Courtesy Pay Policy
General Policy Statement
It is the policy of Christian Community Credit Union to comply with all applicable laws and regulations and to conduct business in accordance with applicable safety and soundness standards.
The Share Account Agreement and Disclosure provided to you at the time you opened your account with us controls the duties, obligations and rights of the Depositor, the Authorized Signatories and Christian Community CU with regard to your checking account.
The Deposit Account Agreement (and all amendments thereto) and its terms shall control any possible conflict, if any, between any provision of this Courtesy Pay Overdraft Protection Policy and the Share Account Agreement and Disclosure. A copy of the Share Account Agreement and Disclosure is available to you on request. Courtesy Pay Overdraft Protection is not a line of credit. However, if you inadvertently overdraw your account, we will have the discretion to pay the overdraft, subject to your Overdraft Limit and the amount of the overdraft fee. Christian Community CU is not obligated to pay any item presented for payment if your account does not contain sufficient available funds. Any discretionary payment by Christian Community CU of an overdraft check (or item, such as an ATM withdrawal) does not obligate Christian Community CU to pay any other overdraft check (or item), or to provide prior notice of its decision to refuse to pay such check (or item). Pursuant to Christian Community CU’s commitment to always provide you with the best level of service, now and in the future, if your consumer account (primarily used for personal and household purposes) has been open for at least sixty (60) days, or if your Business, Commercial or Ministry account has been open for at least thirty (30) days, and thereafter you maintain your account in good standing, which includes at least:
A) Bringing your account to a positive balance within every thirty (30) day period for a minimum period of 24 hours;
B) Not being in default on any loan or other obligation to Christian Community CU and
C) Not being subject to any legal or administrative order or levy.
Christian Community CU will have the discretion to pay overdrafts within the Overdraft Protection limits, but payment by Christian Community CU is a courtesy and not a right of the member or an obligation of Christian Community CU.
Courtesy Pay Overdraft Limits
The Courtesy Pay Overdraft Limits will generally be limited to:
- Student Checking Accounts $250
- Basic and Interest Checking Accounts $750
- Ministry Checking Accounts $2,500
- Corporate Checking Accounts $2,500
- Business Checking Accounts $1,500
Of course, any and all fees and charges, including, without limitation, the non-sufficient funds fees (as set forth in our fee schedules and deposit account agreement and disclosure), will be included as part of this maximum amount. It may be possible that your account will become overdrawn in excess of the Overdraft Limit amount as a result of the assessment of a fee.
The total of the discretionary Overdraft Protection (negative) balance, which includes any and all fees and charges, including all non-sufficient funds/overdraft fees is due and payable upon demand, and Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all such amounts, as described in the Deposit Account Agreement and Disclosure. Our standard Overdraft/Courtesy Pay fee of $27 each time the item is presented ($135 max/day) will be imposed for overdrafts created by checks, ACH, ATM withdrawals, everyday debit card transactions, in-person withdrawals, or by other electronic means. Transactions may not be processed in the order in which they occurred, and the order in which transactions are received and processed may impact the total amount of fees incurred.
While Christian Community CU will have the discretion to pay overdrafts on accounts in good standing (as described above), any such payment is a discretionary courtesy, and not a right of the member or an obligation of Christian Community CU and Christian Community CU in its sole and absolute discretion, can cease paying overdrafts at any time without prior notice of reason or cause.
New Regulation E Opt-In Requirement
For our members at Christian Community Credit Union, if you do not opt-in (agree), our Courtesy Pay Overdraft Protection won’t apply to your everyday debit card and ATM transactions. These transactions typically will be declined when you don’t have enough money in your account, but you will not be charged overdraft fees.
Christian Community Credit Union will provide you with a cover letter, the opt-in notice (with contact information) to give you the opportunity to opt-in. Upon receipt of your choice to opt-in, we will send you confirmation of your choice to opt-In for Courtesy Pay Overdraft Protection for ATM and Everyday Debit Card Overdrafts as required by
section 205.17(b) of Regulation E.
Everyday debit card transactions are purchases made with your debit card on a day-to-day basis. Courtesy Pay Overdraft Protection will continue to be available for checks, ACH, and automatic bill payments unless you elect to opt-out of the Courtesy Pay Overdraft Protection.
Opt-Out of the Courtesy Pay Program
In addition, members may opt out of the Courtesy Pay Protection Program at any time by phone, in person, mail, fax, or email.