How will Privilege Pay benefit me?

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In the event you make an honest mistake in your checkbook or have an unforeseen expense, Privilege Pay will save you the embarrassment, expense, and inconvenience of having a check returned to the merchant, and helps protect your credit rating.

Single vs. Double fees: When we cover an overdraft, you only pay one fee. In contrast, if the credit union did not cover the overdraft, you would often pay twice, a returned check fee from the credit union and the merchant. Merchants and retailers set their own fees for returned items, typically between $25 and $75 per item.

Damaged credit ratings: By covering an overdraft, the credit union helps protect your credit rating. Nearly every institution reports repeat overdraft conduct to consumer reporting agencies, and that overdraft conduct becomes a permanent and often insurmountable tarnish in getting future credit or checking account privileges. The merchant or payee also may report the NSF activity to consumer reporting agencies.

Please read our Privilege Pay Discretionary Overdraft Courtesy Policy  for more information or you may call us at 800-229-2848.

Please note: Periodic payments (such as your UECU loan payment) that cause your account to overdraw will not be honored by Privilege Pay.

• What is Privilege Pay?
• How will Privilege Pay benefit me?
• Is there a charge for Privilege Pay?
• How does Privilege Pay work?
• How will I know I am overdrawn?
• How long do I have to bring my account into balance?
• What if I go over my Privilege Pay limit?
• Is Privilege Pay a loan?
• Do I have to apply for Privilege Pay?
• How do I determine why I was charged a Privilege Pay fee?

 

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