Courtesy Pay Enhancement
Launch Credit Union is committed to offering helpful and convenient products to our members. During these uncertain times related to the current COVID pandemic, Courtesy Pay is good way to add an extra layer of protection for your checking account. If there is ever a time when you don’t have enough funds available to make a purchase with your Debit Card, you’ll have coverage that will be available to cover an ATM and One-Time Debit Card transaction up to a predetermined limit for a fee. With Courtesy Pay, you will be able to enjoy the confidence of knowing payments and purchases made using your Debit Card will be covered.
Currently, all members are eligible for our existing Courtesy Pay coverage on checks and ACH items. Coming January 2021, Launch Credit Union will offer additional Courtesy Pay coverage on your ATM and One-Time Debit Card transactions. Simply access your account through digital banking to opt in – select Services from the menu list and click on Courtesy Pay from the drop down menu, opting into Courtesy Pay for ATM and One-Time Debit Card transactions will be available for you to select.
Please be aware that your current recurring debit card purchases will now be covered by our Courtesy Pay program. If you have authorized a recurring payment related to your Debit Card to come out of your account and funds are unavailable, the item will be paid, and a fee will be charged to your account.
Please see the Courtesy Pay Disclosure, which explains how transactions are posted to your account and how your available and actual account balances are calculated.
You may opt out of Courtesy Pay at any time by logging into your account through digital banking and selecting “Services” from the menu list, clicking on “Courtesy Pay” and selecting which opt out option you need.
You must select which type of Courtesy Pay coverage you wish to opt out – Share/Draft transactions, which covers checks and ACH transactions; or ATM and One-Time Debit Card transactions.
If you do not use digital banking and would like to opt-out, please call us at 321-455-9400 or 1-800-662-5257 for assistance, or by visiting your local branch.
Frequently Asked Questions
1. What is Courtesy Pay?
We may, at our discretion, pay your overdrafts that would cause your eligible checking account to have a negative balance, up to the amount of your Courtesy Pay limit, which is determined by us in our sole and absolute discretion. These transactions will be paid so you can avoid merchant return item fees, late fees, and negative information being reported to check reporting systems. We will charge you a Courtesy Pay fee* for each item paid that brings your account to a negative balance. Courtesy Pay is different than other overdraft protection options we offer and will only be activated if funds are not available from those plans.
Courtesy Pay allows us to cover your insufficient funds items on checks and ACH transactions, one-time debit card transactions made in person, by telephone, or online**, debit card point of sale (POS) transactions**, and ATM withdrawals**.
2. Who is eligible for Courtesy Pay?
Courtesy Pay is not available to members under the age of 21 years. Your account must be open at least 90 days before Courtesy Pay is available and your account must be in good standing***. You must have direct deposits into your account to be eligible for Courtesy Pay. You will be assigned a Courtesy Pay limit when your checking account has been open for 90 days. The limit will be determined by the amount of direct deposits into your account.
- If your aggregate direct deposit total is:
- $1,000 for the previous two calendar months, your Courtesy Pay limit will be $300
- $1,200 for the previous two calendar months, your Courtesy Pay limit will be $500
- $1,500 for the previous two calendar months, your Courtesy Pay limit will be $700
- $2,000 for the previous two calendar months, your Courtesy Pay limit will be $1000
- $3,000 for the previous two calendar months, your Courtesy Pay limit will be $1,500
3. If I have another form of overdraft transfer set up for my checking account, do I still need Courtesy Pay?
We will first attempt to clear the transaction by overdraft transfer you may have set up, by transferring any available funds from your:
1. Savings Account
2. Line of Credit
The Courtesy Pay limit is in addition to any other overdraft transfer options in which you may be enrolled. Overdraft transfer options take precedence over Courtesy Pay; that is, when you are enrolled in other overdraft transfer options, those options will be used to cover overdrafts first, before the Courtesy Pay service is applied. For example, you may use our Overdraft Transfer service by linking a savings account or a line of credit to your checking account to cover overdrafts.
4. Are there fees?
There is no charge if you do not use the service, but you will be charged the current fee of $30 for each item that brings your account balance to a negative status up to a predetermined limit.
5. What about my automatic debit card payments that I’ve set up with a merchant?
Debit card purchases that are set up to bill automatically (like a gym membership) may continue to be authorized at our discretion even if you do not complete the Opt-In. If this type of recurring debit card transaction overdraws your account and we pay the overdraft, a fee will be assessed.
*Please refer to our Fee Schedule
**Opt in required to cover these transactions
** Please refer to the Courtesy Pay Disclosure