How do I avoid an overdraft on my account?
The best way to avoid overdraft and bounced-check fees is to manage your account so you don’t overdraw it.
- Keep track of how much money you have in your checking account by keeping your account register up-to-date. Record all checks when you write them and other transactions when you make them. And don’t forget to subtract any fees.
- Pay special attention to your electronic transactions. Record your ATM withdrawals and fees, debit card purchases, and online payments.
- Don’t forget about automatic bill payments you may have set up for utilities, insurance, or loan payments.
- Keep an eye on your account balance. Remember that some checks and automatic payments may not have cleared yet.
- Review your account statements each month. Between statements, you can find out which payments have cleared and check your balance through online banking at www.keypointcu.com<, Access365 Touch Tone Banking at 888- 844-3279 or local 408-245-0104 or at an ATM.
Top of Page
What options are available for Overdraft Protection?
KeyPoint Credit Union offers the flexibility of using other accounts as Overdraft Protection:
- Savings
- Money Market
- Unsecured Line of Credit
Top of Page
How will Courtesy Pay Privilege affect my current Line of Credit, savings or money market account used for overdraft protection?
For checking accounts with Overdraft Protection, the system will use whatever account(s) you have authorized, in the sequential order you requested, as long as you have available funds or credit. If none of your authorized Overdraft Protection sources have available funds or credit, we may pay items that would otherwise overdraw your checking account under the Courtesy Pay Privilege.
Top of Page
What if I don’t have Overdraft Protection?
If you do not have available funds in your checking account and also do not have available overdraft protection from a savings, money market or signature line of credit account, we may, at our discretion, pay the item under Courtesy Pay Privilege or return the item.
Top of Page
What is Courtesy Pay Privilege Service?
Courtesy Pay Privilege is an added protection on eligible checking accounts that assist members in avoiding the embarrassment of “bounced” checks and declined transactions at merchants, and being able to get cash and make ATM/POS transactions when you don’t have available funds.
Top of Page
How do I sign up for Courtesy Pay Privilege?
There is no application. You can opt out of courtesy pay if you wish (see below). If you do this, we will return your check and charge a $27.00 “Returned Non-Sufficient Funds Item” fee for each item presented for payment on your checking account when you don’t have available funds or Overdraft Protection, and the payee on the check may also charge you a fee. In addition, ATM/POS transactions may be declined.
Top of Page
What are the benefits of Courtesy Pay Privilege on my checking account?
The Courtesy Pay Privilege added values:
- Fewer Charges from retailers for returned checks!
- Saves time and embarrassment to redeem unpaid checks
- Added convenience and flexibility to manage your account
- Available for checks, ATM withdrawals and VISA® Check Card Purchases.
Top of Page
Who is eligible for Courtesy Pay Privilege?
Requirements include, but are not limited to the following:
- Your membership is in good standing and you have been a member for at least 60 days;
- You must not be more than forty-five (45) days delinquent or be in default in any other respect on any loan or other obligation to us;
- There must not be any legal or administrative orders or levies against your Checking Account;
- The primary account holder must be 18 years of age or older;
- For complete details and to view our Courtesy Pay Privilege Agreement, visit www.keypointcu.com and click on Services for Courtesy Pay Privilege.
Top of Page
Are there any other restrictions?
If you currently receive a direct deposit from any government agency, (such as Social Security Income, Supplemental Security Income or public assistance) an OPT-IN form must be completed to consent to the Courtesy Pay Privilege Service. An OPT-IN form can be found on our web site at www.keypointcu.com. Complete and sign the Opt-In form and return to either a KeyPoint Branch or mail to KeyPoint Credit Union, Attn: Credit Services, 2805 Bowers Ave., Santa Clara, CA 95051. Upon receipt of the signed form, your request will be processed.
Top of Page
What is the cost of Courtesy Pay Privilege?
It costs nothing unless you use Courtesy Pay Privilege. The paid Non-Sufficient Funds fee of $27.00 per item applies to each item that overdraws an account, whether by check, ACH or teller cashed checks. ATM withdrawals and VISA® Check Card Purchases of $20.00 or greater will also incur the $27.00 per item fee.
Top of Page
What if I exceed my Courtesy Pay limit?
When the Courtesy Pay limit is exceeded, the items may be returned or declined when presented for payment.
Top of Page
How will I know if my account is overdrawn?
A notice will be sent to you on every Non-Sufficient Funds transaction.
Top of Page
How can I remove the Courtesy Pay Privilege service from my account?
Complete and sign an Opt-Out form, which is available at any of the branches and can also be found on our web site at www.keypointcu.com. We will remove Courtesy Pay Privilege from your checking account once we receive the Opt-Out form. You may also contact one of our service representatives at 888-255-3637. Be aware that although Courtesy Pay Privilege is a discretionary service and the following could occur even if you do not opt of Courtesy Pay Privilege, most checking accounts are less susceptible to the following problems with Courtesy Pay Privilege:
- Items exceeding your checking account available balance will be returned Non-Sufficient Funds
- You will be subject to Merchant/Retailer fees resulting from the Non-Sufficient Funds in addition to the Credit Union’s fee Non-Sufficient Funds
- Possible reporting to Chex Systems due to excessive Non-Sufficient Funds
- Inconvenient, embarrassing, expensive and added time spent resolving the Non-Sufficient Funds
Top of Page
What is the difference between Overdraft Protection and Courtesy Pay Privilege?
Overdraft Protection allows funds to be transferred from a previously designated KeyPoint Credit Union account or credit line on which you are an owner or borrower to pay an item. For a line of credit to be available for overdraft protection, you must complete an application, receive credit approval, and designate the line as an overdraft protection source. Overdraft Protection will always be available, as long as your designed overdraft protection source accounts have sufficient available funds or credit. Fees for Overdraft Protection transfers are $7.00 each from a designated deposit account, and if you access a line of credit, interest will accrue on the amount advanced. Overdraft Protection will not result in your checking account having a negative balance. Courtesy Pay Privilege is a service that the Credit Union provides at our discretion, under which we may pay items that draw your checking balance negative. The fee for each Courtesy Pay Privilege payment is $27.00.
Top of Page
Is Courtesy Pay Privilege a loan?
No, it is a service provided by the Credit Union to save you the embarrassment of having a transaction denied or returned for Non-Sufficient Funds.
Top of Page
If I have Courtesy Pay, why were my checks returned for Non-Sufficient Funds?
Courtesy Pay is a discretionary service. We are never obligated to pay items that will overdraw your account. We typically do not provide Courtesy Pay Service if you have excessive overdrafts, your account is not in good standing, or you do not make regular deposits.
Top of Page
If my account is overdrawn, how long do I have to bring my account into a positive balance?
The total of the overdraft (negative) balance in your Checking Account, including any and all fees and charges is due and payable upon demand, and you are required to immediately deposit with us sufficient funds to cover the overdraft paid by us and pay the related fees. If you cannot bring your account balance to a positive balance immediately, please call 408-731-4333 to make arrangements to resolve the negative balance.
Top of Page
What if I Opted Out and now want Courtesy Pay Privilege?
It is very simple. Complete and sign an OPT-IN form which is available at any of the branches and can also be found on our web site at www.keypointcu.com. Return the OPT-IN form to either a KeyPoint Branch or mail to KeyPoint Credit Union, Attn: Credit Services, 2805 Bowers Ave., Santa Clara, CA 95051. Upon receipt of the signed form, your request will be processed.
Top of Page
When I process a balance inquiry at an ATM or when I do a withdrawal, why does my balance show more than I have in my checking account?
The balance includes your Courtesy Pay Privilege available balance.
If you have additional questions, please call our 24/7 On-Call Telephone Center at 888-255-3637, or visit our website for FAQs “Frequently Asked Questions” and Courtesy Pay Privilege Service Agreement at www.keypointcu.com. We look forward to providing you with the same world-class financial services that all KeyPoint Credit Union members enjoy.
Top of Page