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

When available checking account funds are exhausted, we look for an Overdraft Protection/ Line of Credit on the account. Give yourself extra peace of mind and guard against overdrafts with this service (subject to credit approval). Apply today.

Share-to-Share Overdraft Transfer Fee

If an Overdraft Protection/Line of Credit is exhausted or you do not have the service, we then take any available funds from your Primary Savings Account to cover the payment for a $10.00 overdraft transfer fee.

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.

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)

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.

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) 453-7030 or (800) 836-7328 extension 7030

Effective February 19, 2020, The Summit enhanced Courtesy Pay to meet your needs.

  • Instead of a fixed overdraft limit of $500, your overdraft limit may increase or decrease daily based on a variety of factors, including how long your account has been open, the amount of funds deposited and the frequency of deposits.
  • No more than five (5) Courtesy Pay fees may be charged per day, per account.

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. This letter explains important changes to Courtesy Pay and other changes reflected in the Membership and Account Agreement and Electronic Fund Transfers Agreement and Disclosure.

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 and a member for more than 60 days. 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 60 days 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.)
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.)
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.

  1. ATM cards are not issued on the Basic Checking Account. Consequently, ATM access is not available with Basic Checking. There will be a $2.00 charge for each additional non-Summit owned ATM withdrawal and/or balance inquiry which exceeds the free transactions associated with your Member Benefit Level. Most transactions made at Summit owned ATMs, and point-of-sale (POS) terminals are free. There is no fee for purchases made at merchant locations using your debit card. For a complete listing of ATMs nationwide, visit the ATM section of this website.

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

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.

*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.