Frequent Asked Questions - Overdraft Protection, Courtesy Pay and Extended Courtesy Pay
What is the difference between Overdraft Protection, Courtesy Pay and Extended Courtesy Pay?
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two ways:
- Overdraft Protection Plans allow automatic transfers from your Saving(s), Money Market, and Members Choice accounts, PowerLine and Home Equity Lines of Credit accounts for a fee of $5.00 per transfer*, which may be less expensive than our standard overdraft practices. Overdraft protection can be set up at any time. Please contact us as 1-800-926-0003 to verify your current set ups for overdraft protection, or to set up Overdraft protection for your account.
Please note that the transfer from a deposit account and/or an advance from a line of credit will process before Courtesy Pay or Extended Courtesy Pay. A $5.00 fee per Overdraft Protection transfer will apply. A maximum of 6 electronic transactions can be done from a savings account over the period of one month. Once the transfer limit is exhausted, the overdraft protection transfer will not occur.
- Standard Overdraft Practices
Courtesy Pay allows qualified members to overdraw their accounts. The primary member must be at least 18 years of age to qualify for this plan. There is a fee of $35.00 each time we pay an overdraft and there is no limit on the total fees we may charge you for overdrawing your account. Courtesy Pay allows us to authorize and pay overdrafts for the following types of transactions:
- Preauthorized drafts written to third party vendors, ACH debits and BillPayer payments
How do I opt in to Extended Courtesy Pay?
For added protection you can authorize and pay overdrafts on your ATM and everyday debit card transactions; to do so, you must opt in to Extended Courtesy Pay. You may opt in by visiting a local Clearview branch or clicking here.
Extended Courtesy Pay allows qualified opted in members to overdraw their accounts. The primary member must be at least 18 years of age to qualify for this plan. There is a fee of $35.00 each time we pay an overdraft and there is no limit on the total fees we may charge you for overdrawing your account. Extended Courtesy Pay allows us to authorize and pay overdrafts for the following types of transactions:
- ATM withdrawals
- Everyday debit card transactions (recurring payments are not included)
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined.
Does Clearview offer traditional Overdraft Protection?
Yes. You can choose to protect your Checking Account with Overdraft Protection from any of the following accounts:
- Regular share account
- Member’s Choice account
- Money Market account
- PowerLine Line of Credit
- Home Equity Line of Credit
Please note that the transfer from a deposit account and/or an advance from a line of credit will process before Courtesy Pay or Extended Courtesy Pay. A $5.00 fee per Overdraft Protection transfer will apply. A maximum of 6 electronic transactions can be done from a share account over the period of one month. Once the transfer limit is exhausted, the overdraft protection transfer will not occur.
What are the qualifications for an account considered to be in good standing?
Good standing is defined as:
- Has a qualifying deposit to the eligible checking account within the prior month
- Brings the account to a positive balance at least once every 30 days or less
- Has not caused the Credit Union a loss
- Has no delinquent obligations with the Credit Union
- Has no legal orders, garnishments, executions, or levies including bankruptcy notices
- Has not engaged in suspicious or abusive activity
- Maintains the required par value in their regular savings account
Is there a limit for how far I can overdraw my account and still be covered?
The limit for Courtesy Pay is up to $1,000 based on the aggregate total of deposits made to the eligible checking account during the previous month. The limit does not change if you are opted into Extended Courtesy Pay.
Will the overdrawn limit be reflected in my available balance?
No. The overdraw limit is not part of your balance. Rather, it is simply a threshold the Credit Union will extend to you beyond your available checking balance.
When do I have to repay the overdraft covered by Courtesy Pay and Extended Courtesy Pay?
You must bring your account to a positive balance at least one every 30 days or less.
Can I use “points” from my Signature Elite Rewards Visa to refund any of these fees?
If you have our Signature Elite Rewards Visa, you can use your points to have any fee refunded. Please call Clearview at 1-800-926-0003 or visit a branch for additional information.
How do I opt out of Extended Courtesy Pay?
You may opt out of Extended Courtesy Pay at any time. Please call Clearview at 1-800-926-0003, visit a branch, or email us at firstname.lastname@example.org . If you choose to email us, please remember not to include any confidential information.
Do I have to opt in to Extended Courtesy Pay separately for each of my checking accounts?
Yes. If you have more than one checking account, you must choose to opt in to Extended Courtesy Pay separately for each checking account. Covering one account with Extended Courtesy Pay will not cover all of your Clearview checking accounts from overdrafts at ATMs and from everyday debit card transactions. However, each eligible checking account in good standing will be automatically opted in to Courtesy Pay.
I thought I had Courtesy Pay. Why did you return my check as NSF?
Items are returned NSF when the overdrawn balance is more than your available Courtesy Pay amount.
Are you encouraging me to write bad checks?
No. We are responding to member requests to pay items that were being returned when the available amount is only a few dollars less than the amount of the check. We are providing our members with a valuable service.
How is my account balance determined?
We authorize and pay transactions using the available balance in your account. The available balance is the ledger balance (collected funds) minus any holds. As such the available balance does not include any deposited funds on hold. We may place a hold on deposited funds in accordance with our Funds Availability Policy. If the funds in the available balance are not sufficient to cover a transaction, any available overdraft protection and/or Courtesy Pay may be used to authorize and pay a transaction.
We will also 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, we will add the funds to the available balance. If your account is overdrawn after such held funds are added to the available balance and the transaction is posted to the available balance, an overdraft fee may be assessed.
Can I use Courtesy Pay to make a Clearview loan payment?
No. You cannot use Courtesy Pay to make any loan payments or to bring another account to a positive balance.
What if I don’t want Courtesy Pay?
You can opt out of the service at any time by contacting our Care Center at 1-800-926-0003 or visiting a branch. Please note this request could take up to 24 hours. Without Courtesy Pay, overdrawn items will be returned unpaid and a $35.00 NSF fee will be assessed after funds for overdraft protection (if applicable) have been depleted. You may also be charged additional fees by the merchant/payee.
If I opt out of Courtesy Pay and change my mind later, how do I reinstate it on my account?
You may opt in to Courtesy Pay by calling our Care Center Representatives at 1-800-926-0003 or visiting a branch.
Can Courtesy Pay or Extended Courtesy Pay be removed from my account once I have been automatically opted in?
Yes. Clearview maintains the right to remove Courtesy Pay privileges from your account if it is no longer in good standing. We are not obligated to honor any overdraft coverage once your account is not in good standing. Up to a $1,000 limit based on the type of Clearview Checking account you have (including Courtesy Pay fees of $35.00 per item).