Courtesy Pay Protection
Courtesy Pay is one of three options in our overdraft protection program—a “courtesy” to cover your checks and electronic debit transactions (ACH) and even your ActorCash VISA Check Card transactions up to a limit of $750 including all fees. Instead of returning a check to the merchant, denying an electronic debit (ACH), or rejecting a VISA Check Card transaction because of insufficient funds, the Credit Union may—at its discretion–cover the transaction, saving you additional charges from merchant collection companies and saving you the additional embarrassment an inadvertent overdraft can cause. It also helps protect your credit rating.
Courtesy Pay protection for checks and electronic debits is automatically provided to members in good standing. If you would also like to have Courtesy Pay coverage on your ActorCash VISA Check card, you must choose this option when opening a Power Checking Account, or, if you are an existing member, by completing an Opt-In Form. You can also contact Member Services at 212.869.8926, option 6.
You may “opt out” of Courtesy Pay at any time by completing the appropriate Opt-Out Form (see below) or by contacting Member Services.
How does Courtesy Pay work?
Overdrafts on your checking account, up to a limit of $750–including the amount of the overdrawn item(s) and the Courtesy Pay fee(s)–may be honored by ActorsFCU. A $25 fee will be assessed for each item that draws your account negative. You then have up to 30 days to bring the account current, either through a direct deposit, transfer of funds, or a deposit at one of our branch offices, a PayNet location, or at a CU Service Center.
What if I already have overdraft protection?
If you have established other overdraft protection methods with us, such as a line of credit or automatic transfer from your Savings Account, we will always look to pay an overdraft by those other methods first before paying your overdraft utilizing Courtesy Pay (which incurs the $25 fee for each overdraft we pay).
Do I have to apply for this service?
Yes and no. For coverage on checks and electronic debits transactions (ACH), no action is necessary, provided you are a member in good standing. This means:
- having a Check Account
- making regular deposits to that account
- bringing your account back to a positive balance within 30 days if Courtesy Pay is used
- being current with all loan and credit card payments, and
- having no legal orders against your account.
If you meet the above requirements, your Courtesy Pay privilege
will remain activated. We will notify you each time an overdraft occurs.
However, for coverage on ActorCash VISA Check Card debit transactions, the answer is yes, you do. Simply complete an Opt-In Form if you didn’t choose this option when you opened your Checking Account.
If at any time you do not want this service, you must “opt out.” Otherwise, the “courtesy” is in place.
How can I access Courtesy Pay?
Overdrafts may be paid with your Courtesy Pay funds up to the limits mentioned above for the following types of transactions:
- Electronic Debit Transactions (ACH)
- Bill Pay Transactions (ACH)
- ActorCash VISA Check Card Transactions (member authorization
Courtesy Pay does not work at teller windows or at ATM machines for cash withdrawals.
With Courtesy Pay, ActorsFCU provides a higher level of service to you by helping protect your account and reputation when an inadvertent overdraft occurs.