Frequently Asked Questions | Courtesy Pay

Courtesy Pay FAQ

Courtesy Pay is a new service that adds a measure of protection to your Columbus Metro checking account. If you qualify, we may cover checks and ACH withdrawals that exceed your account balance. Instead of returning the item, we'll pay it -- saving you the embarrassment and expense of returned checks. Courtesy Pay saves you money and preserves your good standing with merchants.

For more information about Courtesy Pay, click any of the topics listed below. If you don't see the answer to your specific question, please call us at 614.239.0210 or 800.986.3876 or email us at cmfcu@columbusmetro.org.

Courtesy Pay Basics | How It Works | Eligibility

COURTESY PAY BASICS

Q: What is Courtesy Pay? Back to top

A: Courtesy Pay is an enhancement to our checking accounts that allows us to pay checks and ACH debits when your account balance isn't sufficient to do so. Instead of returning the transaction to the merchant for insufficient funds, we pay it and temporarily overdraw your account.

Q: How does Courtesy Pay benefit me? Back to top

A: Courtesy Pay saves you from the expense and embarrassment of returned check and ACH withdrawals. Courtesy Pay offers several benefits:

• It gives you peace of mind - You don't have to worry about items being returned because you're a few dollars short.

• It saves you money - Merchants charge $30, $35 or more when a check or ACH debit is returned for insufficient funds. That's in addition to the credit union's $25 NSF fee. With Courtesy Pay, we charge one $25 fee and the merchant is paid in full.

• It protects your credit - Because your item has been paid, merchants don't have a reason to turn you over to a collection agency or prevent you from writing checks to them in the future.

Q: When will Courtesy Pay be available? Back to top

A: Courtesy Pay will be available for use on January 3, 2006.

HOW IT WORKS

Q: What transactions are covered by Courtesy Pay? Back to top

A: Courtesy Pay covers checks, including those that are cashed in person, as well as ACH debits from your checking account. Courtesy Pay does not cover ATM, debit card or MetroWeb Bill Pay transactions. It cannot be used to make transfers on MetroWeb or to bring another Columbus Metro account or loan current.

Q: How much does it cost? Back to top

A: Courtesy Pay doesn't cost anything until you use it. Then, a $25 fee is assessed for each check or ACH debit that is paid.

Q: How far can my account be overdrawn? Back to top

A: The limit is $300 (including Courtesy Pay fees). After you've reached that limit, additional items will be returned for insufficient funds and a $25 NSF fee will be assessed.

Q: Is my Courtesy Pay limit shown in my available balance? Back to top

A: No, the Courtesy Pay amount is not added to your available balance. It's not a line of credit and should not be considered as such. Rather, it's meant to prevent the occasional, unintentional overdraft.

Q: How will I know when Courtesy Pay has been used to pay an item? Back to top

A: We will send you a notice each time Courtesy Pay is used. The notice will have all the details about the transaction. If you use MetroWeb, you'll see Courtesy Pay transactions in your regular checking account history.

Q: When do I have to repay the negative balance that results from a Courtesy Pay transaction? Back to top

A: You should bring your account to at least a zero, if not positive, balance within 10 days. If you do not repay Courtesy Pay balances promptly, we may revoke the privilege and future transactions will be returned for insufficient funds.

Q: How does Courtesy Pay affect other overdraft protection, such as overdraft from savings or Metro Line? Back to top

A: Courtesy Pay will not change your current overdraft protection arrangements. If you have overdraft from savings and/or a line of credit, we will first look to pay the item with funds from those sources. If you do not have alternate arrangements or funds are not available, then Courtesy Pay may be used to pay a check or ACH debit.

Q: I thought I had Courtesy Pay. Why was my check returned NSF? Back to top

A: Items are returned NSF when your available Courtesy Pay balance ($300 including fees) has been exhausted.

ELIGIBILITY

Q: How do I apply for Courtesy Pay? Back to top

A: There is no need to apply for Courtesy Pay. If you qualify, it's automatically made available to you, should you need it. There is no paperwork to complete and no additional signatures are needed. To qualify, you must:

• Be 18 or older;
• Have a Metro Basic, Value, Deluxe or Business checking account (Metro Merit accounts do not qualify at this time) that has been open 30 days or longer; and
• All of your Columbus Metro accounts -- deposits and loans -- must be in good standing.

Q: How will I know if I have Courtesy Pay on my account? Back to top

A: Members eligible when we introduce the program in January 2006 should receive a letter the week of December 26, 2005. Members whose accounts become eligible after January 2006 will also receive a letter by mail. If you did not receive a letter, just ask. Any Columbus Metro staff member can tell you if Courtesy Pay is available to you.

Q: What if I don't want Courtesy Pay? Back to top

A: Courtesy Pay is optional and you may opt out at any time. Simply let us know and we'll note your wishes on your account. Keep in mind that any transactions that would have been covered by Courtesy Pay will be returned and an NSF fee of $25 will be assessed.

If you opt out of the service and later reconsider, simply contact us and we can reinstate the privilege (assuming you still qualify).

Q: Can Courtesy Pay be taken away? Back to top

A: Yes, Courtesy Pay can be temporarily suspended or permanently revoked if your account is no longer in good standing or if you abuse the service. The best way to maintain your Courtesy Pay privilege is to promptly repay any negative balance that results from a Courtesy Pay transaction.

© 2001 Columbus Metro Federal Credit Union