In today's busy world, you can find a lot of things to worry about. Overdrawing your checking account doesn't have to be one of them.
How does it work?
What's the catch?
Eligible accounts
Eligible payments
Who's eligible?
What if I already have overdraft protection?
How do I sign up?
Anyone who has inadvertently had a check returned knows how quickly a small mistake can turn into big consequences. Returned check fees charged by merchants and creditors are painful. Phone calls from collectors are embarrassing. And the whole mess could be forwarded to a major credit agency, potentially costing you hundreds of dollars in higher interest payments if your credit rating is lowered.
Thanks to STCU's Privilege Pay, most members can now avoid these problems. (Exceptions listed below.)
If you're a member in good standing, STCU will cover checks, debit card purchases, and Automated Clearing House (ACH) payments that overdraw your personal checking or money market accounts up to $1,000, including fees. For each check or other item that STCU pays, we charge a $25 overdraft fee. And with STCU's Privilege Pay, the merchant will never know that you were overdrawn. What a relief!
STCU will notify you by mail any time Privilege Pay is activated. If you have a question about your account, you can call us or use STCU's NetTeller® to view your account history.
There is no catch, just the personal responsibility that we would expect from any member of the Credit Union. Once Privilege Pay has been activated to cover an overdraft, it is your responsibility to correct any balance deficiency as quickly as possible. STCU expects you to make a deposit covering your overdraft and fees within 30 days. After that time, our normal collection process begins.
We trust that you agree that it's important to promptly meet your financial obligations to preserve your good standing with the Credit Union by preventing any collection activity. Thank you for your cooperation!
All checking and money market accounts offered by STCU are eligible, provided the account owners meet the eligibility requirements listed below.
Privilege Pay may be extended for checks presented at any STCU branch, checks clearing through the Federal Reserve System, payments clearing through Automated Clearing House (ACH), and to cover debit card purchases. Privilege Pay cannot be used to cover overdrafts that might result from an automatic transfer between accounts at STCU or to make an ATM withdrawal.
Members ages 18 and older with checking or money market accounts are eligible, with the following exceptions:
Your current overdraft protection arrangements will remain in place exactly as they are now. Privilege Pay will only be activated if there are insufficient funds available from your other accounts.
You don't need to sign up; you're already covered! STCU provides this service to our valued members.
If you decide you would like to opt-out of Privilege Pay, please read the Privilege Pay Disclosure before completing the Option To Waive Privilege Pay section. This document can be mailed to: STCU, PO Box 1954, Spokane, WA 99210-1954 or dropped off at one of our branches.
For additional information, contact one of our Member Service Representatives at any of our convenient branch locations or call (509) 326-1954 or (800) 858-3750.
