Share Draft (Checking)

When opening a Share Draft account you are required to deposit the amount needed to pay for your first order of checks. The first order of checks comes to the credit union for verification and to pick them up you must have at least a $100 balance in the account. All checks are duplicate copies and the originals are not returned to you. A monthly service fee of $5 is charged if the balance falls below $50 during the month (waived for members 23 & under and 62 & older). The credit union can close an account if it has three or more overdrafts in a 30-60 day period. There are two options available for overdraft protection; the first option is a transfer from your Regular share account in increments of $25.00, there are transfer fees that apply and you are limited to six transfers per month. Dividends are paid on balances of $200 or more.

Courtesy Pay (Available on Checking accounts only)

Courtesy Pay is available to all members (excluding business accounts and members under 18 years of age) with an active share draft account opened for at least 90 days and have consistent deposits with an average 30 day balance of $500 in the checking. The credit union will pay items presented for payment even if funds may not be available in your checking account.  You will be charged a fee of $30 for each item that gets paid, but the item will not be returned, saving you money charged by merchants for returned items.  Once your Checking account qualifies for the Courtesy pay program you will be required to maintain your eligibility by:  Keeping your address on file current, no returned mail and all your accounts with the credit union must be current.  Items paid with Courtesy Pay are paid as a courtesy.  DAFCU reserves the right to not pay any item it believes will not be repaid. The maximum amount your account can be overdrawn is $500.  Overdraft items include checks written to third parties and electronic payments to third parties.

This coverage is only on your Share Draft (Checking) account. Overdrafts will be paid from your line of credit or by account transfer first, if applicable, before you are charged for the Courtesy Pay advance. Your account must not maintain an overdrawn balance for more than 15 days. If your account is not brought to a positive balance (zero or higher) at least every 15 days, your overdraft coverage may be suspended. If overdraft coverage is suspended for any reason, an account review fee of $30 will be due before any account review is made to determine whether overdraft privileges may be reinstated. Online Debit Card and ATM transactions will be authorized based on funds actually available in your account at the time you are doing your transaction and are not covered by the Courtesy Pay program.  You may opt out of the Courtesy Pay Program simply notify us in writing and send this to Dowagiac Credit Union, 473 E. Division St., Dowagiac, MI 49047. 

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