Landmark Credit Union
Discretionary Courtesy Pay Policy
It is the policy of Landmark Credit Union to comply with all applicable laws and regulations and to conduct business in accordance with applicable safety and soundness standards.
The Deposit Account Agreement and Disclosure provided to you at the time you opened your account with us controls the duties, obligations and rights of the Depositor, the Authorized Signatories and Landmark Credit Union with regard to your share draft account. The Deposit Account Agreement (and all amendments thereto) and its terms shall control any possible conflict, if any, between any provision of this Discretionary Courtesy Pay Policy and the Deposit Account Agreement and Disclosure. A copy of the Deposit Account Agreement and Disclosure is available to you on request from your Landmark Credit Union officer.
Courtesy Pay is not a line of credit. However, if you inadvertently overdraw your account, we will have the discretion to pay the overdraft, subject to the limit of your Courtesy Pay and the amount of the overdraft fee which is currently $35.00. Landmark Credit Union is not obligated to pay any item presented for payment if your account does not contain sufficient available funds. Any discretionary payment by Landmark Credit Union of an overdraft share draft (or items, such as ATM withdrawals, ACH, Point of Sale and in person withdrawals or any other electronic means ) does not obligate Landmark Credit Union to pay any other overdraft share draft (or item), or to provide prior notice of its decision to refuse to pay such share draft (or item).
Pursuant to Landmark Credit Union’s commitment to always provide you with the best level of service, now and in the future, if your consumer account (primarily used for personal and household purposes) or your commercial account has been open for at least ninety (90) days, and thereafter you maintain your account in good standing, which includes at least:
A) Bringing your account balance to a positive balance within every thirty (30) day period for a minimum period of 24 hours;
B) Not being in default on any loan or other obligation to Landmark Credit Union and
C) Not being subject to any legal or administrative order or levy
Landmark Credit Union will have the discretion to pay overdrafts within the Courtesy Pay limits, but payment by Landmark Credit Union is a discretionary courtesy and not a right of the member or an obligation of Landmark Credit Union. This privilege for consumer and commercial share draft or share accounts will generally be limited to a maximum of $400 overdrawn (negative) balance. Of course, any and all fees and charges, including without limitation the non-sufficient funds fees (as set forth in our fee schedules and deposit account agreement and disclosure), will be included as part of this maximum amount.
The law permits us to pay items (such as checks or drafts) drawn on your account in any order. To assist you in handling your account with us, we are providing you with the following information regarding how we process the items that you write. When processing items drawn on your account, our policy is to pay them according to the dollar amount. We pay the largest items first. The order in which items are paid is important if there is not enough money in your account to pay all of the items that are presented. Our payment policy will cause your largest, and perhaps more important, items to be paid first (such as your rent or mortgage payment), but may increase the overdraft or NSF fees you have to pay if funds are not available to pay all of the items. If an item is presented without sufficient funds in your account to pay it, we may, at our discretion, pay the item (creating an overdraft) or return the item (NSF). The amounts of the overdraft and NSF fees are disclosed elsewhere. We encourage you to make careful records and practice good account management. This will help you to avoid writing checks or drafts without sufficient funds and incurring the resulting fees.
The total of the discretionary Courtesy Pay (negative) balance, including any and all fees and charges, including all non-sufficient funds/overdraft fees is due and payable upon demand, and Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all such amounts, as described in the Deposit Account Agreement and Disclosure with a maximum repayment period of 30 days.
Again, while Landmark Credit Union will have the discretion to pay overdrafts on accounts in good standing (as described above), any such payment is a discretionary courtesy, and not a right of the member or an obligation of Landmark Credit Union and Landmark Credit Union in its sole and absolute discretion, can cease paying overdrafts at any time without prior notice of reason or cause.