ACMG has added two new overdraft options to our Courtesy Pay program.
The first new option adds coverage for recurring debit charges (like insurance payments) and is automatic. The second new option adds coverage for ATM withdrawals and one-time debit/ATM card purchases. You must “opt-in” to have this second option added. If used, the fee for either option is $20.
What is Courtesy Pay?
Courtesy Pay allows us to overdraw your sharedraft checking account up to $500 to avoid the return of a payment item being presented against your account. The fee to pay the overdraft is identical to the fee we would charge to return the item for insufficient funds ($30), but payment of the item helps you avoid the additional fees that may be charged by the party receiving the returned item. The fee may also be less than the cost of fees or penalties charged for a late or deferred payment. Once an overdraft occurs on your account, you have 30 days to bring your balance to a positive status.
What other Overdraft Protection Options are available?
Good account management is the best protection against overdrafts/returned items. The use of alerts available in both our online banking and mobile banking programs can help with this. To assist with record keeping errors or unexpected financial hardship, we provide Overdraft Lines of Credit and Savings Transfers. Both of these options cost less to use than Courtesy Pay and are the prioritized methods. You must apply for the Line of Credit and Savings Transfers are limited by regulation to six per month. Courtesy Pay is used only when these other options are not available or have been exhausted. There is no cost to have the program in place and you may opt out at any time.
To provide a level of service to our members that is already available at most other financial institutions, we are expanding our Courtesy Pay program to include ATM withdrawals and one time Debit/ATM card purchases. Having this option available could help eliminate the embarrassment of having a purchase declined and provide peace of mind knowing that you have access to cash to cover unexpected expenses or emergency situations. This option has a lower fee ($20-maximum of five per day) than the standard Courtesy Pay option already available to you, and costs nothing if it is not used. The choice to have this option available is up to you. You may “opt-in” by calling the credit union with your request, using live chat or sending us an e-mail through online banking. We will provide a written confirmation of your request and you may revoke your opt-in at any time.
If you have questions or would like to "opt-in", please call 315-488-4433 or 315-701-4466 and ask to speak to a Relationship Manager.