Overdraft Protection

Overdraft coverage is an added service eligible CSE FCU members have come to rely on to insure that check, debit, and credit card payments are covered. Many of us experience low balances between paychecks and knowing that our payments will be covered not only gives us peace of mind, but avoids embarrassment and harmful late payments that affect our credit scores.

*Account overdraft fees may be charged due to transactions created by checks, ACH, Point-of-Sale, ATM withdrawals, in-person withdrawals, or by other electronic means.

Courtesy Pay – is an added privilege that provides eligible members with the security of knowing their overdrafts may be paid up to a total of $500, saving them the embarrassment, expense and inconvenience of having a check returned due to insufficient funds. Courtesy Pay may be available after 90 days of checking account activity and activated after other protections have been exhausted. Your formal consent must be received by CSE at the time of opening your checking account in order for you to participate in Courtesy Pay. Payments made on behalf of members are at the discretion of CSE FCU, and members are responsible for re-paying the credit union. This is not a contractual agreement, nor is it a loan, and the privilege may be withdrawn at any time. For more details, see CSE FCU Discretionary Courtesy Pay Policy* for eligibility requirements. The Courtesy Pay limit is $500, including fees charged by CSE FCU. A $30 fee will be charged for every overdrawn check that is paid. Checks will be returned to payee once the overdraft privilege limit is depleted.

Overdraft Protection – Protect your checking account with the available money in your share savings accounts. Transfer funds automatically from any of your designated share savings accounts to cover insufficient funds. *** A fee of $5.00 will be incurred for overdraft protection if a transfer is needed to be made from savings to cover insufficient funds.

*CSE Federal Credit Union will have the discretion to pay overdrafts within the Courtesy Pay limits, but payment by CSE Federal Credit Union is a discretionary courtesy and not a right of the member or an obligation of CSE Federal Credit Union.  This privilege for consumer checking, and for commercial checking accounts (other than corporations) will generally be limited to a maximum of $500 overdraft (negative) balance.  Of course, any and all fees and charges, including without limitation the non-sufficient funds fees (as set forth in our fee schedule), will be included as part of this maximum amount.  It may be possible that your account will become overdrawn in excess of the Courtesy Pay amount as a result of the assessment of a fee.

The total of the discretionary Courtesy Pay (negative) balance, which includes any and all fees and charges, including all non-sufficient funds/overdraft fees is due and payable upon demand, and Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all such amounts, as described in the Membership and  Account Agreement.  Our standard Overdraft fee of $30 will be imposed for overdrafts created by checks, ACH, ATM withdrawals, everyday debit card transactions, in-person withdrawals, or by other electronic means.  Transactions may not be processed in the order in which they occurred, and the order in which transactions are received and processed may impact the total amount of fees incurred. While CSE Federal Credit Union will have the discretion to pay overdrafts on accounts in good standing (as described above), any such payment is a discretionary courtesy, and not a right of the member or an obligation of CSE Federal Credit Union and CSE Federal Credit Union in its sole and absolute discretion, can cease paying overdrafts at any time without prior notice of reason or cause.

For our consumer members, CSE Federal Credit Union will not approve overdrafts for ATM or everyday debit card transactions unless CSE Federal Credit Union has provided you with the notice required by Regulation E and you have opted in to the payment of these overdrafts.  In order to avoid overdrafts due to ATM and everyday debit card transactions, CSE Federal Credit Union will place a hold on your account for any ATM or everyday debit card transaction authorized until the transaction settles.  ATM and everyday debit card transactions usually settle within two business days after the transaction is authorized.  The amount of the hold will be for the amount authorized, or as permitted under applicable payment network rules.  Holds on authorized ATM and everyday debit card transactions will be removed prior to settlement where required by applicable payment network rules.


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