Providing Your Credit Union with the Best Benefits

How Does a Credit Union Benefit from Courtesy Pay?

When it comes to the business of a credit union, you want to make sure that you’re not only providing your members with the best services but also services that benefit your business. Today, we’re going to be learning more about courtesy pay and how it can help benefit your credit union. Learn more and connect with SmartStep to get started today!

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What is Courtesy Pay?

Credit unions can offer courtesy pay programs, which allow the institution to cover a transaction when an overdraft might occur. Courtesy pay can become your union’s form of standard overdraft protection. This can allow you and your clients to feel a sense of security when it comes to how their money is being handled. Courtesy fees can also be called, c-pay fee, cp fees, or cp item.

What Does it Cover?

A courtesy payment can cover a variety of things. Credit unions, unlike banks, don’t require you to either opt into or out of overdraft protection. Courtesy pay with credit unions can automatically apply to various forms of transactions such as checks, ACH transactions, recurring debit card transactions, and more!
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Is My Credit Union Eligible for it?

The majority of credit unions are eligible for adding courtesy pay into their list of benefits. As long as you have the majority of your accounts in good standing, you can be eligible. In order to consider an account in good standing it must have the following:
  • Regular deposits
  • No charge offs
  • No delinquent accounts
  • Active for at least 30 days

SmartStep and Courtesy Pay

SmartStep is thrilled to announce that they are offering courtesy pay for credit unions. Courtesy pay tends to be a more affordable option for the client and the credit union to go through. Banks tend to charge higher rates, so our solution is a win-win for everyone! Find the best programs and benefits to offer your clients with SmartStep!
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Experience the many benefits of courtesy pay by connecting with SmartStep Solutions. We’re here for you and your credit union. Learn more by connecting with us directly today!