How does Sound clear transactions on my account?

To help you save money with the Courtesy Pay program, Sound Credit Union does five very important things which other institutions may not.

1. ACH deposits (payroll, Social Security, etc.) are posted before ACH withdrawals (automatic deductions, etc.).
2. We clear checks and ACH withdrawals from “low to high” in each file we receive, which means we clear the small dollar amount transactions before the large ones. In general, this allows more items to clear your account before Courtesy Pay is accessed, and you may experience fewer Courtesy Pay or non-sufficient funds (NSF) fees. (See example below.) Keep in mind that once a debit card is used, the merchant may place a hold on the funds for 1-5 days. If additional transactions are made that exceed the available checking balance, Courtesy Pay fee(s) may be charged.
3. We will not charge a Courtesy Pay fee if the transaction that brings your account negative is $5 or less. (See example below.)
4. Funds are transferred first from your savings account (or another designated account and/or line of credit) before accessing Courtesy Pay. The charge for overdraft transfers is $5 per day, regardless of the number of transfers, instead of the normal Courtesy Pay fee.
5. Upon request, we’re happy to refund one overdraft fee every calendar year. Just ask.

 

Sound Credit Union Clearing Items Low to High	Amount			Account Balance
Beginning balance				1,000
Lunch		12		988
Gym Membership		75		913
Utilities		99		814
Rent		1,100		(286)
Overdraft Fee		29		(315)
Parking		4		(319)
Total Overdraft Fees: $29

 

 

Other Financial Institutions Clearing Items in Order of Arrival	Amount			Account Balance
Beginning Balance				1,000
Rent		1,100		(100)
Overdraft Fee		29		(129)
Gym Membership		75		(204)
Overdraft Fee		29		(233)
Lunch		12		(245)
Overdraft Fee		29		(274)
Utilities		99		(373)
Overdraft Fee		29		(402)
Parking		4		(406)
Total Overdraft Fees: $116