Privilege Pay
With Privilege Pay, your payments for groceries, gas and other everyday needs are honored — even if you don’t have sufficient funds in your account.
Your transaction is completed, a fee is assessed, your account is taken negative, and you save the embarrassment and hassle of bounced checks and declined purchases. Additionally, you avoid bounced check fees assessed by retailers and other businesses.
Privilege Pay provides a bottom-line safety net so your transactions are not declined.
Changes to Privilege Pay Program
Starting this August, Privilege Pay will only protect transactions you make by check and pre-authorized ACH withdrawal. Your Visa Debit Card and ATM transactions will no longer be covered — unless you specifically Opt-In for this coverage by July 1, 2010.
If you want to continue Privilege Pay protection for your Visa debit and/or ATM transactions, you must opt-in.
It’s easy to Opt-In.
Simply:
- Complete and return the Opt-In authorization form by mail, fax or in person.
- Visit a Schools Federal Credit Union branch.
- Call 866/ 459-2345.
We also offer other overdraft protection options which you can set up, including automatic transfers from a deposit account or your Schools FCU Visa card.
But remember, only Privilege Pay acts as a bottom line safety net when you don’t have sufficient funds in your checking account or access to other overdraft options (which you must apply for, and be approved for beforehand).
The quickest and easiest way to avoid the inconvenience and possible embarrassment of having your transactions declined, is to Opt-In today.
Keep in mind that you can opt-out of this service at any time.
Remember, if you do not "Opt-In" now, Privilege Pay will be discontinued on your debit and ATM card transactions effective July 1, 2010.
