It has happened to almost everyone – you wrote a check or made a debit card purchase and you didn’t have funds to cover the transaction. Your account was overdrawn and you incurred a hefty fee. Not very cool and pretty frustrating; there has to be a better option.
CapEd provides a couple of Overdraft Privilege and Protection (ODP) options.
Overdraft Protection – you can link another CapEd deposit (savings or checking) account to prevent overdrafts by automatically transferring funds to your checking account. There is no charge as long as there is an available balance to cover the transaction. You can also apply for an Overdraft Protection Line of Credit, which is a short term loan to cover transactions. The line of credit is subject to fees and interest, and is subject to credit approval.
Courtesy Pay – this allows you to overdraw your account up to the disclosed limit for a $23 fee. It’s still a fee but it’s much smaller than other institutions and definitely better than one of those short-term loans with double digital interest. To qualify, you must be at least 18 years old and have an active account in good standing for at least 30 days. There are two coverage options – Standard Overdraft Privilege and Extended Overdraft Privilege.
Standard Courtesy Pay covers overdrafts caused by:
- Writing a check, an ACH transaction, or recurring debit transaction
- Teller window transactions
- Online bill pay transactions
- Online banking and telephone banking transactions
- In-person transfers between accounts
As a courtesy to members, CapEd provides Standard Courtesy Pay on all qualifying accounts. If you wish to discontinue Standard Courtesy Pay from your account contact (208) 884-0150 or (800) 223-7283, or you can email us at Overdraft@CapEd.com.
Extended Courtesy Pay requires your consent and you must sign up for this extended coverage. This extended privilege covers overdrafts caused by:
- All items listed for Standard Courtesy Pay
- ATM transactions
- Everyday debit card transactions (signature and PIN based)
Overdraft Privileges and Courtesy Pay allow you to have debits paid on your account when the balance will not cover the item. These help guard against having items returned of declined. This coverage is available on the following CapEd personal accounts with a limit of $750:
- High Yield Checking
- CapEd Tunes
- Classic Checking
For CapEd Business Accounts, the Courtesy Pay limit is up to $1,000.
When you view your account online or in the mobile app your Current Balance and Available Balance will not include your Courtesy Pay limit.