opt-In (see below):

  • ATM transactions
  • Everyday Visa® Debit Card transactions (“everyday” refers to non-recurring debit card transactions)

With the threshold amount or a de minimis level for Courtesy Pay and Courtesy Pay Select, your account will now have a $5.00 threshold for a negative balance, instead of zero.

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.

  • We will charge you a fee of $35 each time we pay a Courtesy Pay overdraft.
  • There is a maximum of five (5) Courtesy Pay fees that the Credit Union may charge per day, per account.
  • Members with a Digital Edge Spend Account will be charged a fee if, after the transaction posts, the available balance is negative more than -$20.00.
  • Recurring debit card transactions will be subject to a Courtesy Pay fee if the transaction results in a negative available balance lower than negative $5.00 threshold (-$ 5.00) at the time of posting. For example, if your available balance is $10.00 and a streaming service processes a payment of $13, then the account will be negative $3.00 and therefore, a fee will not be charged in addition to your transaction.

If you can The Summit to authorize and pay overdrafts for your ATM and debit card transactions, you must “Opt-in” by using one of the following methods:

  • Mail the completed form to: The Summit Federal Credit Union, Canal Ponds Business Park, 100 Marina Drive, Rochester, NY 14626
  • Complete the form and bring it to your local Summit branch
  • Log into your account through Online Access, and complete the online form called “Courtesy Pay Select Opt-In Consent” under Additional Services
  • Or call (585) 453-7000 or (800) 836-7328

A recurring transaction is when you have authorized a merchant to charge your debit card on a repeated basis, perhaps monthly. Utility providers, streaming services and gym memberships are all examples of recurring transactions.

Nonrecurring transactions are one-time or everyday transactions that are authorized each time you use your debit card. Using your debit card at a restaurant or a grocery store are examples of one-time or everyday (nonrecurring) debit card transactions.

  • Maintaining an available balance sufficient to cover all your transactions will help to avoid Courtesy Pay and Courtesy Pay Select fees.
  • Please note that the decision to cover an item will continue to be at our discretion, and the payment of items presented today does not guarantee that we will cover future items.

    Compare Courtesy Pay & Courtesy Pay Select

    Courtesy Pay
    Courtesy Pay Select
    Eligibility
    Courtesy Pay is only available to members whose accounts are in good standing. The primary member on the account must be at least 18 years of age. We can terminate this service anytime at our sole discretion.
    Courtesy Pay Select is only available to members whose accounts are in good standing. The primary member on the account must be at least 18 years of age. We can terminate this service anytime at our sole discretion. If you are eligible and you opt-in, you may participate in the Courtesy Pay Select Program providing overdraft protection for ATM and debit card transactions.
    Opt-In
    You are automatically opted-in to Courtesy Pay after opening your account.
    It’s fast and easy to opt-in to Courtesy Pay Select through Online Access, at any Summit branch, or the Member Service Center at (800) 836-7328 or (585) 453-7030.
    Withdrawals
    Withdrawals that are initiated by automatic payments, personal checks or Online Bill Payment withdrawals.
    All Courtesy Pay withdrawals plus withdrawals that are made with your ATM or Visa® Debit Card.
    Fee
    There is a $35 fee for each Courtesy Pay transaction payment. (Note: there is a maximum of five (5) Courtesy Pay fees that the Credit Union may charge per day, per account.) Your account will now have a $5.00 threshold for a negative balance, instead of zero. Members with a Digital Edge Spend Account will be charged a fee if, after the transaction posts, the available balance is negative more than -$20.00.
    There is a $35 fee for each Courtesy Pay Select transaction payment. (Note: there is a maximum of five (5) Courtesy Pay fees that the Credit Union may charge per day, per account.) Your account will now have a $5.00 threshold for a negative balance, instead of zero. Members with a Digital Edge Spend Account will be charged a fee if, after the transaction posts, the available balance is negative more than -$20.00.
    Limitations
    The Summit may pay such items up to a limit as determined by The Summit, based on the member’s checking account relationship including but not limited to how long the account has been opened, as well as dollar amount and frequency of periodic deposits made to the account consistent with past practices.
    The Summit may pay such items up to a limit as determined by The Summit, based on the member’s checking account relationship including but not limited to how long the account has been opened, as well as dollar amount and frequency of periodic deposits made to the account consistent with past practices.
    Repayments
    Any overdraft resulting from a Courtesy Pay transaction must be repaid within 10 days after the date of the transaction.
    Any overdraft resulting from a Courtesy Pay Select transaction must be repaid within 10 days after the date of the transaction.

    Progressive Checking and Business Accounts are not eligible for the Courtesy Pay or Courtesy Pay Select Service.

    *We use the available balance in your account to determine if there are sufficient funds to pay a transaction and for determining whether overdraft fees will be assessed for paying such transactions. Refer to the Membership and Account Agreement for further details. You can request a copy by calling our Member Service Center at (800) 836-SFCU or (585) 453-7000.