Privilege Pay. This is an optional product we provide for qualified share draft checking accounts. If you enroll in our Privilege Pay service, you allow us at our discretion to authorize payment for the following types of transactions regardless of whether your share or deposit account has sufficient funds: (i) share drafts/checks; (ii) automatic bill payments; and (iii) ACH transactions. Whether we return or pay the item is discretionary and depends on a number of factors, including, but not limited to, the amount of the item, the type of transaction and the past activity in your account. If we pay the item, we will charge an Overdraft Fee. If we return the item, we may charge you an NSF fee. Such fees will be charged to an account whether or not Social Security benefits have been or will be deposited into the account. The amounts of such fees, additional information and other fees that may apply to your account are described in the Teachers Federal Credit Union The Privilege Pay Program enrollment form and our Schedule of Fees and Services. Enrollment: To enroll in Privilege Pay, you must complete a Teachers Federal Credit Union Privilege Pay Program enrollment form by visiting your local branch, by calling us at 0-000-000-0000 or by mailing in your request to the address provided under “Contacting Us”. The form can be found on our website at xxx.xxxxxxxxxxx.xxx. Privilege Pay is not applicable to ATM transactions or Point of Sale Debit Card transactions. We do not pay overdrafts for those transactions. Except as otherwise agreed in writing, if we exercise our right to use our discretion to pay such items that result in an insufficiency of funds in your account, we do not agree to pay them in the future and may discontinue coverage at any time without notice. If we pay these items or impose a fee that results in insufficient funds in your account, you agree to pay the insufficient amount, including the fee assessed by us, in accordance with our standard overdraft services or any other service you may have authorized with us or, if you do not have such protections with us, in accordance with any overdraft payment policy we have, as applicable.
Privilege Pay. Privilege Pay extends additional overdraft protection to qualified share draft accounts in the event funds are not available in their checking account or any of their assigned overdraft sources. Privilege Pay will step in and pay share draft, in-person, and electronic items, such as ACH, ATM, Debit Card transactions and Periodic Payments up to a pre-determined limit instead of returning them when an account has insufficient funds. A Privilege Pay Fee equivalent to our Insufficient Funds Fee, as disclosed on the Fee Schedule, will be charged for each item that overdraws your account. Qualifications for Privilege Pay Pursuant to the Credit Union’s commitment to always provide you with the best level of account holder service, now and in the future, and Privilege Pay will be automatically activated for most transactions if your checking account (primarily used for personal and household purposes) has been open for at least ninety (90) days, and thereafter you maintain your account in good standing. For transactions involving ATM and one-time debit card overdrafts, you must opt into Privilege Pay for this service to be activated for these transactions. An account in good standing includes at least:
