COURTESY PAY
IS A SERVICE TO OUR MEMBERS…
Unforeseen circumstances happen to us all...and usually at just the wrong time! Your car breaks down on Wednesday and you don't get paid until Friday. You make an honest mistake in your check book and it leaves you a "little short" to cover all your outstanding checks.
As a benefit to our members, Box Elder Credit Union has offered a Courtesy Pay Program for eligible members for many years. The program is intended to spare members the hassle and embarrassment of returned checks as well as help them avoid additional fees charged by merchants.
Due to federal regulations beginning July 1, 2010, our overdraft protection policy will be changing. Going forward, Box Elder Credit Union will pay overdrafts for check transactions and automatic payments only. Box Elder Credit Union will not, however, pay overdrafts for ATM and everyday debit transactions, unless you sign an “OPT-IN” agreement and expressly authorize us to do so. This means that if you do not opt in to Courtesy Pay, your transactions could be returned or denied.
Courtesy Pay is a valuable service that protects members’ best interest. Opponents will argue that overdraft protection is not consumer-friendly. On the contrary, overdraft protection prevents consumers from bouncing important checks such as mortgage, rent or utility bills. These missed payments negatively affect consumers’ credit scores. If Congress limits consumers’ ability to access this service when they occasionally need it, they could be forced to incur more credit card debt or rely on unregulated financial service products like payday lenders.
If you wish to continue enjoying the peace of mind that Courtesy Pay can provide, please return the “Opt-In Agreement” to the credit union .
