What You Need to Know about Overdrafts, Overdraft Fees and Courtesy Pay
How does MariSol treat overdrafts on my account?
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We cover your overdrafts in the following ways:
First with your Regular Savings Account – All checking accounts are linked to your regular share (savings) account. If your checking account does not have sufficient funds, then MariSol will transfer any available funds from your regular share account to your checking account. There is a fee for this transfer; you may see our fee schedule.
Second with your Line of Credit Loan – Lines of credits are approved loans that can be linked to your checking account. You must be approved for this loan; it is not a standard feature of any checking account product. MariSol will transfer any available funds from that loan to your checking account. If you do not have a line of credit, please contact us for an application.
Third with Courtesy Pay – If there are no available funds in your Regular Savings account or available funds on your approved line of credit or if you do not have a line of credit, then MariSol may pay the transactions and will charge you a fee, this program is called Courtesy Pay. However, having Courtesy Pay coverage does not guarantee we will always authorize payment on your overdraft transactions. At no point will Courtesy Pay allow your account to be negative more than $800, including any fees you may owe to us.
How does Courtesy Pay apply to my account?We do authorize and pay overdrafts for the following types of transactions (ATM and one-time debit card transaction only if you ask us to):
| Type of Transactions | Do I have Courtesy Pay coverage? | Fee per Transaction |
|---|---|---|
| Checks | Yes | $25.00 |
| Automatic bill payments (ACH) | Yes | $25.00 |
| Transactions using your checking account number | Yes | $25.00 |
| ATM transactions | No, unless you sign up (see below) | $25.00 |
| One-time debit card transactions | No, unless you sign up (see below) | $25.00 |
- We will not charge a fee for any transaction that is under $25.
- We will charge no more than two Courtesy Pay fees on any day.
We do not guarantee that we will always authorize and pay for any type of transaction. There is no limit on the total fess we can charge you for overdrawing your account. If we do not authorize and pay an overdraft, your transaction will be declined. You will be charged a fee for insufficient funds per our fee schedule.
How can I sign up for Courtesy Pay for ATM and one-time debit card transactions?
If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions, call 602-252-6831, or complete this form and return to any branch or mail it to 1515 W Roosevelt St, Phoenix AZ 85007.
You may opt out of this service at any time by contacting MariSol Federal Credit Union
View our Courtesy Pay disclosure
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