Regulatory changes that went into effect July 1, 2010 affect your Overdraft Privilege. Please take a moment to read this important information and let us know if you want to include everyday debit card transactions and ATM withdrawals in your Overdraft Privilege.
As of August 15, 2010 for existing members and July 1, 2010 for new accounts, it will be necessary that you “opt-in” to the payment of everyday debit card transactions where such payment would result in your account being over drafted (overdrawn). Everyday debit card transactions are non-recurring transactions whether you sign, enter a P.I.N. or tap and go using the Visa PayWave feature.
If you want the Credit Union to authorize and pay everyday
debit card transactions after August 15, 2010 for existing members and July 1, 2010 for new accounts, you must opt-in using the online form or you may call us at 407-855-5452 or toll free 1-888-584-7701 (outside Orange County).
If you do not opt-in the Credit Union will deny everyday debit card transactions if you do not have sufficient funds to cover them. Additionally if you do not opt-in ATM withdrawals will only be allowed if you have the funds available in your account at the time the withdrawal is requested (subject to daily ATM withdrawal limits).
We will continue to authorize and pay overdrafts, as we currently do, through August 14, 2010 for existing members and June 30, 2010 for new accounts, for everyday debit card transactions and ATM withdrawals. However we will no longer do so after this date unless you authorize us to do so.
This change does not affect our standard overdraft practices for checks and automatic bill payments.
Overdraft Privilege is a service that allows us to pay an item presented against your share draft (checking) account even if it causes the account to become overdrawn. Overdraft Privilege may provide certain accountholders in “good standing” with the ability to overdraw their share draft account up to $750 ($300 for Fresh Start Accounts).
The Overdraft Privilege limit includes any overdraft fees assessed.
The current fee assessed for this service is $25 per item paid. As of August 15, 2010 for existing members and July 1, 2010 for new accounts we can only provide this service for checks and automatic bill payment unless you opt in and authorize us to pay everyday debit card transactions and ATM withdrawals.
Please see our Overdraft Privilege Disclosure for additional information.
What if I want McCoy Federal Credit Union to authorize and pay overdrafts on my everyday debit card transactions?
If you want us to authorize and pay overdrafts on everyday debit card transactions, you must complete the attached opt-in form or call us at 407-855-5452 or toll free 1-888-584-7701 (outside Orange County).
You have the right to revoke your consent by opting out at any time in writing.
You may also opt-out of the Overdraft Privilege in its entirety at anytime in writing. If you choose to do so you may be subject to insufficient funds fees assessed by the Credit Union and returned check charges by merchants. McCoy Federal currently charges $30 for per item returned due to non-sufficient funds.
If you need additional information please call 407-855-5452 or toll free 1-888-584-7701 (outside Orange County).
