Courtesy Pay
You've come to expect more from your credit union than other financial institutions.
Once again, Mutual 1st Federal is meeting that expectation. Courtesy Pay won't
cost you a penny more than you already pay for your financial services. In fact,
it could save you money!
This service allows us to pay a check written on your personal checking account
even if it causes the account to become overdrawn. It does not affect your existing
overdraft line of credit or automatic transfer arrangements already in place. While
it is not intended to overdraw your account, Courtesy Pay is an added layer of safety
should you accidentally write checks for more than you have in your account or an
inadvertent error causes the account to become overdrawn.
Courtesy Pay adds a pre-approved $500 overdraft limit to your personal checking
account. If you overdraw your account, we may pay each check up to your $500 limit.
You will still pay the standard overdraft check fee for each check we pay against
an overdrawn account but there are many benefits to you with this new authorization.
- You won't pay merchants returned check charges
- You won't pay collection agency fees for returned check charges
- You avoid the embarrassment of insufficient funds returned checks
- You have the added measure of safety protecting your good credit rating
There are no applications or additional signatures from you to have this feature
on your personal checking account. If your account remains in good standing (90
days after opening and thereafter) Courtesy Pay is automatically provided as one
of your account features. The only requirement is that the total over drafted amount
be paid back within 30 days of the initial overdraft date.
You may request to opt-out of the Courtesy Pay
program.