Privilege Pay is a service provided by Family First FCU that will authorize the credit union to pay your checks and ACH (Automated Clearing House) withdrawals such as insurance payments even if the balance in your account is insufficient.
There is a fee of $30 for EACH item paid through Privilege Pay. You have up to 15 days from the date your checking account becomes overdrawn in which to bring the account back to a positive balance. (A positive balance refers to the account having a balance of $0 or greater at the end of a day.)
Privilege Pay is normally made available on checking accounts 3 months after the checking account is opened (on the first day of the next month). In some cases, Privilege Pay is not available and the member(s) will be notified of this situation at account opening. Privilege Pay will be automatically suspended if the checking account is not brought to a positive balance within the 15 day timeframe as noted above.
Privilege Pay may be cancelled by the credit union at any time in cases of account abuse. The dollar amount limit for Privilege Pay when available is:
Basic Checking and PLUS Checking – $100 Select Checking – $300 Preferred Checking – $500
What other options are available?
Your first and best option is to always ensure that you have sufficient money in your checking account before you write a check or authorize a withdrawal.
Your next best option is to keep money in your Savings account . The credit union will transfer from your Primary (000) Savings to your checking in $100 increments. There is a $3 per transfer fee. The credit union will not transfer from secondary savings accounts or other account numbers without written authorization on file.
What do I need to do?
If you want Privilege Pay to ONLY cover checks and ACH withdrawals, you don’t have to take any action. Unless you were notified otherwise, Privilege Pay will be available to you after 3 months.
If you do not want Privilege Pay protection on your checking account, please notify the credit union in writing or complete an Opt-Out form (available at the credit union or by mail).
If you would like to have Privilege Pay ALSO cover ATM or Debit Card transactions, you must complete an Opt-In form (available at the credit union or by mail).