Courtesy Pay Opt-In Notice9/01/2010
Due to recent regulatory changes it is now necessary that you opt-in or opt-out of the payment of everyday point-of-sale transactions in cases where such payment will result in your account being overdrafted. If you wish to continue authorizing the credit union to pay such transactions after July 1, 2010, you must opt-in. If you do not opt-in the credit union will deny point-of-sale transactions if you do not have sufficient funds to cover them.
About Courtesy Pay:
Courtesy Pay is a service that allows us to pay an item presented against your share draft account even if it causes the account to become overdrawn. Courtesy Pay may provide certain accountholders in �good standing� with the ability to overdraw their share draft account up to $500. The Courtesy Pay limit includes any overdraft fees assessed. The current fee assessed for this service is $30 per item paid. If the account has been open at least 90 days and maintained in good standing*, we may, at our sole discretion, pay overdrafts up to the limits mentioned above, including our normal Non-Sufficient Funds or Courtesy Pay charge(s). Whether we pay or return an item, your account may be assessed a fee, either as a Courtesy Pay charge or a Non-Sufficient Funds charge, but you will not be charged both fees by us. You will only be charged a Non-Sufficient Funds charge if we do not pay the overdraft. Our current charge per item is $30 which may be changed with prior notice to you.
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What You Need to Know about Overdrafts and Overdraft Fees
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:
1. We have Courtesy Pay that comes with your account.
2. We also offer overdraft protection plans, such as a link to a savings account or share draft overdraft protection (Line-of-Credit), which may be less expensive than Courtesy Pay.
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For more information on these plans, please contact us at 800.742.5582 or [email protected].
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This notice explains our standard overdraft practices.
► What are the standard overdraft practices that come with my account?
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We do authorize and pay overdrafts for the following types of transactions:
● Checks and other transactions made using your checking account number
● Recurring bill payments using your Visa� Check Card and/or ATM card
We will authorize and pay overdrafts, through June 30, 2010, for the following types of transactions, however we will no longer do so after this date unless you ask us to (see below):
● Everyday point-of-sale transactions made using your Visa� Check Card
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.
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► What fees will I be charged if HEW Federal Credit Union pays my overdraft?
Under our standard overdraft practices:
● There is no limit on the total fees we can charge you for overdrawing your account.
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► What if I want HEW Federal Credit Union to authorize and pay overdrafts on my everyday debit card transactions?
If you also want us to authorize and pay overdrafts on everyday point-of-sale transactions, you must complete an opt-in form, which can be found here. You have the right to revoke your consent by opting out at any time in writing.
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You may opt-out of the Courtesy Pay 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 merchants. HEWFCU reserves the right to revoke Courtesy Pay privileges at anytime without prior notifications and to deny the payment of any transaction.
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You may opt-out of the Courtesy Pay 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 merchants. HEWFCU reserves the right to revoke Courtesy Pay privileges at anytime without prior notifications and to deny the payment of any transaction.
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*Refer to your Courtesy Pay disclosure for details.
For mailing permit to return your Opt-In form please click here.
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