The Island processes paper checks based on their dollar amount, low to high. This means that the smallest dollar amount will be paid first, which generally means more checks clear and you pay fewer overdraft fees. This is also consistent with ACH processing which clears electronic items in low to high dollar amount. Processing by check number or even high to low amount increases fees and creates unnecessary overdraft situations.*** Whenever possible we post credits to your account before any debit.
You can also track your balances through our free online banking service and sign up for balance alerts so you'll know when your balance is getting low.
An overdraft protection plan helps you avoid costly overdraft fees when you do not have sufficient funds in your checking account for a check, electronic debit, ATM, or debit card transaction you authorized. We all make mistakes; an overdraft protection plan can provide you with peace of mind knowing that your transactions will be covered.
When you link your checking account to your Island savings, money market account, or line of credit, we will automatically transfer available funds from them into your checking account to avoid an overdraft situation. Linking your accounts is free although there is a $5 fee charged to your savings, money market account, or line of credit for each overdraft transfer.
In order to obtain or modify an overdraft protection plan, call us at 800/848-5654 or visit any Island branch to complete a simple form. It only takes a moment, and will remain in effect until you inform us otherwise.
When you don't have sufficient available funds in your checking account including any overdraft protection plan you have established to clear your paper checks or pre-authorized electronic transactions, The Island may cover your inadvertent overdrafts up to $1,000* including fees. This overdraft service is called Courtesy Pay, and it protects you from returned checks/electronic debits. It can also help protect your good credit, save you the inconvenience and embarrassment of having your transaction declined, and reduce the possibility of additional merchant fees.
Island members in good standing** with a checking account that has been open for at least 60 days making regular deposits sufficient to cover transactions are automatically enrolled in Courtesy Pay for paper checks and pre-authorized electronic items cleared through the automated clearing house (ACH). This automatic coverage includes recurring debit card transactions for the payment of a bill that you have previously authorized. To check to see if you are enrolled in our Courtesy Pay service, call us at 800/848-5654 or visit any Island branch.
Yes, an additional level of protection is available for your ATM and one-time/everyday debit card point of sale transactions known as "Courtesy Pay PLUS." These transactions are ATM withdrawals and retail purchases initiated with your NiftiCard (i.e. WalMart, Vons, Amazon.com). You must qualify for Courtesy Pay to use this additional coverage and it requires that you complete our opt-in form. Call (800) 848-5654 or visit any Island Branch.
There is no fee to have Courtesy Pay protection, but there is a $27 fee each time an overdraft occurs and we pay it, taking your account negative.
We understand that fees and charges can become expensive, that's why we encourage you to track your balance using our free online banking service and balance alerts. We will only assess the fee if you have insufficient available funds in your checking account plus your linked overdraft protection plan accounts. Courtesy Pay is not a loan, and all fees and the overdraft amount (negative balance) are due and must be repaid to us within 7 days to avoid an overdrawn balance fee.
The automatic protection available to all members that qualify allows us to pay paper checks and electronic items cleared through the automated clearing house (ACH) and recurring debit card transactions instead of returning it for insufficient/unavailable funds.
The additional level of protection provided by Courtesy Pay PLUS, for which you may opt-in via our online form, allows us to pay your ATM and one-time/everyday debit card point of sale transactions instead of declining it for insufficient/unavailable funds.
An overdraft typically will not be paid in the following situations:
If you do not complete the online opt-in form, Island members in good standing making regular deposits simply retain their automatic Courtesy Pay protection on paper checks and electronic items cleared through the automated clearing house (ACH), including recurring debit card transactions for the payment of a bill that you have previously authorized. However, to retain the maximum protection and reduce the chances of being declined at a purchase, you may want to "opt-in" for the additional coverage.
If you would like to be excluded from the discretionary payment of overdrafts entirely, you may opt out. Any owner of the account may authorize this, and it covers all transactions on the account, regardless of which account owner initiated the transaction. To opt out:
Terms & Conditions
1 Federal Regulation D limits the number of transfers from savings and money market accounts to 6 per month. A $10 fee is charged for each transaction over the regulatory limit.
2 Payment of an inadvertent overdraft is not guaranteed and is paid at the Credit Union's sole discretion. Courtesy Pay is not a loan, and all fees and the overdraft amount (negative balance) are due and must be repaid to us within 7 days to avoid an overdrawn balance fee.
3 Lower limits may be granted at the discretion of the credit union. Courtesy Pay of an inadvertent overdraft is not guaranteed and is paid at the Credit Union's sole discretion.
4 There is a 5 per day limit on the number of times we will charge this fee.
5 Good standing means that you and any of your joint owners: