fbpx

COURTESY PAY

Life happens!
Caro understands that unexpected overdrafts occur from time to time – Overdraft Coverage can help.

Overdraft Coverage Options

The choice is yours. Consider these ways to cover overdrafts:

Service

Cost

Overdraft Protect Link to Another Deposit Account you have at Caro

$2 fee per transfer after 2 system-generated transfers per month1

Overdraft Protection Line of Credit

$2 fee per transfer after 2 system-generated transfers per month + interest1,2

Courtesy Pay

We will not charge a Courtesy Pay fee if your account is overdrawn by less than $10.00. If your account is overdrawn by $10.00 or more, the Courtesy Pay fee is $35.00

1 Call us at 803.227.5555, send a secure Online Banking message, or come by a branch to sign up or apply for these services; 2 Subject to credit approval. 

Overdraft Protection

Services apply to all transactions and may help prevent overdrafts by automatically transferring funds to your checking account from another account or line of credit you may have at Caro for a fee or finance charge. Please note that overdraft lines of credit are subject to credit approval.

 

Courtesy Pay

Allows you to overdraw your account up to the disclosed limit for a fee in order to pay a transaction. Even if you have overdraft protection, Courtesy Pay is still available as secondary coverage if the other protection source is exhausted.

Transactions Covered with Courtesy Pay

Standard Coverage (no action required)

Extended Coverage (your consent required on consumer accounts)*

Checks

X

X

ACH - Automatic Debits

X

X

Recurring Debit Card Payments

X

X

Online Bill Payment Items

X

X

Internet Banking Transfers

X

X

Telephone Banking

X

X

Teller Window Transactions

X

X

ATM Withdrawals

X*

Everyday Debit Card Transactions

X*

*If you choose Extended Coverage on your consumer account, ATM withdrawals and everyday debit card transactions will be included with the transactions listed under Standard Coverage. If you already have Extended Courtesy Pay coverage, it is not necessary to request it again. Business accounts automatically have Extended Coverage.

Fill out the consent form here.

You can discontinue the Courtesy Pay in its entirety by contacting us at 803.227.5555.

What Else You Should Know

  • A link to another account or line of credit may be less expensive than an overdraft. A single larger overdraft will result in one fee, instead of multiple smaller overdrafts. Use our mobile, internet, and telephone banking services to track your balance. For additional financial education resources, please visit https://smartcaro.org/greenpath-financial-wellness/.
  • The $35 Overdraft Fee that is charged if you overdraw your account is the same fee that is charged if an item is returned as unpaid. If your consumer account is overdrawn by less than $10.00, the courtesy pay fee is $0.00. If multiple items overdraw your account on the same day, each item will be assessed an appropriate Overdraft Fee  or a Return Fee of $35. All fees and charges will be included as part of the Courtesy Pay limit amount. Your account may become overdrawn more than the Courtesy Pay limit amount because of a fee.
  • Recipients of federal or state benefits payments who do not wish us to deduct the amount overdrawn and the Overdraft Fee from funds that you deposit or that are deposited into your account may call us at 227.5555 to discontinue Courtesy Pay.
  • If an item is returned because the Available Balance (as defined below) in your account is not sufficient to cover the item and the item is presented for payment again, Caro FCU (“We”) will charge a Return Fee each time it returns the item because it exceeds the Available Balance in your account. Because we may charge a Return Fee  each time an item is presented, we may charge you more than one fee for any given item as a result of a returned item and representment of the item. When we charge a Return Fee , the charge reduces the Available Balance in your account and may put your account into (or further into) overdraft. If, on representment of the item, the Available Balance in your account is sufficient to cover the item we may pay the item, and, if payment causes an overdraft, charge an Overdraft Fee .
  • If your account balance remains overdrawn for longer than 5Calendar days, we will charge your account a Negative Balance Fee   of $5 every fifth day, beginning with day five, while the account remains overdrawn.
  • For consumer accounts, there is no limit on the total Overdraft Fees per day we will charge. We will not charge a Courtesy Pay fee if a consumer account is overdrawn by less than $10.00. These exceptions do not apply to business accounts.
  • The law permits us to pay items (such as checks or drafts) drawn on your account in any order. To assist you in handling your account with us, we are providing you with the following information regarding how we process the items that you write. When processing items drawn on your account, our general policy is to post items throughout the day and to post credits before debits. Our policy is to pay paper checks according to the dollar amount. We pay the smallest items first. ACH, ATM and debit card transactions are posted in the order received. However, because of the many ways we allow you to access your account, the posting order of individual items may differ from these general policies. The order in which items are paid is important if there is not enough money in your account to pay all of the items that are presented. Our payment policy minimizes the number of items that may result in an overdraft or NSF fee. If an item is presented without sufficient funds in your account to pay it, we may, at our discretion, pay the item (creating an overdraft) or return the item (NSF). The amounts of the overdraft and NSF fees are disclosed elsewhere. We encourage you to make careful records and practice good account management. This will help you to avoid writing checks or drafts without sufficient funds and incurring the resulting fees. Holds on funds (described below) and the order in which transactions are posted may impact the total amount of Overdraft Fees or Return Fees assessed.
  • Courtesy Pay is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any time without prior notice.
  • Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in the Deposit Account Agreement and Disclosure. The total (negative) balance, including all fees and charges, is due and payable upon demand.
  • We may be obligated to pay some debit card transactions that are not authorized through the payment system but which we are required to pay due to the payment system rules, and as a result you may incur fees if such transactions overdraw your account. However, we will not authorize debit card or ATM transactions unless your account’s Available Balance (including Overdraft Coverage Options) is sufficient to cover the transactions and any fee(s).
  • Giving us your consent to pay everyday debit card and ATM overdrafts on your consumer account (Extended Coverage) may result in you incurring Overdraft Fees for transactions that we would otherwise be required to pay without assessing an Overdraft Fee. However, this would allow us to authorize transactions up to the amount of your Courtesy Pay If you consent to Extended Coverage on your consumer account, it will remain on your account until it is otherwise withdrawn.
  • Understanding Your Available Balance: Your account has two kinds of balances: the Ledger Balance and the Available Balance.
    • We authorize and pay transactions using the Available Balance.
    • Your Ledger Balance reflects the full amount of all deposits to your account as well as payment transactions that have been posted to your account. It does not reflect checks you have written and are still outstanding or transactions that have been authorized but are still pending.
    • Your Available Balance is the amount available to you to use for purchases, withdrawals, or to cover transactions. The Available Balance is your Ledger Balance, less any holds due to pending debit card transactions and holds on deposited funds.
    • The balance used for authorizing checks, ACH items, and recurring debit card transactions is your Available Balance plus the amount of the Courtesy Pay limit and any available Overdraft Protection.
    • The balance used for authorizing ATM and everyday debit card transactions on accounts with Standard Coverage is your Available Balance plus any available Overdraft Protection but does NOT include the Courtesy Pay
    • The balance used for authorizing ATM and everyday debit card transactions on accounts with Extended Coverage is your Available Balance plus any available Overdraft Protection and includes the Courtesy Pay
    • Because your Available Balance reflects pending transactions and debit holds, your balance may appear to cover a transaction but later upon settlement it may not be sufficient to cover such transaction. In such cases, the transaction may further overdraw your account and be subject to additional overdraft fees. You should assume that any item which would overdraw your account based on your Available Balance may create an overdraft. Note that we may place a hold on deposited funds in accordance with our Deposit Account Agreement and Disclosure, which will reduce the amount in your Available Balance.
    • Please be aware that the Courtesy Pay amount is not included in your Available Balance provided through online banking, mobile banking or Caro FCU’s
    • Except as described herein, we will not pay items if the Available Balance in your account (including the Courtesy Pay limit, if applicable) is not sufficient to cover the item(s) and the amount of any fee(s).
  • Understanding Overdraft Privilege Limits
    • Courtesy Pay limits of up to $500, or $1000 with minimum recurring monthly direct deposits of $500 are available for eligible Personal Checking accounts opened at least 35 days in good standing and $500, or $1000 with minimum recurring monthly direct deposits of $500, for eligible Business Checking accounts opened at least 35 days in good standing.
    • Courtesy Pay may be reduced to $100 if you default on any loan or other obligation to us, your account becomes subject to any legal or administrative order or levy, or if you fail to maintain your account in good standing by not bringing your account to a positive balance within 32 days for a minimum of one business day. You must bring your account balance positive for at least one business day to have the full Courtesy Pay limit

 

If you have any questions about Overdraft Protection or Courtesy Pay, please call us at 803.227.5555 or visit a branch.

X
X

You are now leaving Caro Federal Credit Union

Caro Federal Credit Union provides links to web sites of other organizations in order to provide visitors with certain information. A link does not constitute an endorsement of content, viewpoint, policies, products or services of that web site. Once you link to another web site not maintained by Caro Federal Credit Union, you are subject to the terms and conditions of that web site, including but not limited to its privacy policy.

You will be redirected to

Click the link above to continue or CANCEL