Recent regulatory requirements now require members to sign a consent form to participate in overdraft protection (Courtesy Pay) plans for ATM and debit transactions. As you know Courtesy Pay protects your checking account when you don’t have enough funds in your checking account to cover a retail transaction. Please note that you do not need to submit the form to continue Courtesy Pay for checks or ACH items.
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:
- We have Standard Courtesy Pay practices that come with your account.
- We also offer Overdraft Protection plans, such as a link to another account or a line of credit, which may be less costly than our Standard Courtesy Pay practices. To learn more, ask us about these plans.
This notice explains our Standard Courtesy Pay practices.
What are the standard overdraft practices that come with my account?
We do authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account
- Automatic bill payments
We will not authorize and pay overdrafts for the following types of transactions without your consent:
- ATM transactions
- Everyday debit card transactions
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 an overdraft, your transaction will be declined.
What fees will I be charged if tnConnect Credit Union pays my Standard Courtesy Pay?
Under our Standard Courtesy Pay practices:
- We will charge you a fee of $32 only if the overdraft amount exceeds $32.
- A maximum of 2 overdraft fees can be charged per day.
What if I want tnConnect Credit Union to authorize and pay overdrafts on my ATM and everyday debit card transactions?
If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, call (865) 688-2424, complete the form below to submit it securely to us or print and mail the form to: P. O. Box 52990, Knoxville, TN 37950. You can revoke your authorization for tnConnect Credit Union to pay these overdrafts at any time by any of the above methods. Your revocation must include both your name and your account number so that we can properly identify your account.