County Educators Federal Credit Union

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Checking (Share Draft) FAQs

Q.   Can you tell me my balance and what checks (drafts) have cleared?
A. M.A.G.I.C., our 24-hour Audio Response System can give you a list of all checks (drafts) that have cleared and current balances. Refer to the M.A.G.I.C. Quick Reference Guide for additional information.

Q. My balance does not equal your balance. What should I do?
A. It is wise to reconcile your Checking (Share Draft) account on a monthly basis. If there are discrepancies please Contact our Checking (Share Draft) department immediately. In between statements you can review the activity with M.A.G.I.C., our 24-hour Audio Response System.

Courtesy Checking FAQs

Q.   Does County Educators FCU offer overdraft protection?
A. Yes, County Educators FCU offers a variety of means to help protect you from overdrafts. The first means of overdraft protection is share transfer. This may be from one or from multiple accounts. County Educators FCU also offers Courtesy Checking to eligible account holders.

Q.   What if I already have overdraft protection?
A. If you have already established another overdraft method, such as share transfer, we will continue to look to pay any overdraft items by those methods before utilizing the Courtesy Checking limit and imposing the Courtesy Checking Paid by Overdraft fee. You may choose the order of overdraft sources, but Paid by Overdraft is always last.

Q.   What do I do to sign up for Courtesy Checking?
A. There is no registration required. As long as your account has been opened and active for 90 days without incident, we will automatically assign you a Courtesy Checking limit of $500.00.

Q.   How will I know if I have this service on my Share Draft/Checking Account?
A. After 90 days of activity, you will notice that your Share Draft/Checking Account becomes a Courtesy Checking account. This is your indication that you now have Courtesy Checking.

Q.   How much does this service cost?
A. Courtesy Pay utilized a per item fee. If you never use Courtesy Pay, it will never cost you anything. The only time you will incur the fee is if you overdraw your account with a Non-Sufficient Funds item that is PAID by the Credit Union. This will cost you $20.00 for EACH item that is paid. ($5.00 less than if we return the same item NSF!) Therefore, if we pay 3 items by overdrawing your account, you will be negative the amount of the checks PLUS $60.00 in Courtesy Pay Paid by Overdraft fees.

Q.   Is Courtesy Checking Paid by Overdraft a loan?
A. No. Courtesy Checking Paid by Overdraft is a non-contractual service that County Educators FCU extends to our Share Draft/Checking Account members which are currently in good standing. This feature is discretionary on the part of the credit union as outlined in the Courtesy Checking Policy. This means there is NO Promise to Pay. As such, Courtesy Checking is NOT guaranteed and can be removed from your account at any time that we determine your account is no longer in good standing. Whether or not we decide to pay your overdraft item depends on how you manage the account.

Q.   When do I have to repay the overdraft item?
A. The entire overdrawn balance (draft amount(s) PLUS Courtesy Checking Paid by Overdraft fee(s)) is due within 30 days of the date the item was honored and the account was overdrawn. Any deposits you make to your Courtesy Checking Account will apply first toward any overdrawn balance. However, County Educators FCU reserves the right to demand repayment of any and all overdrafts at any time we feel necessary.

Q.   What types of transactions utilize the Courtesy Checking Overdraft Limit?
A. All checks written and processed through the Share Draft network Checks presented for cash at the teller line ACH Pre-authorized drafts, Converted Drafts, and Electronic Debits

Q.   What types of transactions DO NOT utilize the Courtesy Checking Overdraft Limit?
  • ATM transactions
  • POS transactions
  • VISA Debit Card transactions
  • Internal Automatic Share Transfer Loan payments
  • M.A.G.I.C. account transfers and withdrawals

Q.   Will I be able to hear my Courtesy Checking Overdraft Limit on M.A.G.I.C.?
A. No, but you will be able to hear your available balance.

Q.   What if I want a larger Courtesy Checking Overdraft Limit?
A. At this time County Educators FCU only extends a $500.00 limit for this service.

Q.   What if I don’t want Courtesy Checking?
A. You must notify us in writing using the Opt-out form.

Q.   What kinds of notices will I receive if I utilize the Courtesy Checking Paid by Overdraft service?
  • You will receive a "Paid by Overdraft" notice the day the item is paid.
  • 1st Letter – 15 days
  • 2nd Letter – 25 days
  • Final Notice – account closure – 30 days

*Note: Courtesy Checking is discontinued if the account is not brought current within 30 days. Accounts overdrawn for more than 30 days and are no longer considered in "good standing". Additional loss of services may also apply.

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The Credit Union is an Equal Housing Lender.
We do business in accordance with the Federal Housing Law and the Equal Credit Opportunity Act
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