New regulations may affect your checking account.

What is changing with my checking account?
Effective July 1, 2010 for new members and August 15, 2010 for current members, we cannot authorize and pay overdrafts for the following types of transactions unless you ask us to (meaning you “opt-in”):

• ATM transactions
• Every day debit card transactions

We currently may pay debit card transactions, even if you do not have the funds in your account to cover it. This is to protect you from the inconvenience and embarrassment of having the transaction declined.   
  

An example of how this works:
Let’s say you are at a grocery store, you have $50.00 in your checking account (less than you thought) and would like to pay your bill for $124.00 with your debit card. This is a case of an overdraft. Here’s what happens:

1. For all overdrafts, we will transfer money from any savings accounts under the same member number as your checking account to cover the overdraft. This transfer fee is only $2 (plus tax) for each transaction and we automatically do this for all of our members - no need to sign up. (For more information about all of our overdraft protection options, click here or give us a call.)
2. Let’s say that you don’t have enough money in your savings accounts to transfer the $74.00 that you’re short to pay your grocery bill:
• If you have Opted-in, we will usually cover your overdraft and charge you a $25 overdraft fee. Your debit card will go through and you can pay for your groceries.
• If you have chosen to NOT Opt-In, there will be no fee but your debit card will be declined and you’ll have to use a different method of payment for your groceries.

What if I already have Overdraft Advance?
Overdraft Advance is one of our Overdraft Protection Options but it CANNOT BE USED FOR ATM TRANSACTIONS OR EVERY DAY DEBIT CARD TRANSACTIONS UNLESS YOU OPT-IN.

What if I don’t plan on ever being overdrawn?
Great! If you’re never overdrawn, then this service will never kick in. However, even members who don’t plan to be overdrawn will occasionally find themselves in an emergency situation or may find that a deposit has been delayed through no fault of their own. If you opt-in, you will be covered in the rare instance that your account accidentally becomes overdrawn. There is no charge to have the service, you only pay in the event that you use it.

How do I opt in?
Click here and submit the short form. It only takes a minute and it’s a great service to have in case of an emergency. Be sure to list all of the accounts that you want this protection for.

What if I don’t want to opt-in?
If we do not receive a response from you, we will stop covering your overdrawn ATM and every day debit card transactions beginning August 15, 2010. If you change your mind at any time, you can always contact us at 378-0101, x0.

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