Courtesy Pay Overdraft Opt-In Request
On November 12, 2009, the Federal Reserve finalized changes to Regulation E, which implements the Electronic Funds Transfer Act that affects Overdrafts caused by ATM and everyday debit card transactions. This regulatory change requires you to notify us whether you want us to pay ATM and every day debit card transactions when you do not have available funds in your checking / share draft account to cover the transaction.
As you know, Courtesy Pay Overdraft Service protects your checking account when you don't have available funds in your checking account to cover a retail transaction. After August 15th, 2010, we will not authorize overdrafts for ATM and everyday debit card transactions that will cause your account to go negative unless you tell us you want to Opt-In. Please note that you do not need to sign the form to continue Overdraft Services for checks or ACH items. Find more details about our Courtesy Pay Overdraft Service. Otherwise, continue scrolling to read the following and Opt-In!
Courtesy Pay Overdraft Service Opt-In Request
WHAT YOU NEED TO KNOW ABOUT OVERDRAFTS AND OVERDRAFT FEES
An overdraft occurs when you do not have available funds in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:
- We have standard overdraft practices that come with your account, which in essence, allows your account to go negative due to overdraft occurrences.
- We may also offer overdraft protection plans, such as a link to a share/savings account. This applies to check writing and ACH automatic electronic debits only, which may be less expensive than our standard overdraft practice. To learn more, ask us about these plans.
The notice explains our standard overdraft practices.
What are the standard overdraft practices that come with my account? We do authorize and pay overdrafts for the following types of transactions:
- Share drafts/checks and other transactions made using your checking account number
- ACH automatic electronic transactions
We will not authorize and pay overdrafts for the following types of transactions unless you ask us to:
- ATM transactions
- Everyday debit card transactions (any one-time transaction including a point-of-sale transaction, an on-line transaction, or a telephone transaction).
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.
If we do not authorize and pay an overdraft, your transaction will be declined.
What fees will I be charged if Earthmover Credit Union pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee of $28.00 each time we pay an overdraft.
- There is no limit on the total fees we may charge you for overdrawing your account.
What if I want Earthmover Credit Union to authorize and pay overdrafts on my ATM and everyday debit card transactions?
If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, complete the form below, call 630-844-4950, or mail a completed form to Earthmover Credit Union, PO Box 2937, Aurora, IL 60507-2937.
(You have the right to revoke your authorization at any time by contacting us using one of the authorization methods listed above.)