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