Privilege Pay Agreement and Disclosure

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 we pay it anyway.

We can cover your overdrafts in two different ways:

  1. We offer standard overdraft practices with your account
  2. We also offer overdraft protection plans, such as a link to a savings account which may be less expensive then our standard overdraft practices.

This notice explains our standard overdraft protection via Privilege Pay

What are the standard overdraft practices that are available with my account if I elect to OPT-IN to Privilege Pay?

We do authorize and pay overdrafts for the following types of transactions:

  1. Checks and other transactions made using your checking account number
  2. Automatic bill payments (ACH)
  3. ATM transactions
  4. Everyday debit card transactions
  5. Periodic payment transfers

We pay overdrafts at our discretion, which mean 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 Ravalli County FCU pays my overdraft(s)?

Under our standard overdraft practices:

  1. We will charge you a Privilege Pay fee of $25 each time we pay an overdraft
  2. There is no limit on the total fees we can charge you for overdrafting your account

What if I DO NOT elect to have Ravalli County FCU pay my overdraft(s) under the Privilege Pay Program (OPT-OUT)?

  1. Checks and automatic bill payments will be returned NSF and a NSF fee of $25 will be charged
  2. ATM and everyday debit card transactions will be declined

Privilege Pay Agreement & Disclosure

Privilege Pay is a service we offer to our members to pay items that would otherwise be returned due to non-sufficient funds (NSF). There is certain criteria that must be met to qualify for this service. 1. You must be 18 years or older 2. Your checking account must be open for a minimum of 90 days 3. 90-day average checking balance must be $100 or greater 4. If your account remains negative for 30 days or more, you will be deactivated from the Privilege Pay program 5. Privilege Pay will reactivate 24 hours after you make a deposit which brings your account balance into a positive status, as long as your account maintains an average 90-day balance of $100 6. Privilege Pay will deactivate if we have had mail returned due to wrong address. I understand I will be charged a fee of $25.00 each time I use Privilege Pay, there is no limit on the number of fees I can be charged and the Federal Regulation changed effective August 15, 2010, REQUIRES me to OPT-IN or I will no longer have Privilege Pay coverage.
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