OVERDRAFT COVERAGE OPTIONS:

OVERDRAFT COVERAGE OPTIONS:

Life happens! First Class American CU understands that unexpected overdrafts occur from time to time – Overdraft Coverage can help.

WHAT ARE MY OVERDRAFT COVERAGE OPTIONS?

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

Service Cost
Overdraft Protection (Link to Another Deposit Account you have at First Class American Credit Union1 $5.00 fee per transfer
Courtesy Pay $30.00 Overdraft Fee per item

1Contact us at (817) 834-9777 and select option 5, email us at contactus@fcacu.org, or come by a branch to sign up for these services.

WHAT IS OVERDRAFT PROTECTION?
Overdraft Protection applies to all types of transactions and may help protect your account from being overdrawn by automatically transferring funds to your checking account from another account you may have at First Class American CU, for a fee.

WHAT IS COURTESY PAY?
Courtesy Pay allows you to overdraw your account up to the disclosed limit for a fee to pay a transaction.
First Class American CU may provide you a specific Courtesy Pay limit depending on the type of account you have. New consumer accounts will receive a $100 Introductory Courtesy Pay limit at account opening that will be increased to up to $750 after 30 days in good standing.
Even if you have Overdraft Protection, such as a transfer from another account, Courtesy Pay is still available as secondary coverage if the other protection sources are exhausted.
Please be aware that the Courtesy Pay amount is not included in your available balance displayed through, mobile and telephone banking, or First Class American CU ATMs.

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 Pay Items x x
Telephone Banking Transfers x x
Teller Window Transactions x x
ATM Transactions x*
Everyday Debit Card Transactions x*

HOW MUCH DOES COURTESY PAY COST?
When Courtesy Pay is used, the Courtesy Pay Fee of $30 will be imposed for overdrafts created by checks, ACH, point-of-sale, ATM transactions, in-person withdrawals, or by other electronic means. If multiple items overdraw your account on the same day, each item will be assessed the appropriate fee. This is the same fee that First Class American CU charges for items returned to the payee due to insufficient funds.
If an item is returned because the available balance in your account is not sufficient to cover the item and the item is presented for payment again, First Class American CU will charge a return item fee each time it returns the item because it exceeds the available balance in your account. If, on representment of the item, the available balance in your account is sufficient to cover the item First Class American CU may pay the item, and, if payment causes an overdraft, charge an overdraft fee.
All fees and charges will be included as part of the Courtesy Pay limit amount. Your account may become overdrawn in excess of the Courtesy Pay limit amount as a result of the assessment of a fee. The total negative balance, including all fees and charges, is due and payable upon demand. Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all such amounts, as described in the Membership Agreement and Disclosures.

WHAT IF I DON’T WANT COURTESY PAY?
You can request to discontinue Courtesy Pay service in its entirety at any time by contacting us at (817) 834-9777 and select option 5 or sending us an email at contactus@fcacu.org. Without Courtesy Pay, your insufficient funds items will be returned to the payee and/or declined at the point of purchase, unless you have Overdraft Protection available to cover the item(s). You will be charged the standard Return Item Fee of $30 for all returned items

WHAT IF I WANT FIRST CLASS AMERICAN CU TO PAY MY ATM AND EVERYDAY DEBIT CARD OVERDRAFTS (EXTENDED COVERAGE)?
If you want us to authorize and pay overdrafts caused by ATM and everyday debit card transactions (Extended Coverage), tell us by using one of the methods below.

★     Call us at (817) 834-9777 and select option 5
★     Visit one of our convenient branch locations
★     Complete the Consent Form, which is available at any branch and was previously provided to you, and mail it to us at P.O. Box 162539, Fort Worth, TX 76161-2539
★     Send us an email at contactus@fcacu.org

*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 Courtesy Pay Extended coverage, it is not necessary to request it again.

Click Here to Opt-In
for Extended Coverage

You can discontinue the Courtesy Pay in its entirety by contacting us at (817) 834-9777 or sending us an email at contactus@fcacu.org.

WHAT ELSE DO I NEED TO KNOW?

★     This describes the posting order for purposes of determining overdrafts. Our general policy is to post items throughout the day and to post ACH credits before debits. ATM and debit card transactions are posted in time stamp order, ACH debits and paper checks post in the order they are received and at the end of each business day, next day credits are posted; however, the order in which we process checks, drafts, or items, and execute other transactions on your account may affect the total amount of overdraft fees that may be charged to your account. Holds on funds (described herein) and the order in which transactions are posted may impact the total amount of Courtesy Pay Fees or Return Item Fees assessed.
★     A single larger overdraft will result in just one fee, as opposed to multiple smaller overdrafts.
★     Although under payment system rules, First Class American CU may be obligated to pay some unauthorized debit card transactions, First Class American CU 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 the amount of 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 Courtesy Pay Fees for transactions that we would otherwise be required to pay without assessing an Courtesy Pay Fee. However, this would allow us to authorize transactions up to the amount of your Courtesy Pay limit and may also help you avoid overdrafts in excess of your available balance that could result in suspension of your debit card. If you consent to Extended Coverage on your consumer account, it will remain on your account until it is otherwise withdrawn.
★     First Class American CU authorizes and pays transactions using the available balance in your account. First Class American CU may place a hold on deposited funds in accordance with our Membership Agreement and Disclosures, which will reduce the amount in your available balance.
★     The available balance for checks, ACH items, and recurring debit card transactions is comprised of the ledger balance, less any holds on deposited funds and any debit card holds, plus the amount of the Courtesy Pay limit and any available Overdraft Protection. The available balance for ATM and everyday debit card transactions on accounts with Standard Coverage is the ledger balance, less any holds on deposited funds and any debit card holds, plus any available Overdraft Protection, but does NOT include the Courtesy Pay limit. For accounts with Extended Coverage, the Courtesy Pay limit is included in the available balance for authorizing ATM and everyday debit card transactions.
★     First Class American CU will place a hold on your account for any authorized debit card transaction until the transaction settles (usually within two business days) or as permitted by payment system rules. In some cases, the hold may exceed the amount of the transaction. When the hold ends, the funds will be added to the available balance in your account. If your account is overdrawn after the held funds are added to the available balance and the transaction is posted to the available balance, an Courtesy Pay Fee may be assessed.
★     Except as described in this brochure, First Class American CU 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).
★     Courtesy Pay is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any time without prior notice.
★     Courtesy Pay may be reduced 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 reinstated.

OVERDRAFT PROTECTION AND COURTESY PAY SUMMARY

★     Overdraft Protection services allow you to link other sources you have with First Class American CU to your checking account to prevent overdrafts and may be less expensive options than an overdraft.
★     Courtesy Pay allows you to overdraw your account for a fee of $30 to pay a transaction.
★     New consumer checking accounts will receive a $100 Introductory Courtesy Pay limit at account opening.
★     Courtesy Pay limits up to up to $750 will be granted to eligible consumer checking accounts opened at least 30 days in good standing.
★     Courtesy Pay Standard Coverage covers checks, ACH transactions (automatic debits), online bill items, teller window transactions, telephone and recurring debit card transactions (automatic/pre-authorized debits that you establish (insurance premiums, utility bills, etc.)).
★     Courtesy Pay Extended Coverage covers ATM transactions and everyday debit card transactions on your personal accounts with your prior consent, in addition to those transactions covered by Courtesy Pay Standard Coverage.
★     Both Overdraft Protection and Courtesy Pay may enable you to avoid expensive merchant returned-check charges.
★     Both Overdraft Protection and Courtesy Pay may enable you to avoid having your ATM or debit card transactions declined due to insufficient funds.
★     You must deposit the full amount of the overdraft within 32 consecutive calendar days, including any fees assessed, and maintain a positive balance for at least one business day to continue to receive the full Courtesy Pay limit.
★     Good account management is the best way to avoid overdrafts. Use our mobile banking, internet banking, or telephone banking services to help keep track of your balance.
★     For additional financial education resources, please visit www.mymoney.gov.

If you have questions about Overdraft Protection or Courtesy Pay, please call us at (817) 834-9777 and select option 5 or visit a First Class American Credit Union branch.

Need Assistance?

Call (817) 834-9777

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