SLFCU News

Thursday, January 22, 2009

Courtesy Pay

As a benefit of an eligible member's relationship with St. Lawrence Federal Credit Union, a Courtesy Pay of $500.00 will be made available beginning January 20, 2009, on a member's Sharedraft/Checking Account in accordance with our Discretionary Courtesy Pay Policy.  Courtesy Pay is not a line of credit.  This means that should a member inadvertently overdraw their account, we have the discretion to cover their overdrafts up to $500.00 after first subtracting the amount of the overdraft fee(s) as outlined in the Discretionary Courtesy Pay Policy.  When a member's items are paid, this service will save them the embarrassment and inconvenience of a returned item as well as the fee normally charged to a member  by merchants for the items returned to them.  The amount of Discretionary Courtesy Pay will not be shown in a member's available balance, but may be available to a member for ATM cash withdrawals, telephone and Internet Banking and when a member uses their debit card for purchases at retail merchants.  The Discretionary Courtesy Pay is available for checks and ACH transactions.

Should an overdraft occur, a member's account will be charged the standard NSF (non-sufficient fund) fee of $20.00 for handling each item even if paid by the discretionary overdraft privilege.  If multiple items are presented against a member's account on the same day, each item will be assessed the NSF fee.  Please take a moment to review our Discretionary Courtesy Pay Policy notice.

This service is offered as an additional benefit of doing business with St. Lawrence Federal Credit Union.  It is our pleasure to make this courtesy available to an eligible member as a means of expressing our appreciation for the confidence a member has placed in the St. Lawrence Federal Credit Union by entrusting us with a member's financial relationship.  Please be aware that this notice does not constitute either a written agreement of an obligation or a prearranged agreement for St. Lawrence Federal Credit Union to pay a member's overdrafts and we may withdraw this privilege at any time.  Payment of any overdrafts will continue to be at the discretion of St. Lawrence Federal Credit Union and payment of an overdraft does not obligate us to create an agreement or course of dealing on our part to allow overdrafts on any occasion.

If you have any questions regarding this or wish to opt out of this service, please contact your Courtesy Pay Administrator at (315) 393-3530, Ext. 112 or Ext. 126.

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