Courtesy Pay & Overdraft Protection

An overdraft occurs when your available balance is not enough to cover a transaction but SELCO authorizes and pays for it anyway.

We use your available balance to determine whether there are sufficient funds in your account to cover any transactions. Your available balance is your actual balance minus:

• Holds placed on deposits.
• Holds on debit card or other transactions that have been authorized but are not yet posted.
• Any other holds, such as holds related to pledges of account funds and minimum balance requirements or to comply with court orders.

Your actual balance reflects all deposits and posted payment transactions. We don’t use your actual balance to determine whether your account contains sufficient funds since it doesn’t reflect checks you’ve written that are still outstanding or transactions that have been authorized but are still pending. 

Yes, overdraft protection is an optional service that helps avoid overdraft fees by automatically transferring funds from a savings account or SELCO Platinum Visa to a checking account when there aren’t sufficient funds to cover a transaction. A $3 transfer fee is assessed when overdraft protection is used. Contact us to learn more or enroll.

SELCO’s Standard Courtesy Pay service comes with your checking account and covers overdrafts from checks and other transactions made with your checking account as well as recurring transactions scheduled for payment with your SELCO debit card.

SELCO’s Expanded Courtesy Pay covers overdrafts from ATMs and one-time SELCO debit card transactions. Expanded Courtesy Pay service is available only if you qualify and opt in.

Courtesy Pay does come with some restrictions. It is a discretionary service, and we reserve the right not to pay your overdraft. For example, we typically do not pay overdrafts if your account is not in good standing, if you are not making regular deposits, or if you have too many previous overdrafts. Your Courtesy Pay balance must be paid in full as soon as possible. Each Courtesy Pay transaction will be assessed a $25 fee.* Fees are subject to change. Please consult SELCO’s Rate & Fee Schedule for details.

*Different types of checking accounts may have different fees. For example, SELCO Elevate checking accounts charge a monthly fee instead of a “per occurrence” fee. 

SELCO automatically provides standard Courtesy Pay on SELCO Select checking accounts to qualifying members for checks, Automatic Clearing House (ACH) transactions, and recurring payments made with your SELCO Visa debit card. You must opt in to Courtesy Pay for one-time transactions, such as ATM, Point-of-Sale (POS), and debit transactions.

For SELCO Elevate checking accounts, members may choose to enroll in a limited form of standard Courtesy Pay for a monthly fee.

With Courtesy Pay, SELCO covers transactions that would otherwise be rejected for exceeding your available balance. If you have Courtesy Pay and a check, Automatic Clearing House (ACH) transaction, or recurring bill payment overdraws your account, SELCO will pay it on your behalf for a $25 fee.* This way, you won’t be charged Nonsufficient Funds (NSF) fees by merchants, contacted for the collection of a returned check, ACH, or recurring bill payment, or added to NSF tracking systems.

If you elect Expanded Courtesy Pay, you can avoid the inconvenience of having your one-time transactions denied at an ATM or merchant. Your transactions will be authorized up to your available Courtesy Pay limit. As with Standard Courtesy Pay, SELCO will charge a $25 fee to pay the transaction if it overdraws your account.

*Different types of checking accounts may have different fees. For example, SELCO Elevate checking accounts offer a limited form of standard Courtesy Pay for a monthly $10 fee instead of a “per occurrence” fee.  

On most accounts, Courtesy Pay will cover up to $300 in combined overdrafts and fees. This may be increased to $500 if you have direct deposit with SELCO.

Different types of checking accounts may have different coverage amounts. For example, the optional standard Courtesy Pay available on SELCO Elevate checking accounts will cover only up to $100 in combined overdrafts and fees.

Yes. You’ll automatically have Courtesy Pay on any SELCO Select checking account for checks, Automatic Clearing House (ACH) transactions, and recurring payments using your SELCO Visa debit card. You can also opt in to Expanded Courtesy Pay, which covers one-time debits, such as ATM, Point-of-Sale (POS), and purchases you sign for using your SELCO Visa debit card.

Members with a SELCO Elevate checking accounts will not have additional checking accounts.

Absolutely! There are a few ways to do this. You can opt out via digital banking:

From the app:

• Tap the Menu, then More to get to Overdraft Protection.
• Tap Expanded Courtesy Pay, select your account, then slide the toggle to the right to enable Expanded Courtesy Pay.

From a desktop browser:

• Click the ellipsis at the top of the screen, then select Overdraft Protection.
• Select "Expanded Courtesy Pay" from the left-hand margin, then slide the toggle to the right to enable Expanded Courtesy Pay.

Or you can call 800-445-4483, send us a secure message through digital banking, or stop by your local branch. You can also opt in anytime, even if you previously declined.