Privilege Pay

What is Privilege Pay?

Privilege Pay from Cyprus Credit Union helps ensure your checking and everyday debit card transactions clear in the unlikely event your checking account balance runs low.  Cyprus offers two types of Privilege Pay: Privilege Pay and Privilege Pay Plus. 

Privilege Pay will cover recurring debit card purchases, checks, ACH transfers and bill pay. This service is included in your Dream Checking account and requires no action on your part. 

Privilege Pay Plus provides all the coverage above plus one time debit purchases and ATM withdrawals. To access the coverage of Privilege Pay Plus, you will need to opt in.

What does Privilege Pay cost?

If you never use the service, you never pay a fee. It’s there for your convenience if needed. If used, a $25 fee will apply each time an overdraft is paid. There are no fees to sign up and no maintenance or annual fees apply.

How do I opt in?

You have three options: fill out the online formschedule an appointment at a branch, or call (801)260-7600, select option 4.

    What are the benefits of Privilege Pay?

    Provides Convenience – provides uninterrupted access to using your debit card
    Eliminates Embarrassment – helps avoid embarrassment of having transactions declined or checks bounced
    Gives Security – Provides coverage for unexpected expenses 
    Avoid Merchant Fees – helps avoid additional fees merchants may charge if a charge doesn’t go through

    What are alternatives to Privilege Pay?

    You can provide overdraft protection by linking your checking account to: overdraft line of credit (a loan linked to checking account, no fees) or other savings product (automatic transfer, no fees).

    Members can have both a line of credit and Privilege Pay or Privilege Pay Plus.  Your line of credit will be utilized first, with privilege pay used once the line of credit has been exhausted.

    Tips to avoid overdraft fees:



    Comparing Privilege Pay, Privilege Pay Plus, and Overdraft Protection (Line of Credit)
    Features Privilege Pay Privilege Pay Plus Overdraft Protection
    One Time Debit Purchase  (NEW)
    ATM Withdrawals (NEW)
    Recurring Debit Purchases (NEW)
    Checks/ACH transfers
    Automatic Bill Pay
    Included with your checking account? Yes. No action is required to utilize this service. No. To access Privilege Pay Plus, you must opt in to the coverage No. You must apply for an Overdraft Line of Credit Apply for an Overdraft Line of Credit
    Cost $25 each time overdraft paid.  $25 each time overdraft paid.  No fee. Transfers and/or withdrawals made from your line of credit.

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    The products and services on this page are offered through LPL Financial or its affiliates by Registered Representatives of LPL Financial. These products and services are not credit union deposits, not credit union guaranteed, not insured by NCUA or any other government agency, and may lose value. Cyprus Credit Union is a separate entity and is not affiliated with LPL Financial.
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