At times, unanticipated expenses or unforeseen problems can leave you with too little cash in your checking account. Having a check returned due to insufficient funds can be a costly, inconvenient and potentially embarrassing experience.
At Tonawanda Valley Federal Credit Union, we do not encourage overdrafts. As always, we encourage you to manage your finances responsibly. However, we want to save you from the additional merchant fees and possible damage to your credit history that might result if a check is returned.
That’s why we provide “Courtesy Pay,” a special overdraft service for Tonawanda Valley Federal Credit Union members.
TVFCU Member Overdraft Policy
An insufficient balance can result from several events, such as (1) the payment of checks, electronic funds, transfers or other withdrawal requests; (2) payments authorized by you; items which, according to the credit union Funds Availability Policy, are treated as not yet available or finally paid. We are not obligated to pay any item presented for payment if your account does not contain sufficient funds.
However, if you maintain your account in good standing, we may approve your overdrafts within your current available Courtesy Pay limit as a non-contractual courtesy. Your account is in good standing if you (1) demonstrate responsible account management – such as making regular deposits to bring your account to a positive end-of-day balance at least once every 15 days (including the payment of all bank fees and charges); (2) avoid excessive overdrafts suggesting the use of Courtesy Pay as a continuing line of credit; and (3) there are no legal orders, levies or liens against your account.
In addition, based upon our review of your account management, if we determine you may be using the Courtesy Pay service as a regular line of credit by creating excessive overdrafts, we may suspend the privilege without any prior notice. Please be aware that due to random clearing, item payment may create multiple overdrafts during a single banking day for which you will be charged our paid item NSF fee of $30 for each overdraft payment.
Debit Card holders must sign and send in a form in order for one time debit card transactions and ATM withdrawals to use Courtesy Pay. You may opt out of the privilege at any time, but you are responsible for any overdrawn balances at the time of opting out. Normally, we will not approve an overdraft for you in excess of the predetermined amount assigned to your account type. So as not to exceed your limit, please note that the amount of the overdraft plus the credit union’s paid item NSF fee of $30 per item will be deducted from the overdraft limit.
We may refuse to pay an overdraft for you at any time even though we may have previously paid overdrafts for you. You will be charged a returned item NSF fee of $30 for each item returned. You will be notified by mail of any non-sufficient funds items paid or returned that you may have; however, we have no obligation to notify you before we pay or return any item. The amount of any overdraft plus our paid item NSF fee of $30 and/or a returned item NSF fee of $30 that you owe us shall be due and payable upon demand. If there is an overdraft paid by us on an account with more than one owner on the signature card, each owner and agent, if applicable, drawing/presenting the item creating the overdraft, shall be jointly and severally liable for such overdraft plus our paid item NSF fee.
Courtesy Pay should not be viewed as an encouragement to overdraw your account. As always, we encourage you to manage your finances responsibly. If you would like to have this service removed, please call 1-800-722-8224 or 585-343-5627 for an account authorization form to opt out.
Limitations: Courtesy Pay is a discretionary non-contractual courtesy that is available to individually/jointly owned accounts in good standing for personal or household use. Tonawanda Valley Federal Credit Union reserves the right to limit the participation to one account per household and to discontinue this service without prior notice. There is a $500 limit per account.