Courtesy Pay

--Saves you from the embarrassment of returned checks

--Saves you from merchant returned check charges

--Saves you collection agency fees and protects your credit rating

Greater Kentucky Credit Union offers Courtesy Pay, a member service that protects your account. We require no applications or additional signatures. Courtesy Pay is simply a way for us to provide a higher level of service to our members by helping to protect your account and reputation when an inadvertent overdraft occurs.

WHAT IS COURTESY PAY?

Courtesy Pay is a service that adds a measure of protection to your checking account. Courtesy Pay may cover your insufficient funds checks, up to your approved limit, for one low fee per covered overdraft transaction. That means, instead of returning a check to the merchant because of insufficient funds, the credit union may pay your check, saving you additional charges from the merchant collection companies. It saves you the embarrassment an inadvertent overdraft can cause. It also helps protect your credit rating.

HOW DOES COURTESY PAY WORK?

Overdrafts on your checking account, up to a limit of $500 [including the amount of the overdrawn item(s) and the Courtesy Pay fee(s)] may be honored by Greater Kentucky Credit Union. 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.

WHAT IF I ALREADY HAVE OVERDRAFT PROTECTION?

If you have established other overdraft protection methods, such as a line of credit or automatic transfer from your other accounts, we will always look to pay any overdraft by those other methods first before paying your overdraft utilizing Courtesy Pay and imposing a $25 fee for each overdraft we pay. Speak to a member service representative about establishing other alternatives.

DO I HAVE TO APPLY FOR THIS SERVICE?

No. We require no applications or additional signatures. As long as you are a member in good standing which includes having an account with us for at least 90 days, you make regular deposits to that account, bring your account back to a positive balance regularly, and there are no legal orders against the account, your Courtesy Pay privilege remains activated.

HOW CAN I ACCESS COURTESY PAY?

Overdrafts may be paid utilizing your Courtesy Pay funds up to the limits mentioned above for the following types of transactions:

--Checks

--Electronic Transactions

--Bill Payer

CAN THE CREDIT UNION STOP MY COURTESY PAY PROTECTION?

Yes. Courtesy Pay is stopped if you are not in good standing or if you tell us not to pay your overdrafts. There may be other reasons we need to stop Courtesy Pay.

Courtesy Pay is a way for us to provide a higher level of service to our members by helping protect your account and reputation when an inadvertent overdraft occurs.

CALL US FOR MORE INFORMATION

We are happy to review Courtesy Pay and its features with you, along with giving you other options to add convenience and ease to your account. Please call us at 859-231-9300 or 800-432-7393.

Courtesy Pay Information

Courtesy Pay is a service that allows us to pay an item presented against your checking account even if it causes the account to become overdrawn.

Courtesy Pay may provide certain accountholders in “good standing” with the ability to overdraw their checking account up to $500. The Courtesy Pay limit includes any overdraft fees assessed.

If the account has been open at least 90 days and maintained in good standing, defined as A) Making regular deposits sufficient to cover transactions; B) Bringing the account to a positive balance at least once every thirty days or less, and; C) There are no legal orders outstanding on your account, we may, at our sole discretion, pay overdrafts up to the limits mentioned above, including our normal Non-Sufficient Funds or Courtesy Pay charge(s). Whether we pay or return an item, your account will be assessed a fee, either as a Courtesy Pay charge or a Non-Sufficient Funds charge but you will not be charged both fees. Our current charge per item is $25 which may be changed with prior notice to you.

Courtesy Pay offers additional flexibility and convenience in managing accountholder funds, and provides peace of mind knowing that items may be paid up to the authorized overdraft limit. Using Courtesy Pay may be more costly than other overdraft payment options we may offer. Please speak to a representative about other alternatives.

This non-contractual courtesy of paying overdrafts requires no accountholder action. No additional agreements need to be signed, and it costs nothing unless the privilege is used – by initiating checks, electronic funds transfers, or other payment or withdrawal requests for more than is on deposit in the account. If you maintain the account in good standing and have need for this “courtesy”, we may, at our sole discretion, pay the item(s) up to the authorized limit, and we will charge the account our normal Non-Sufficient Funds or Courtesy Pay charge for each item that overdraws the account. We will send you a notice each time an overdraft occurs.

Although you are not charged for using Courtesy Pay unless you have an overdraft, you may opt-out of Courtesy Pay at any time. If you do not want us to pay your overdrafts, you must notify us in writing (“opt-out”). If you receive a direct deposit social security or other federal benefit check, you must opt-out if you do not want us to apply those funds to repay an overdraft.

Courtesy Pay allows Greater Kentucky Credit Union to provide a higher level of service to our accountholders by helping to protect your account and reputation when an inadvertent overdraft occurs.

Additional information is found in your account agreement. If you have further questions, do not hesitate to call us at 859-231-9300 or 800-432-7393.

08/05

		[ Home \| Products \| Services \| Rates \| About GTKY \| Membership \| Location & ATMs \| Student Center \| Links \| Contact Us \| Repos \| Check Reordering \| Search ]

Equal Housing