Introduction
Due to a regulation change
from the federal government that goes into
effect on August 15, 2010, we need your
permission to continue overdraft service for
ATM and everyday debit card transactions.
If you do not contact us by August 15, 2010,
you will no longer have this service on your
account, which means if you use your ATM or
debit card for an everyday transaction that
overdraws your account the transaction will
be declined.
This regulation does not effect overdrafts
from checks or automatic payments. We
will continue to provide overdraft service
for these types of transactions.
If
you make an ATM transaction or everyday debit card
purchase that overdraws your account, overdraft
service enables us to honor your purchase and charge
you a fee. |
|
Q) What
happens when my account is overdrawn?
A) Currently if you have
an overdraft, First Florida Credit Union may cover
your transaction, but charge you a fee for this
service (see the terms and agreements of your
account for details). After August 15, 2010, we
need your permission to continue offering
this service on your ATM or debit card.
Q)
If I have insufficient funds in my account, won’t
my card simply be declined?
A) If you do not
continue overdraft service, starting August 15,
2010 your transaction will be declined. However,
if you contact us to continue overdraft service,
we will continue to cover your account as we did
in the past, charging a fee for the
service when it is used.
Q)
When does the change take effect?
A) August 15, 2010.
Q)
If I do nothing, what will happen if my account is
overdrawn?
A) If you do not
continue overdraft service and you make a
transaction that overdraws your account or that is
applied to an already overdrawn account, your
transaction will be declined.
Q)
I never overdraw my account; why would I have to
continue something that charges a fee?
A) We only charge you a
fee if you use it. Hopefully you will never have
to, but it’s nice to know it’s there if you need
it. This is especially important if you have more
than one person using an ATM or debit card
attached to your account. You may never know when
the other person might make a transaction that
overdraws your account.
Q)
If I decide to continue overdraft service now, can
I change my mind later?
A) Yes, you may add or
remove overdraft service at any time.
Q)
Does this change affect check overdraft and
automatic bill payments?
A) No, it does not
apply to these transactions. First Florida Credit
Union will continue to provide overdraft service
for checks and automatic bill payments and charge
the standard fees that apply. |
