Overdraft Protection

What is Overdraft Protection?

Capitol Credit Union’s Overdraft Protection options allow funds to be transferred from a previously linked account (share savings, money market, line of credit) to a checking account to ensure the item is paid.  Overdraft Protection does not allow the account to overdraw in the event an item attempts to clear.

Overdraft Protection Transfer Options:

  • Line of Credit ($0 per transfer, transfers in $100 increments)
  • Share Savings/Money Market ($4 per transfer, transfers in $25 increments, subject to Regulation D limitations)

How do I sign up for Overdraft Protection?

Request for Overdraft Protection must be completed in writing, please visit any of our branch locations to sign up. If you are unsure whether your account currently uses Overdraft Protection, please contact us. 

What is Overdraft Privilege (Courtesy Pay)?

Capitol Credit Union offers Overdraft Privilege (Courtesy Pay) to members with established account history as another means of account protection. This service is provided so that items which would otherwise be returned NSF (Non-Sufficient Funds) are paid. If an Overdraft Protection option is set up on your account, the credit union will attempt to utilize this method prior to using Courtesy Pay.

Do I need to sign up for Courtesy Pay?

Members must opt-in to Courtesy Pay for ATM and everyday debit card transactions, otherwise those types of transactions will be declined unless sufficient funds are present in the account. There is no cost involved to opt-in, fees are incurred only when Courtesy Pay is used to clear a transaction. The fee for Courtesy Pay is $40.00 per item.

For checks and ACH items, members with a Capitol Credit Union checking account will be automatically enrolled in Courtesy Pay given certain qualifications are met.

If I have Courtesy Pay will my items always be paid?

Capitol Credit Union maintains the right to pay overdrafts at the credit union’s discretion.  This means there is no guarantee that the credit union will authorize and pay any transaction(s) when there are insufficient funds in your checking account or designated Overdraft Protection accounts to cover the items.  Capitol Credit Union reserves the right to suspend Courtesy Pay privilege without notice, for any reason.

How do I opt-in?

In order to opt-in and protect your card transactions, simply complete the opt-in authorization form and drop it by a branch location, fax it to us at (512) 873-8657, or mail it to: 

Capitol Credit Union
Attn: Accounting Services Support
P.O. Box 81647, Austin, TX 78708

If you are unsure whether you are currently opted-in to Courtesy Pay, please contact us.

If I don’t have a debit card, why should I opt-in?

Should you wish to obtain a Capitol Credit Union debit card in the future, you will be assured your debit card transactions are protected.

If I opt-in now, may I opt-out in the future?

Yes, you may revoke your consent in the future by completing and submitting an opt-in authorization form.

May I then opt-in again in the future?

Yes, you may opt-in again by completing and submitting an opt-in authorization form.

Home Equity Loans & Home Equity Lines of Credit (HELOC)

What is the difference between a home equity loan and a home equity line of credit?

A home equity loan is a mortgage loan that is collateralized by the difference in the value of your home and any other loans that you may have against your home. 

A home equity line of credit (HELOC) is a revolving mortgage loan with a set credit limit. Like a home equity loan, a HELOC is collateralized by the difference in the value of your home and any other loans that you may have against your home. We encourage you to make CCU your primary financial institution by setting up a checking account, enrolling in online banking and setting up monthly payments through our online Bill Pay service. 

How much can I borrow?

You can borrow up to 80% of the fair market value of the property minus the principle balances of any outstanding mortgages on the property. At Capitol Credit Union, home equity loans range from $10,000 to $250,000.  HELOCs range from $10,000 to $150,000.

How are home equity loans and HELOCs structured?

A home equity loan is a closed-ended loan with regular required monthly payments. The repayment terms will be determined based on the amount financed. 

A HELOC is a revolving account with monthly payments required only so long as you maintain a loan balance. You can obtain as many advances as you need up to your available credit limit for up to five years, with your borrowing power replenished as you repay the loan. Initial draw minimum is $10,000 and the minimum for subsequent draws is $4000. 

Can I have more than one home equity loan/HELOC?

No. You can only have one home equity loan or HELOC at a time. Texas law states that if your home was used as security for a home equity loan or HELOC in the past year, a new loan secured by the same property may not close before one year has passed from the closing date of the other loan.

Does my mobile home qualify for a HELOC?

Mobile homes and modular homes, even on permanent foundations, are not eligible for this program. A residence that is not the member’s primary residence or is not a single family dwelling will not qualify. 

Is the interest tax-deductible?

Yes, in most cases you can deduct 100% of the interest you pay from your federal income tax. Generally, interest on a home equity loan/HELOC up to $100,000 is tax deductible. You should consult with a tax advisor regarding your tax situation. The tax advantages can make a big difference in the total after tax interest that is paid on a loan.

Can I have a home equity loan/HELOC on property that is not my primary residence?

Yes. You may borrow against the equity in your home or a second home but home equity loans/HELOCs from Capitol Credit Union are only available on primary residences.

What is the process for getting a home equity loan/HELOC from Capitol Credit Union? 

To get a home equity loan application please contact us. We will process the application and have a preliminary decision for you within two business days. After the approval, it takes a minimum of 15 days to receive your funds. A home equity loan cannot be closed before the 12th day after submitting the application, and there is a three-day right of rescission. The closing date will depend on getting all of the necessary information and documentation for closing. A loan specialist will talk you through the process and let you know all the documentation you will need. 

External Loan Payments

Why is there a convenience charge?

CCU incurs expenses for processing loan payments with a credit card, debit card, or from accounts at another financial institution.

We encourage you to make CCU your primary financial institution by setting up a checking account, enrolling in online banking and setting up monthly payments through our online Bill Pay service.

What are the charges?

The convenience charge for using the self-service web portal is $5. If a CCU Member Service Representative processes the payment, the charge will be $15.

How can I get around paying the convenience charge?

Payments made from a CCU savings or checking accounts are free. Making CCU your primary financial institution comes with many benefits.

What do I need to make my payment?

To pay via the Web Portal, you’ll need your member number, your date of birth and the last four digits of your Social Security number. To make a payment by phone with a CCU Member Service Representative, you’ll need your member number and your loan number.

What do I need for the Web Portal?

To pay online, set up an account for the online payment system. If you can’t remember your username or password, you’ll be asked to set up a new account with the online payment system.

SWBC administers the web portal and cannot reset passwords. Payments made through CCU online or mobile banking are free and easy to make. If new loans are established or if you didn’t select all your loan accounts during registration you’ll need to re-register. 

When will payments post?

Payments will be posted to your account the day of the transaction or the day after.

Can I payoff my loan through the online or automated phone service?

You can pay off your loan by calling the CCU Call Center or in person at a branch. Fees may apply.

Why can’t I see my loan on the web portal?

Loans are searchable by the borrower and co-borrower’s names. You will not be able to see a loan if you are not listed as a borrower on unless you have the information required to access that loan. The web portal will only display your loan accounts. Also, a loan must be in good standing to be accessed via the system.

Can I pay less than the minimum?

The Web Portal will accept less than the minimum payment due. Payments are limited to $750 or less per transaction. If you are past due on your loans, you’ll need to call the Call Center or visit your local branch to get your loan back in good standing.

What types of loans can I pay?

You can make payments on mortgages, home equity/HELOCs, personal loans, auto loans, lines of credit, and motorcycle/boat/RV loans. 

How will I know my transaction was successful? 

For web portal payments, you will receive an emailed confirmation letter.

What if I need to dispute a payment? 

Please contact your external account’s financial institution.

Let's Get in Touch

Online, over the phone, and even by mail.

Contact Us