Recently enacted federal regulations require financial institutions to obtain your consent before being able to provide you with overdraft services for everyday debit card and ATM transactions.
Previously, Technology Credit Union would pay your everyday debit and ATM card transactions regardless of whether sufficient funds existed in your account. However, new federal regulations now require that all consumers give us permission to cover ATM and everyday debit card transactions in the event of an overdraft, even if we’ve done so in the past. Once these regulations are in effect, if you do not give us your consent through a process known as ‘opting-in’, we will be required to decline your card purchase if you do not have enough money in your account.
We understand that deciding whether to opt-in to overdraft services is a big decision. We encourage you to consider your spending habits and record-keeping processes and how frequently you use your ATM or debit cards before choosing to opt-in or not to use overdraft services.
There is no need to make that decision now, as the regulation does not go into effect until August 15, 2010 and Tech CU will not change its current process for overdrafting for existing members until that date.
If you have questions about overdraft services and what your options are, please contact a Tech CU representative at 800-553-0880.
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