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, but Southland Credit Union pays it anyway. We can cover your overdrafts in two different ways:
- Courtesy Pay Program is additional coverage over and above your elected overdraft protection plans.
- Overdraft protection plans, such as a transfer from your overdraft line of credit or savings account.
What is Courtesy Pay?
Courtesy Pay enables Southland to authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- Automatic bill payments
We will not authorize and pay overdrafts for the following types of transactions unless you ask us to:
- ATM transactions
- Everyday debit card transactions
- Online bill payments made with Southland ePay
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay ATM/Debit card transactions. If we do not authorize and pay an overdraft, your transaction will be declined.
What fees will I be charged if Southland Credit Union pays my overdraft?
Under our Courtesy Pay Program practices, we charge a fee of up to $30 each time we pay an overdraft.
What if I want to cancel Courtesy Pay on overdrafts with my ATM/Debit card?
If you no longer want Southland to pay overdrafts on ATM/Debit card transactions, please contact us.