Courtesy Pay & Overdraft Protection

CLICK HERE to download the Authorization Form (PDF)

Over Draft Privilege Banner

Courtesy Pay helps protect you against having your checks returned in the event of an inadvertent overdraft of your account by giving you a reserve for emergencies or unexpected situations. There is no fee for having this privilege on your account and you are only charged if you overdraw your account. You do not have Courtesy Pay on your account until you receive written confirmation from us that it has been added to your account.

Here is how Courtesy Pay works for you:
Courtesy Pay is not a line of credit. However, if you overdraw your account, we will normally pay the overdraft, subject to the limit of your Courtesy Pay.

For example, suppose you do not have Courtesy Pay and your account balance is $50. If you write a check for $100, McCoy Federal Credit Union will charge your account a fee (currently $30) for writing a check with insufficient funds, and will then return the check. In most cases, the establishment that you wrote the check to will require you to redeem the check and will probably charge you a fee (usually around $35) for writing an NSF check. This means that you have now incurred two fees ($30 at McCoy Federal Credit Union and $35 at the merchant) for a check that wasn’t even paid.

However, if you have Courtesy Pay, here is how the situation typically would have worked. When the check arrived at McCoy Federal Credit Union, the Credit Union would pay the check and charge you the $30 fee for an overdraft transaction. The total charge to you would have been $30 compared to $30 PLUS $35 in merchant fees if you had not had Courtesy Pay. Additionally, you avoid being added to any bad checklists on the check approval networks or with the merchant.

When you use your Courtesy Pay you must remember to subtract the overdraft fee from your account balance. In the example above you would have subtracted $130 from your account: $100 (the amount of the check) PLUS $30 (the amount of the overdraft fee). Any additional items that come in while your account has a negative balance will also be charged the Overdraft fee of $30 per item. It is important to record these fees. The next deposit that you make will bring your balance to the amount of the deposit minus the amount you were overdrawn and the overdraft fee.

Potential Savings of $35 with Courtesy Pay

Courtesy Pay Comparison Chart

ATM machine receipts, and other ways in which you can get available balance information, will show your current available balance, NOT including Courtesy Pay.

Understanding your ATM ReceiptATM Receipt

The Available Balance listed on your ATM receipt is the total balance minus any check holds or point of sale holds placed on your account. The available balance does not reflect any Courtesy Pay amount.

When using an ATM the balance shown on the ATM Receipt is the LEDGER BALANCE which does NOT include any Courtesy Pay amount.

Points to Remember about Courtesy Pay
Every debit item on an overdrawn account will be charged an overdraft fee of $30.

You must promptly repay the amount of the overdraft and the overdraft fee.

If the account is not in good standing it will be automatically removed from Courtesy Pay during the systems daily processing routine.

If the account has a child support freeze (or other issue) it will be manually removed from Courtesy Pay.

Our standard Courtesy Pay is available to pay overdrafts that result from checks, over the counter withdrawals and electronic debits (ACH) to your account.

If you want McCoy FCU to pay everyday debit card transactions and ATM withdrawals using Courtesy Pay then you must consent to Courtesy Pay Plus.

If you do not want McCoy FCU to pay everyday debit card transactions and ATM withdrawals using Courtesy Pay then you must decline Courtesy Pay Plus.

If you currently have Courtesy Pay Plus and no longer want that service then you must revoke your consent for Courtesy Pay Plus.

For your convenience, you may consent, decline or revoke Courtesy Pay Plus service by calling us at 407-855-5452 or toll free at 1-888-584-7701, or online at our website.

Courtesy Pay does not interfere with any form of overdraft protection you already have available on your account. Any other form of overdraft protection you already have established will be applied before Courtesy Pay. 

Courtesy Pay Terms and Conditions
You must maintain your account in good standing, which includes at least:
- Bringing your account balance to a positive balance
- Not being in default on any loan or other obligation to
- McCoy Federal Credit Union and
- Not being subject to any legal or administrative order or levy.

Please see our Courtesy Pay Disclosure Information for terms and conditions.

CLICK HERE to download the Authorization Form (PDF)