The basic facts

An overdraft occurs when you make a purchase or ATM transaction but don't have enough money in your account to pay for it. For a fee, we will cover you when you become overdrawn. This fee can apply each time you overdraw your account.

Cal Bear offers two Courtesy Pay options. Standard Courtesy Pay which covers any checks and automatic recurring payments that may overdraw your account. And, Courtesy Pay Plus which covers ATM withdrawals and debit card transactions in addition to checks and recurring automatic paments. Please note that unless you have opted into Courtesy Pay Plus option we WILL NOT PAY your ATM and Debit transactions if you available balance will not cover the transaction.

We will cover your transaction for a flat fee of about $28 each time you overdraw your account. For example, if you make a purchase with your debit card for $150 but only have $100 in your account, your account will be overdrawn by $50 and we will charge you a fee. If you then make an ATM withdrawal for $50, your account will be overdrawn by $100 and you will be charged another fee. In this example, if the fee we charge for our standard overdraft practices is $28, you will pay a total of $56 in fees.

The fees Courtesy Pay fees that we charge to pay a check that overdraws your checking account may be equal to or less than the $40 or $50 in fees charged to your by a merchant for having your check returned for a mortgage or auto loan payment.

 

The new rules

You choose. In the past, some banks automatically enrolled you in their standard overdraft practices for all types of transactions when you opened an account. Under the new rules, your bank must first get your permission to apply its standard overdraft practices to everyday debit card and ATM transactions before you can be charged overdraft fees. To grant this permission, you will need to respond to the notice and opt in (agree).

Flexibility. Whatever your decision, the new overdraft rules give you flexibility. If you opt in, you can cancel at any time. If you do not opt in, you can do so later.

Checks and automatic bill payments. The new rules do not cover checks or automatic bill payments that you may have set up for paying bills such as your mortgage, rent, or utilities. Your bank may still automatically enroll you in their standard overdraft practices for these types of transactions. If you do not want your bank's standard overdraft practices in these instances, talk to your bank; you may or may not have the option to cancel.

If you have any additionla questions about Courtesy Pay or would like to "Opt-In" to our Courtesy Pay Plus program please call our Member Service Center at (800) 954-2327.