Advantage. Where Smart People do Smart Banking

Smart Pay

As a courtesy to Advantage FCU members, Smart Pay will automatically cover overdrafts on your personal checking account to the amount for which you qualify.
With Smart Pay, you will:

• Have the security of knowing that you will be covered if you accidentally
  overdraw your account.

• Avoid the added charges (from merchants) associated with “bounced checks.”
  You will pay $29.00 once, instead of an NSF fee plus a merchant's fee.

• Enjoy added flexibility in managing your accounts.

Frequently Asked Questions

What is Smart Pay? Smart Pay is a courtesy program, offered at the discretion of Advantage to members who maintain their accounts in good standing. With Smart Pay AFCU may pay any overdrawn checks on your personal checking account.

Who qualifies for Smart Pay? Smart Pay is available to all members age 18 and over whose share draft (checking) accounts have been open three months and maintained in good standing.

Do I have to apply for Smart Pay? No, Smart Pay is a privilege of your personal checking account.

What are the benefits of Smart Pay? With Smart Pay you are saved the embarrassment and expense of “bounced” checks. If you forget to deduct a check or debit payment, make an error in your checkbook, or if you need to mail a bill just before you get paid, Advantage may cover your check.

How does Smart Pay work? If you do not have enough money in your checking account to cover an item we receive for payment, Advantage may pay the check or debit up to the dollar amount for which you qualify. The dollar amount of your Smart Pay privilege is based on all your deposits at the time you use the plan.

How can I check my deposits to see if I qualify? To check your accounts at any time, use Teller Anytime Home Banking at www.advantagefcu.org, or call Access Line (585) 454-5900 Press 2. Toll Free (888) 454-AFCU Press 2.

What if I go over my Smart Pay limit? When you exceed the Smart Pay limit, any additional items will be returned or declined when presented for payment.

How will I know when I am overdrawn? We will mail you a notice when your account is overdrawn.

Is there a charge for Smart Pay? Smart Pay has no cost unless you use it. If you overdraw your account by using Smart Pay, a $29.00 service charge will be assessed for each item paid for you by the credit union. You will save the cost of charges that would be charged by merchants/payees.
Items that exceed your Smart Pay limit will be assessed a $29.00 insufficient funds fee for each item and returned as NSF.

What type of transactions qualifies for the Smart Pay service? Preauthorized debits (ACH), bill payer items, and checks not presented over the counter at an Advantage branch or shared branch outlet.

Can I use Smart Pay to pay an Advantage loan payment? No, Smart Pay cannot be used to meet this obligation.

Can I use Smart Pay to cover VISA Check (Debit) Card or ATM card transactions?
Yes

How about covering transactions made at a shared branch facility?
No, Smart Pay does not apply in this case.

How long do I have to bring my account into balance? You should bring your checking account to a positive end-of-day balance as soon as possible and certainly within 20 days. However, depending on the situation, we can ask for repayment at any time. Any deposit that is made will automatically be applied to any overdrawn balance and associated fees, first.

What happens if I can’t bring my account(s) to a positive balance? Your Smart Pay privlege will be suspended or revoked until the account is returned to good standing. If your account balance is negative for 60 days, you could lose your checking privileges at Advantage.

In the past, money would be automatically taken from my savings account to cover an overdraft. Is this still the case? The sequence for handling overdrafts is as follows: First, if you have an overdraft line of credit, we will cover the overdraft from your line of credit. Second, if you do not have an overdraft line of credit, your share accounts will be used to cover the overdraft. Last, if you have no overdraft line of credit, and funds are not available in savings, Smart Pay will automatically cover the overdraft for accounts that qualify.

What if I prefer not to have Smart Pay? We can change your account status so that no overdrawn items are paid using Smart Pay. You can opt out of Smart Pay by calling (585) 454-5900, Press 5.
Click here to Opt out of Smart Pay now. smartpayoptout@advantagefcu.org

What’s the difference between Smart Pay and an Overdraft Line of Credit?
The difference between Smart Pay and a line of credit is that you must apply and be approved for a line of credit in a specified amount – say, for instance, $1,000. You pay a $20 annual fee for your line of credit, and an annual percentage rate of 16.95%.
Smart Pay is a non-contractual courtesy, offered by the credit union to members who maintain their accounts in good standing. Smart Pay costs you nothing unless you use it. A $29 fee is charged for each overdraft item covered by Smart Pay.

For more information on this or any of Advantage's products or services, please call
585-454-5900, Press 5.