| Emergencies can happen anytime and they don’t stick to a business
hours schedule. This may leave you needing money at a moments notice.
You may not have time to readjust your finances, and in some instances
cash may be the only acceptable payment method. Overdraft Protection and Privilege Pay provide a safety net for you to get access to your money when you need it most. These valuable services cover check, debit card, and ATM transactions so you have flexibility to use it how and when you need it most. Easy Steps to Keep You Protected |
Which Account is Your Overdraft Source Account?
Setting up an overdraft source account is simple. The easiest way is to
add money to your Membership Savings account. MCU automatically opens
a savings account for everyone when they become a member and designates
this account as your overdraft source.
A Special Privilege of Your Membership
MCU has established Privilege Pay as a bonus for members
in good standing with checking accounts at MCU.
This special benefit is extended to be sure that you have money when you need it. It allows you to write a check, use your debit card, or an ATM machine, beyond the limit of funds in your checking account for a short time. MCU will pay that item as a courtesy for you, saving you the merchant fees, embarrassment, and stress related to having your transactions bounced or denied.
If you do not have a designated overdraft source, or you have depleted those reserves, and you are a member in good standing with a qualifying account, Privilege Pay is automatically enabled for your account. This means MCU will cover transactions to your checking account, and will charge you a fee of $27 per item for this service.
An example of the benefit of Privilege Pay:
| Charges | Privilege Pay Costs |
Not Protected Costs |
| Privilege Pay | $27 |
|
| Returned Check | $27 |
|
| Merchants fee | $50* |
|
| Total | $27 |
$77* |
| *Merchants and retailers set their own fees for returned items. Typically the range is between $25-75 per item. | ||
If you use Privilege Pay, you will be expected to promptly bring your account back into good standing and the fees incurred will be listed on your monthly statement.
Security Without the Expense
If you would like to keep Privilege Pay on your account in case you need
it, but you want to be sure that you are not paying any unnecessary fees,
there are several simple steps you can take.
- Set up an overdraft source
The easiest one to fund is your Membership Savings account - At the ATM check
your balance before transacting
Get in the habit of checking your balance first at the ATM, then make your withdrawal if the money if available in your account - Set up eAlerts in Online Banking
MCU eAlerts can be sent to your email or wireless phone everyday that lets you know your balance and when checks have cleared, so you do not overdraw on a regular basis. This service is free on all accounts.
If You Do Not Want Privilege Pay
While MCU automatically extends Privilege Pay to all qualifying checking
accounts, you have the choice to opt out and eliminate this special protection
from your accounts. By deciding to opt out, Privilege Pay will be removed
completely from your checking account and affect transactions by paper
check, debit card, and ATM. This means that any checks over the limit
will be returned to you and assessed our regular $27 fee. You will also
be responsible for any fees the merchant may charge. You can call MCU
Customer Service at 847-342-9300, ext. 2 and the representative will
make this change for you.
