Courtesy Pay Disclosure

What is Courtesy Pay?

Courtesy Pay is a service we add to your checking account to cover inadvertent overdrafts to a set limit, subject to the eligibility criteria as explained below. With Courtesy Pay we strive to pay your reasonable overdrafts when your account is in good standing, meeting eligibility and we reserve the right not to pay.

Good standing includes the following criteria:

  • Age of account
  • Number of deposits
  • Dollar amount of deposits
  • Deposit patterns
  • Repayment patterns
  • Overdraft Activity
  • Current loan status

For example, we typically do not pay overdrafts if your account is not in good standing, or you are not making regular deposits, or you have too many overdrafts. When we pay overdraft items for you, you will be charged our normal overdraft fee, currently $24.00, for each item, per presentment. All deposits to overdrawn accounts are applied to the negative balance.

Eligibility - No application is required for Courtesy Pay. This is a discretionary service offered based upon your relationship and good standing with Education Credit Union.

Suspension/Revocation - Your Courtesy Pay may be suspended or permanently removed based on the following criteria:

  • Your account type is not eligible.
  • You are more than 45 days past due on any Education Credit Union loan or delinquent on any other obligation to Education Credit Union.
  • You are subject to any legal or administrative orders, levy, or are currently a party in a bankruptcy proceeding.
  • Your account is being reviewed for fraudulent activity or transactions.
  • A ChexSystems or another negative indicator has been reported to us.
  • You have an account that has been opened less than 30 days.
  • You have an outstanding balance on an Overdraft Repayment Plan.
  • Your account is classified as inactive.
  • You have an unresolved prior loss with the Education Credit Union.
  • We do not have a valid address for you.

Transactions Covered - Courtesy Pay will be available for all checks written, in-person withdrawals, and ACH transactions. Courtesy Pay will not be available for ATM and everyday debit card transactions unless you authorize Education Credit Union by completing Courtesy Pay Opt-In Disclosure Form.

NOTE: If you have consented to Courtesy Pay for ATM transactions, please verify your balance before initiating an ATM cash withdrawal. All overdrafts will be subject to our ($24.00) overdraft fee for each withdrawal until the account returns to a positive balance.)

Opt Out - This is an expensive way of handling your account and you have the option to have this service removed at any time by calling us at 1-800-687-8144, writing us at Education Credit Union 4400 West Interstate 40, Amarillo, TX 79106, or visit a branch. It is important for you to consider that by opting out of this service without some other form of overdraft plan such as an account transfer or line of credit (which is offered to qualified accounts) you are instructing us to return, unpaid, all items presented against insufficient funds. If you opt out, you will still be charged our $24.00 returned item fee. Members who receive a Social Security, federal direct deposit, or any other entitlement benefit must opt out if they do not want Education Credit Union to apply those funds to pay an overdraft.

Payment Order of Items - The order in which items are presented may affect the total fees assessed to your account. We pay items in the order they are presented to us according to your available account balance.

    NOTE: Please be aware that holds placed on your account for pending electronic transactions, such as hotel or rental car deposits, reduce your available balance and may cause your account to become overdrawn.

Excessive Use - We monitor member accounts for chronic or excessive use. If you overdraw your account more than 15 times in a rolling twelve-month period you may be contacted to discuss alternatives and/or continued use of Courtesy Pay.

Financial Education - Education Credit Union believes that financial literacy and education helps members make informed decisions. Heightened awareness of personal financial responsibility helps members realize the benefits of responsible money management, understanding the credit process and the availability of help if problems occur. www.MyMoney.gov is the federal governments website that serves as the one-stop for federal financial literacy and education programs, grants and other information. To request a personal financial toolkit, call 1-888-MyMoney.

Account Agreement - Your account agreement describes the duties, obligations, and rights of depositors, authorized signatories and Education Credit Union with regard to your deposit accounts. That account agreement is incorporated herein for all purposes as if it were set forth verbatim as to matters not directly addressed by this disclosure. Your account agreement and this disclosure shall be construed so as to minimize conflicts between them.

Remedy: You and Education Credit Union agree that the exclusive remedy and forum for all disputes arising out of Courtesy Pay or your or Education Credit Unions performance there under, except for matters you or Education Credit Union take to small claims court, is arbitration by an independent arbitrator pursuant to the applicable rules of the American Arbitration Association, except as prohibited by law.

Waiver: Education Credit Unions forbearance from, or delay in, exercising any of Education Credit Unions rights, remedies, privileges, or right to insist on your strict performance of any provisions of your account agreement, this Courtesy Pay disclosure, or any other provision related to your account, shall not be construed to be a current or future waiver of Education Credit Unions rights, remedies or privileges.

Effective Date - All information listed in this disclosure is effective as of April 1, 2021.