A Special Message From Your Credit Union
At the beginning of this year, the Federal Reserve Board instituted changes to Regulation E, otherwise known as the Electronic Funds Transfer Act.
Under these changes, we here at Your Credit Union are required to explain our overdraft protection policies and offer you a chance to sign up for overdraft protection/courtesy pay for your checking account.
What is overdraft protection/courtesy pay?
Overdraft protection was designed to keep your important checks and debit card payments from going unpaid due to lack of funds. This keeps your checks from bouncing and avoids non-payment of bills that are paid automatically online. Currently, we offer overdraft protection for:
- ATM Transactions
- Point-of-Sale (In-Store) Transactions with a Debit Card
If you overdraw your account and have overdraft protection, the credit union pays the amount due and charges a fee for each transaction over the zero balance (up to $500). If you do not have overdraft protection or courtesy pay for your accounts, you will not be able to make more purchases until money is put back into the account in question.
Frequently Asked Questions:
Can I still have overdraft protection on my account?
Yes. All you have to do is:
- Go to our website
- Click the banner on the home page
- Fill out the secure form
- Watch your email for the confirmation alert
Save your confirmation alert. This email will contain information about your right to revoke consent, should you ever want to cancel overdraft protection on your account.
I have courtesy pay currently, and have used it before, do I need to re-enroll?
Yes. Everyone who would like to use courtesy pay must use the opt-in form. If you do not fill in this form, you will lose overdraft protection on August 15, 2010.
Will I be penalized if I do not enroll in overdraft protection?
No. Your accounts will not be penalized or serviced differently. The only difference will be that transactions that might put your checking or debit account over the limit will be denied at point of sale, and checks written that might overdraft your account will be denied.
Opt-In to Courtesy Pay and Overdraft Protection
Simply Click This Link to visit our site
Or Click Here to be taken directly to the secure web form.
