Kentucky Courtesy for Businesses
What is the Kentucky Courtesy business plan and how will it benefit me?
Kentucky Courtesy for businesses is our discretionary overdraft service that can help your business avoid the headaches of returned checks. If an item such as a check, preauthorized automatic debit, telephone-initiated transfer, or other electronic transfer, is processed by us, and insufficient funds are available, we are under no obligation to pay that item. However, in an effort to provide premier service, we may pay items including any applicable fees, up to a maximum $1,500 deficit balance, for accounts in good standing (see Discretionary Overdraft Policy here for specific details). In the event something unexpected happens, causing your account not to have the available funds to cover your transactions, Kentucky Courtesy may help you avoid the embarrassment and costs of returned items.
Is Kentucky Courtesy business plan a line of credit or loan?
Kentucky Courtesy is not a line of credit or a loan. As a non-contractual courtesy, we may pay your overdrafts up to the Kentucky Courtesy limit, which can be suspended or withdrawn at any time.
Do I have to apply for Kentucky Courtesy’s business plan?
No. This is an internal policy that covers checking accounts that meet our requirements and are in good standing. Please see the Discretionary Overdraft Policy here for more information.
How does my business use Kentucky Courtesy?
Subject to the Discretionary Overdraft Policy, if you overdraw your business account and we choose to cover your overdraft, the transaction will take place automatically. Account holders should not become dependent on this policy to meet short-term cash needs.
How will I know if my business is overdrawn?
We will mail you a letter to notify you immediately each time a non-sufficient fund item is processed on your account. You may also set up alerts in online banking to let you know when specific balances or transactions occur.
What if I overdraw more than my limit?
In most instances, any items, including applicable fees which exceed your Kentucky Courtesy limit, will be returned. If you have special circumstances please call us; we want to serve you.
How quickly do I have to deposit funds to cover an overdraft?
The Discretionary Overdraft Policy states that you are required to deposit funds immediately to cover any overdrafts. If you do not deposit funds to cover your overdraft, we will suspend your Kentucky Courtesy privileges until your business account is in good standing. If you go 45 days with a negative balance, and do not reply or deposit funds, your account will be closed and reported to a consumer reporting agency and/or collection agency.
Can I opt-out of the Kentucky Courtesy business plan at any time?
Yes, if you do not wish to be included under this policy and would prefer to have your non-sufficient fund items returned and/or denied, please call 1-800-467-1939. A Returned Item Fee will be assessed if your items are returned.