Employees Credit Union

Overdraft Protection

With the opening of a share draft (checking) account, you can designate an account for overdraft protection. With this designation in place, the Credit Union will honor drafts (checks) drawn on insufficient funds by transferring funds from that designated account, to your share draft (checking) account. The fee for such overdraft protection transfers is set forth on the Rate and Fee Schedule.

Effective July 1, 2010, new share draft (checking) account owners must Opt-In to the Courtesy Pay Program, for debit card and ATM card transactions to be included and covered by Courtesy Pay. For an Opt-In notice, click the following link: Overdraft Opt-In Notice and Form.

Overdraft Advance

PWC Employees’ Credit Union’s Courtesy Pay is a service offered to our members on their personal share draft accounts. PWC ECU may honor overdrafts of individual share draft accounts subject to certain conditions and limitations as set forth in this disclosure. PWC ECU will assess an overdraft fee of $30.00 for each overdraft honored/paid upon presentment by the Courtesy Pay program.

All members over the age of 18 years are eligible for Courtesy Pay as long as their accounts remain in good standing. “Good standing” is defined as making regular deposits to the draft account, and bring the account to a positive balance at least once for a 24 hour period every thirty days; not being more than 30 days past due on a loan held by PWC ECU; not having caused a loss to PWC ECU, and not subject to any legal or administrative order or levy. All existing share draft accounts that have been open for a minimum of sixty days may automatically be eligible for the Courtesy Pay program. Members are subject to a maximum overdraft limit, including overdraft fees, of $400.00. Primary and/or joint owners may request and/or remove their account(s) (i.e. OPT OUT) from the Courtesy Pay program at any time. Primary and all other owners shall be jointly and completely responsible for the overdraft balance, including the overdraft fees.

Courtesy Pay is a non-contractual agreement between PWC ECU and its members. PWC ECU has the right to discontinue the program or withdraw any share draft account from the program based on poor performance of the account, or failure to repay the overdraft balance. PWC ECU has the right to limit participation to one account per household. PWC ECU has the option to either honor the overdraft or return the item for insufficient funds, even though we may have previously paid overdrafts for the member. There is no interest charged on any overdraft or unpaid overdraft charge. There will be no late charges or other fees other than the overdraft charge. PWC ECU will notify the member by mail of any overdraft paid or returned; however we have no obligation to notify you before we pay or return an item.

The following transactions will create an Courtesy Pay transaction:
ACH debits and withdrawals
ATM withdrawals and/or Point-of-Sale transactions
Service charges or check charges
Pre-authorized internal debits and/or VISA Check Card debits
Checks issued to a third party

Members who currently have Overdraft Transfer Protection from savings will continue to have access to those services prior to accessing Courtesy Pay. Overdraft items will be posted by dollar amounts from high to low, in accordance with PWC ECU’s existing share draft procedures and established parameters of our data processing system. As set forth by Regulation D, three (3) automatic transfers (Overdraft Transfer Protection) will be honored before posting of an item to the Courtesy Pay program.

Available balances given upon inquiry at the ATMs, on PAT (Phone Anytime Teller) and CU FlexTeller online banking, will not have Courtesy Pay limits included. However, the Courtesy Pay limit may be accessed via these channels, if there is a sufficient Courtesy Pay unused limit to cover the total transaction amount, including the overdraft fee.

It is PWC ECU’s policy to notify members monthly if they exceed 15 overdraft advances within a month. PWC ECU considers this excessive use of the service and intends to make every effort to counsel members on the prudent use of a share draft account to avoid excessive fees and program abuse.

If you have this privilege but wish to revoke it, click the link to the “Overdraft Opt-In Notice and Form” at the top of this page.

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