You may have heard that your accounts are eligible for Courtesy Pay and/or Overdraft Protection. But what are these features and how are they different?
First off, it’s good to know that the purpose of both Courtesy Pay and Overdraft Protection is to help you avoid interruptions in life if you ever make a payment but don’t have the funds in your account.
>> The difference comes from how the payment is covered. <<
Courtesy Pay allows transactions to process even when funds are not available in your checking account – up to a certain limit. This means that if you make a payment out of your checking account whether it’s with a check or your debit card, but do not have enough money in your account, we’ll allow the payment to go through and your account will then go into the negatives. This keeps you from having declined cards or bounced checks and you can later put money back into your account.
Overdraft Protection works a little differently and requires you to have available funds in another account. This type of protection automatically pulls money in increments of $50.00 from a linked OE Federal account, such as your savings account, to cover the amount of the transaction when funds are not available in your checking. Again, this helps keep your transactions from declining as long as you have backup funds in your linked account.
Members with an eligible checking account are automatically enrolled in Courtesy Pay Option 1; this allows ACH, Bill Payments, and Checks to process up to $500.00 when the funds are not available in your account. To learn about our different Courtesy Pay Options, click here. If you would like to change your Courtesy Pay settings or add Overdraft Protection to your account, please contact us by sending a secure message through Online/Mobile Banking or by calling/texting us at 800.877.4444. Each of these do have a fee associated with them which you can find on our Fee Schedule.