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Courtesy Pay Policy
July 21, 2004
It is the policy of Avestar Credit Union to comply with applicable
laws and regulations, and to conduct business in accordance with
applicable safety and soundness standards.
A non-sufficient funds balance may result from:
1. The payment of checks, electronic funds
transfers, or other withdrawal requests
2. Payments authorized by you
3. The return, unpaid, of items deposited by you
4. The imposition of credit union charges
5. The deposit of items which according to the credit union's
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. Rather
than automatically returning, unpaid, any non-sufficient funds
item that you may have, if your eligible account (primarily used
for personal and/or household purposes) has been open for at least
6 months and thereafter you maintain your account in good standing,
which includes at least:
1. Continuing to make deposits consistent
with your past practices, and depositing at least $600 or
more in your account within each 30-day period
2. You are not in default on any loan obligations to Avestar
Credit Union
3. You bring your account to a positive balance (not negative)
at least once every 15 days
4. Your account is not the subject of any legal or administrative
order or levy
We will consider - as a discretionary courtesy and
not a right of yours nor an obligation on our part- approving
your reasonable overdrafts. This discretionary *service will generally
be limited to $500.00 overdraft (negative) balance for an account.
Of course, any and all credit union fees, including without limitation
our non-sufficient funds/overdraft fees as disclosed in our fee
schedule, will be included in this limit.
We may refuse to pay an overdraft for you at any
time, even though your account is in good standing and we may
have previously paid overdrafts for you. 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 overdrafts plus our
non-sufficient funds and/or overdraft charges 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 1 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 overdrafts plus any non-sufficient and/or overdraft
fees.
Limitations:
- Available only to eligible accounts primarily used for personal
and/or household purposes
- We may limit the number of accounts eligible for the Courtesy
Pay *service to 1 account per household
- Business Accounts and Custodial Accounts and not eligible
Opt Out:
An account may be removed from the Courtesy Pay program for members
who do not wish to have Courtesy Pay protecting their account from
overdrafts. At your request, your account can be removed from coverage
of any future Courtesy Pay overdrafts. Any items clearing the account
without Courtesy Pay or sufficient funds may be returned at the
credit union's discretion. A non-sufficient funds fee will be charged.
To opt out of the Courtesy Pay program, contact the credit union. *The Courtesy Pay service does not constitute an actual or implied
agreement between you and Avestar Credit Union. Nor does it constitute
an actual or implied obligation of or by Avestar Credit Union. This
service represents a purely discretionary courtesy or privilege
that the credit union may provide to you from time to time and which
may be withdrawn or withheld by the credit union at any time without
prior notice or reason or cause.
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