Courtesy Pay Disclosure

Siouxland Federal Credit Union (SFCU) offers an account overdraft program, called Courtesy Pay, on qualifying share draft (checking), ACH items, Bill Pay items, and electronic accounts other than ATM or one‐time debit card overdrafts, unless the member has opted in as an additional benefit to its member‐owners. Courtesy Pay may save SFCU member‐owners time and embarrassment, as well as prevent them from incurring additional fees due to items submitted to SFCU.

If you qualify for Courtesy pay, when an item is presented for payment, SFCU will first determine whether other qualifying account sources are available to pay that item. Qualifying account sources include overdraft transfer accounts you have designated, such as your share account and/or a personal line of credit, etc. If an item presented for payment cannot be honored from your qualifying account sources, the item may be paid through Courtesy Pay. Whether your overdrafts will be paid is discretionary and we reserve the right not to pay. For example, we typically do not pay overdrafts if your account is not in good standing, or you are not making regular deposits, or you have too many overdrafts.

In extending this service to you, we anticipate that we can rely on you to bring your account to a positive status in a timely manner, but in no more that forty‐five (45) days after an overdraft occurs. If your account is negative for longer than thirty (30) days, you will no longer be in good standing and your Courtesy Pay privileges may be revoked. There is no enrollment charge for the program, but a $23.00 fee may be imposed for each item presented, such as overdrafts created by check, in‐person withdrawal, or other electronic means. Service fees will not be assessed for paying overdrafts on ATM or one‐time debit card transactions unless the Credit Union has provided the member with a notice of consent for overdraft services, the member opts in, and the Credit Union has provided the member a confirmation of the opt‐in. Overdraft items will be paid from the smallest to the largest amount depending on your available limit. The aggregate of all overdrawn accounts at Siouxland Federal Credit Union shall not exceed $1000.00

Eligibility for Courtesy Pay for any member‐owner is based on responsible account management. Responsible account management includes, but is not limited to: (a) maintaining current and valid account information, including a current address; (b) maintaining an account that is used at least once every six months; (c) incurring no more than ten overdrafts for any reason in the first one‐hundred fifty days after the checking/share draft account is opened; and (d) a Trans Union credit score that is 620 or above.

The member owner has the option to opt out of the Courtesy Pay program at any time.

No application is required for Courtesy Pay; eligibility is based on you managing your share draft account in a responsible manner. There are rules and criteria that you must meet in order to qualify for Courtesy Pay:

You may be eligible for Courtesy Pay if:

SFCU reserves the right to suspend the Courtesy Pay program without further notice based on the above criteria. SFCU may also suspend Courtesy pay if a member‐owner account is not maintained in a responsible manner at all times as per Courtesy Pay eligibility guidelines given above. Courtesy Pay should not be viewed as an encouragement to overdraw your account. As always, we encourage you to manage your finances responsibly. If you have questions about whether you are eligible for the Courtesy Pay program, or in the event you would like to have this service removed from your account, please feel free to contact us at either 402‐494‐2073 or 1‐800‐264‐0796. The member‐owner Account Agreement describes the duties, obligations, and rights of depositors and the authorized signatories between the account holder and SFCU with regard to deposit accounts. That account agreement is incorporated herein as if it were set forth verbatim as to matters not directly addressed by this disclosure.

This notice explains our standard overdraft practices.

What are the standard overdraft practices that come with your account?
We do authorize and pay overdrafts for the following types of transactions:

We DO NOT authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):

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.

Under our standard overdraft practices:

What if I want Siouxland Federal Credit Union to authorize and pay overdrafts on my ATM and everyday debit card transactions?
If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions, call (402)494-2073 and ask to speak to one of our Member Service Representatives.