Privilege Pay Frequently Asked Questions

What is Privilege Pay?

Privilege Pay is a benefit of your checking account.  The service will provide up to $300 with Basic Checking and $500 with Select Checking. 

How will Privilege Pay benefit me?

Privilege Pay will save you the embarrassment and expense for returned Checks, ACH and Bill Payer.  Another added feature is the usage of Privilege Pay at an ATM or Point of Sale.  It benefits you if you make an honest mistake in your check book, have unplanned expenses, or run short on cash between paydays.

How does Privilege Pay work?

When we receive an item for payment that causes the balance in your account to go below zero, we will pay the item up to your limit which includes a $25 fee for each transaction.  Keep in mind you have to manage your finances responsibly, but when you need it Privilege Pay is there.

Is Privilege Pay a loan?

No. It is a service provided by the Credit Union to help you manage your money.  This service can be withdrawn at any time by the Credit Union or, you can opt out the service if you wish.

Do I have to apply for this service?

No.  Members are eligible as long as you meet the requirements of Privilege Pay.  If you are a new member you have to wait 90 days after you open your checking account. 

How will I know when I’m overdrawn?

We will mail a notice notifying you when your account is overdrawn?  We’ll also send a reminder letter advising you that your account is still overdrawn.

Once I bring my account to a positive balance how soon can I use Privilege Pay?

After your account is reinstated you must maintain a positive balance for at least 1 business day before Privilege Pay is available.  Also, keep in mind that you have only 30 days to bring your account back to a positive balance in order for Privilege Pay to remain in effect.

What if I go over my Privilege Pay limit?

When you exceed the limit, any additional items will be returned or declined when presented for payment and a NSF fee will be charged per item.

Is there a charge for Privilege Pay?

There is no annual fee.  However, there is a standard fee of $25 that applies for each transaction.  The fees are also listed in the Schedule of Fees that is given to you when you opened your account.

Privilege Pay is One more good reason to have a
 Money One FCU Checking Account.