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Overdraft Protection

Overdraft Options

An Extra Level of Protection for Your Checking Account
Financial Plus Credit Union understands that unexpected overdrafts occur from time to time. Overdraft Protection can help.

What is Overdraft Protection?
Overdraft Protection services apply 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, or line of credit that you may have at Financial Plus Credit Union, for a fee or Finance Charge. Please note that overdraft lines of credit are subject to credit approval.

What are my Overdraft Protection options?
The choice is yours. Consider these ways to cover overdrafts:


Overdraft Protection Link to Another Deposit Account that you have at Financial Plus Credit Union*

$4 fee per transfer
Overdraft Protection Line of Credit** Subject to fees and interest

Courtesy Pay

$30 Courtesy Pay fee each time the item is presented ($10 when the account balance is overdrawn by $25 or less)
*Contact the Credit Union to establish links to other accounts in addition to your regular share.
**Subject to credit approval.

Call us at (800) 748-0451 or start a chat in digital banking to opt-in or out of Overdraft Protection and Courtesy Pay.

Overdraft and Courtesy Pay Policy
Financial Plus Credit Union offers both Overdraft Protection and Courtesy Pay services in an attempt to honor member checks and other transactions, in the event that there are insufficient funds in a checking account to cover a transaction presented for authorization or payment. Such transactions may include checks, preauthorized debits, and debit card transactions. Members may participate in both Overdraft Protection and Courtesy Pay services.

What is Courtesy Pay?
Courtesy Pay allows you to overdraw your account up to a predetermined limit for a fee in order to pay a transaction. 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.

What types of transactions does Courtesy Pay cover^?
The types of transactions covered by Courtesy Pay depend on the coverage selected. See the chart below for more information on the services included with Courtesy Pay.

If you choose Extended Coverage, all of the transaction types listed in Standard Coverage are included, along with ATM transactions and everyday debit card transactions. Financial Plus Credit Union will not authorize overdrafts for ATM transactions or everyday debit transactions unless you give us your consent to pay these types of overdrafts by electing Extended Coverage.

What are my Courtesy Pay options?

Type Standard Coverage (No Action Required) Extended Coverage (*Your Consent Required)
Checks X
ACH - Automatic Debits X X
Recurring Debit Card Payments  X X
Online Payments Items X X
ATM Withdrawals^ X*
Everyday Debit Card Transactions  —  X*
^Courtesy Pay for ATM transactions will be available beginning May 1, 2020

How much does Courtesy Pay Cost?
A Courtesy Pay fee is charged only when you use it. The Courtesy Pay fee of $30 ($10 when the account balance is overdrawn by $25 or less) each time the item is presented will be imposed for overdrafts created by checks, ACH, point-of-sale, ATM 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 amount that Financial Plus Credit Union charges for items returned to the payee due to non-sufficient funds.

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 overdrawn balance, including all fees and charges, is due and payable upon demand. Each Member depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all such amounts, as described in the Consumer Membership and Account Agreement.

What if I don’t want Courtesy Pay?
You can request to discontinue the Courtesy Pay service in its entirety at any time by contacting us a (800) 748-0451 or sending us an email at info@myfpcu.com or contact us. Without Courtesy Pay, your non-sufficient 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 fee of $30 each time the item is presented for all returned items.

What if I want Financial Plus Credit Union 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), you can click here to opt in, or tell us by using one of the following methods below:

What else do I need to know?
  • We may post items drawn on your checking account in any order determined by the Credit Union, even if paying a particular check or other item results in an insufficient available balance in your checking account to pay one or more items that could otherwise have been paid out of your checking account.
  • We look at the available balance when determining whether there is an overdraft. The available balance is the ledger balance minus the transactions that have been pre-authorized such as gas station purchases, restaurant charges, and hotel or car reservations, or other such items that have not yet been debited from your account.
  • A single larger overdraft will result in just one fee, as opposed to multiple smaller overdrafts.
  • Although under payment system rules, Financial Plus Credit Union may be obligated to pay some unauthorized debit card transactions, we will not authorize debit card or ATM transactions unless there are sufficient available funds (including Overdraft Protection) to cover the transaction amount of any fee(s).
  • Giving us your consent to pay everyday debit card and ATM overdrafts may result in you incurring overdraft fees for transactions that we would otherwise be required to pay without assessing an overdraft fee. However, this may 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 funds that could result in the restriction of your debit card.
  • Financial Plus Credit Union 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, a Courtesy Pay fee may be assessed.
  • Except as described here, Financial Plus Credit Union will not pay items if your account does not contain available funds (including Courtesy Pay limit) to cover the items and the amount of any fee(s).
  • We may restrict your debit card use if you incur overdrafts in excess of the available funds in your account including any courtesy pay limit.
  • Courtesy Pay is not a line of credit; it is a discretionary overdraft service that can be withdrawn by the credit union at any time without prior notice.
  • Courtesy Pay may be discontinued if you default in 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 thirty (30) days for a minimum of one business day.

Overdraft Protection and Courtesy Pay Summary
  • Overdraft Protection services allow you to link other sources you have with Financial Plus Credit Union to your checking account in order to pay overdrafts and less expensive options than an overdraft.
  • Courtesy Pay allows you to overdraw your account for a fee of $30 each time an item is presented in order to pay a transaction.
  • Standard Courtesy Pay covers checks, ACH transactions, or automatic/pre-authorized debits you establish (insurance premiums, utility bills, etc.).
  • Extended Courtesy Pay covers ATM withdrawals and everyday debit card transactions on your personal account with your prior consent.
  • 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 overdraft within thirty (30) days, including any fees assessed, and maintain a positive balance for at least one business day to continue to receive Courtesy Pay.
  • Good account management is the best way to avoid overdrafts. Use our mobile banking, internet banking, and telephone banking services to keep track of your balance.

For additional money management tips, go the Financial Plus Credit Union Education Center.

If you have any questions regarding Overdraft Protection or Courtesy Pay, or want to opt-in our out, please all us at (800) 748-0451 or e-mail us at info@myfpcu.com or contact us.