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Courtesy Pay

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REG E Opt In/Opt Out

Terms and conditions: You signify your desire to have Courtesy Pay for your account and agree to the conditions set forth herein and on the Overdraft Protection Policy. This program is discretionary which means we do not guarantee that we will always authorize and pay any type of transaction.

What You Need To Know About Overdrafts and Overdraft Fees

It is the policy of the Vanderbilt Credit Union to return unpaid transactions drawn on an account with insufficient funds. However, we offer Courtesy Pay up to your overdraft limit for your account, subject to certain terms and conditions.

An overdraft occurs when you do not have enough in your account to cover a transaction, but we pay it anyway.  We can cover your overdraft in two different ways:

  1. We have standard overdraft practices that come with your account.

  2. We also offer overdraft sweep protection such as a link to your savings account.

Courtesy Pay is not a line of credit. Cheaper alternatives to Courtesy Pay include a linked Savings Account. To prevent nonsufficient funds (NSF) and overdraft fees, we recommend you maintain all account activity in a check register and regularly reconcile your account to the balance reported by our credit union.

We will generally charge your account for each overdraft that occurs. We will not charge a fee if the item is less than $5 or if your account is overdrawn by less than $5.

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 number
  • Automatic bill payments


We do not authorize and pay overdrafts for the following types of electronic transactions unless you ask us to do so by opting into Reg E:

  • ATM transactions
  • Everyday debit card transactions

If you do not opt-in to have us pay these types of transactions, it will have no adverse effect on your overdraft protection for checks, automatic bill payments, and other transactions made using your checking account number.

If we do not authorize and pay an overdraft, your transaction will be declined. Misuse of the account or accounts overdrawn over 65 days are circumstances under which your account may be closed at the credit union’s discretion.

What fees will I be charged if the Vanderbilt Credit Union pays my overdraft?

  • Our standard overdraft fee is $30 per item.
  • We will charge up to a maximum of six items per day.
  • There is no interest charged.


 

What if I want the Vanderbilt Credit Union to authorize and pay overdrafts on my ATM and everyday debit card transactions?

If you want the Vanderbilt Credit Union to authorize and pay overdrafts on ATM and everyday debit card transactions, you need to “opt in”.

You can do this using any of the following methods:

  1. Complete the form above and hit submit.
  2. Email us at creditunion@vanderbilt.edu to inform us you want to “opt‐in”.
  3. Call us at (615) 936-0300 and give your verbal permission to “opt in”.