Worried About Overdrafts? We Can Help.

Worried About Overdrafts? We Can Help.

How we handle overdrafts.

We’ve all done it. Forgotten about a purchase or monthly subscription payment that overdraws our checking account. Not to worry though. COPFCU has you covered with 2 different services:  Overdraft Protection and Overdraft Privilege.

Overdraft Protection

Your First Line of Defense Against Overdrafts

Overdraft Protection is a service that transfers available funds from your Savings or other deposit accounts (Money Market, Secondary Savings, etc.) to cover any overdrafts on your Checking Account. If you have a separate joint membership, you can also request for funds from these joint Savings, Checking or Money Market Accounts to be transferred to cover overdrafts. An automated transfer fee of just $2 is charged for overdraft protection.

Update Overdraft Protection
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Courtesy Pay (Overdraft Privilege)

An Added Safety Net for Overdrafts

After all available funds have been used to cover your overdrafts, you’re still covered with Courtesy Pay (Overdraft Privilege). With this service, we approve and pay your checks, electronic payments, ACH debits and Debit Card Purchases* at our discretion up to your approved Courtesy Pay limit.

There is no charge for the Courtesy Pay service if you don’t use it. A $27 fee is charged for each item paid using the Courtesy Pay service. This is often less than being charged an NSF fee of $27 plus late fees and returned item fees from your billers.

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Do I have to sign up for overdraft protection?

Your Primary Savings Account is always set up as a source of Overdraft Protection funds for your Checking Account. However, if you would like to have another of your deposit accounts set up as a source of Overdraft Protection funds, please complete the form to Update Overdraft Protection or call us to make these changes.

How do I receive the Courtesy Pay service?

We are not obligated to pay any item presented for payment if your account does not have sufficient funds; however, as long as you maintain your account in “good standing,” we may approve your overdraft items within your current available Courtesy Pay limit as a noncontractual courtesy

For Courtesy Pay consideration, your account is in “good standing” if you:

(1) make sufficient deposits to bring your account to a positive end-of-day balance at least once every 30 calendar days (including the payment of all credit union fees and charges);
(2) avoid excessive overdrafts suggesting the use of Courtesy Pay as a continuing line of credit;
(3) are not currently dormant;
(4) are not currently delinquent on any loan or credit card with us;
(5) and there are no legal orders, levies or liens against your account.

What is my Courtesy Pay limit? If I have 2 checking accounts, can I get Courtesy Pay on both?

  • Locate your account type below and make note of the corresponding limit. Courtesy Pay is limited to one checking account even if you have multiple checking accounts with COPFCU.
    • Elite Interest Checking – $500
    • 50+ Interest Checking – $500
    • Simple & Free Checking – $500
    • Secure Checking – $500
    • Basic Checking – $500
    • Student Simple & Free Checking – Not available until student turns 18 and meets all other criteria
    • HSA Checking – Not available

What if I don’t want to have Courtesy Pay on my Checking Account?

Please contact us if you would like to have this service removed from your account.

Important Legal Disclaimer

*You must tell us how you want your ATM and One-Time Debit Card Transactions (for example, groeries, gas, meals and cash withdrawals) to be handled. This is done at the time your Checking Account is opened. You can also update your selection any time in Online or Mobile Banking by selecting “Overdraft Services” on your Checking Account.