What You Need to Know about Overdrafts, Courtesy Pay and Fees
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:
We have a standard overdraft service that comes with your account, where we link it to another account or a line of credit to cover.
We also offer our Courtesy Pay service, where you can avoid Non-Sufficient Funds (NSF) fees and charges for returned checks.
This notice explains our Courtesy Pay service.
What are the Courtesy Pay practices that come with my account?
We do authorize and attempt to pay overdrafts for the following types of transactions:
Checks and other transactions made using your checking account number (such as ACH payments)
Automatic bill payments
In addition to Courtesy Pay we offer Courtesy Pay Plus. You must opt-in for Courtesy Pay to take advantage of Courtesy Pay Plus. By opting in for Courtesy Pay Plus, we authorize and attempt to pay overdrafts for the following types of transactions:
Everyday debit card transactions
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.
If we do not authorize and pay an overdraft, your transaction will be declined.
What fees will I be charged if South Bay Credit Union pays my overdraft with Courtesy Pay?
We will charge you a fee of up to $28 each time we pay an overdraft
A Courtesy Payment service charge
will not be charged
for any transaction that brings the available balance in your account negative by $10 or less. A Courtesy Payment service charge per each occurence that results in the available balance in your account becoming negative by more than $10
will be charged
to your account as stated in the Product Feature, Truth-in-Savings and Service Charges and Fees disclosures.
What do I do if I want South Bay Credit Union to authorize and pay overdrafts?
If you also want us to authorize and pay overdrafts, please do one of the following:
1. Electronically complete the form below.
2. Print out the pdf form on our website, complete and mail it to us at:
South Bay Credit Union
Attn: Member Services
312 N. Pacific Coast Highway
Redondo Beach, CA 90277
3. Print out the pdf form on our website, complete, scan and email it to us at: SBCU@southbaycu.com
You can revoke your authorization for South Bay Credit Union to pay these overdrafts at any time by any of the above methods. South Bay Credit Union has the right to revoke Courtesy Pay/Courtesy Pay Plus at any time.