Overdraft Protection
What You Need to Know about Overdrafts and Overdraft Fees
An overdraft occurs when you do not have enough money in your account to cover a transaction. Learn more about the ways RBFCU can cover your overdrafts.
Savings account
Use your savings to ensure your transactions are covered. Funds will automatically be transferred from your linked savings account, if the funds are available, to your checking account to cover the cost of your purchase.
Line of Credit
A Line of Credit (LOC) is a loan that gives you the ability to borrow money when you need it, and only pay for the amount you borrowed (plus interest based on the outstanding balance).1 With an LOC linked to your checking account, funds will automatically be transferred to your checking account to cover the cost of your purchase.
Courtesy Pay
Courtesy Pay is a safeguard to protect against unexpected expenses that overdraw your checking account balance. It provides the security of knowing you’ll be covered when making transactions.
If you use Courtesy Pay, you will incur a non-refundable fee of $24 for the convenience of knowing your transaction is covered. Courtesy Pay for checks, ACH transactions, bill payments and recurring debit card transactions comes as a standard option with your checking account, but you must opt-in for ATM and Everyday (one-time) debit card transactions.2
1Line of Credit subject to credit approval and interest charges.
2Due to regulatory requirements, an opt-in to Courtesy Pay is needed for it to be available as an overdraft option for ATM and Everyday (one-time) debit card transactions. However, Courtesy Pay is a standard option for overdrafts on checks, ACH transactions, bill payments and recurring debit card transactions. For more information, read “What You Need to Know About Overdrafts and Overdraft Fees.”
Peace of mind
RBFCU will charge a $24 non-refundable fee each time we pay an overdraft. Our Courtesy Pay program gives you a safety net for those instances when you don’t have sufficient funds in your account.
Last-resort coverage
RBFCU allows members to complete automatic transfers and protect themselves from potential overdrafts or apply a line of credit as overdraft protection, making Courtesy Pay a true last resort for members.
Convenience
Courtesy Pay may be used if you spend an amount over your available account balance. Courtesy Pay for checks, ACH transactions, bill payments and recurring debit card transactions comes as a standard option with your checking account, but you must opt-in for ATM and Everyday (one-time) debit card transactions.2
How do I enroll in or update my Courtesy Pay options?
To change your Courtesy Pay options, visit the “Courtesy Pay” page in your Online Banking account and follow the self-service directions. You can enroll in or opt out of Courtesy Pay at any time in Online Banking.
If you need assistance with your Courtesy Pay options, please sign in to your Online Banking account to chat with a Member Service Representative, call us at 210-945-3300 or visit your nearest branch.
How to avoid overdraft fees
Account Alerts
Monitor your RBFCU accounts and transactions with customized email and text Alerts, available within your Online Banking account and the RBFCU Mobile® app. You can set up Alerts to notify you about transfers, loan payments, deposits, balance thresholds and more, plus add or change them as often as you like.
Alternative overdraft options
RBFCU offers alternative overdraft protection plans, such as a link to a savings account or a link to a Line of Credit, which may be less expensive than Courtesy Pay. To learn more, refer to the alternative overdraft protection plans above.
GreenPath Financial Wellness™
RBFCU has partnered with GreenPath, a national non-profit focused on financial wellness assisting in credit counseling, debt management and personal financial education. They can work with you to help ease financial stress, manage debt, save for the future, make informed financial decisions, and achieve your financial goals.
Stressed over spending? There’s someone you should meet
Meet Lea, our Virtual Financial Coach
Keeping track of finances can feel intimidating or frustrating. Lea offers automated financial advice from GreenPath Financial Wellness to help you improve cash flow and manage debt. We’ll show you how to:
- Strategize paying down your current debt
- Offer advice on improving your cash flow and credit use
- Maximize your earning with certificate laddering and a savings plan
Available for free on any device 24/7, chatting with Lea is like chatting with a friend who just happens to know all the best practices when it comes to spending and savings. In just a few minutes, you can get a customized action plan that works for you!
And if you think you may want to dig in deeper, the financial experts at GreenPath are a call away. GreenPath is a trusted non-profit that has been helping people lead financially healthy lives for more than 60 years.
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How much is an overdraft fee?
We will charge you a $24 Courtesy Pay Fee each time we pay an overdraft for transactions over $5. For transactions that cause your balance to go into the negative $5 or less, Courtesy Pay fees will be waived. If you do not have Courtesy Pay on your account, we will charge you a $24 Insufficient Funds Fee for each item presented for payment over $5 that we return unpaid.
For more information, read “What You Need to Know About Overdrafts and Overdraft Fees.”
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How many times can I use Courtesy Pay in a day?
A Daily Fee Cap limit has been set at a maximum of five Courtesy Pay and/or Insufficient Funds Fees that a member can incur per day. If a member has not exhausted their specific Courtesy Pay dollar amount, RBFCU will cover additional charges without issuing a fee.
For more information, read “What You Need to Know About Overdrafts and Overdraft Fees.”
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I don't agree with the Courtesy Pay fee I was charged. What do I do?
In your Online Banking account, we offer additional detail regarding each Courtesy Pay transaction, including the balance in your account and the other pending transactions at the time the Courtesy Pay fee was assessed. Please take a moment to review this information for more detail on why a fee was assessed. If you feel a Courtesy Pay fee was incurred in error, please contact us at 210-945-3300.
You can change your Courtesy Pay selections (opt in or opt out) at any time using the following methods:
- Phone: Call our Member Services Center at 210-945-3300
- In-Person: Visit any branch
- Online: Visit the Courtesy Pay page in your Online Banking account to change your options.
- RBFCU Mobile app:
- Sign in to the RBFCU Mobile app.
- On the Account Summary page, tap the desired account.
- Tap the “Courtesy Pay” link under your Account Number.
- Select your account and Courtesy Pay option.
- Tap “Submit.”
For more information, read “What You Need to Know About Overdrafts and Overdraft Fees.”
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How much time do I have to repay Courtesy Pay?
You have until 7 p.m. Central Time on the same business day to bring your account to current so a fee will not be assessed. You have 45 days to repay the transaction amount(s) plus fees incurred before your account is charged off.
For more information, read “What You Need to Know About Overdrafts and Overdraft Fees.”
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Under what circumstance would RBFCU not pay an Overdraft Item?
Overdrafts occur when you do not have available funds in your checking account and you have not enrolled in Overdraft Protection or Courtesy Pay. 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 for an overdraft, your transaction will be declined.
For more information, read “What You Need to Know About Overdrafts and Overdraft Fees.”
