New Overdraft Protection Rules 
That Will Impact You

The Federal Reserve Board has implemented new rules regarding your ATM and Debit Card that will go into effect August 15, 2010.  These rules require financial institutions to obtain Opt-In authorization from you before we can allow Overdraft Plus to cover certain transactions that would cause your account to go negative.  If you do not opt-in for this service, your transaction could be denied at the ATM, restaurant, grocery store or any other place that you attempt to use your card if you do not have sufficient funds to cover the transaction.

These rules do not apply to Overdraft Plus associated with checks written, ACH items, or recurring debit card transactions, such as regularly sheduled bill payments.  This is because the Federal Reserve recognizes that most customers want overdraft services to cover important bills, such as rent, utilities, and other necessary purchases.

Questions and Answers

What if I already have overdraft protection, do I still need to Opt-in?

Yes.  If we have not received an opt-in form from you by August 15, 2010, Overdraft Plus on your ATM / Debit card purchases will be removed.  We must have an Opt-In form from you to continue this service due to the new regulation.  Click Here To Print The Form

Why Should I Opt-In?

It is important to understand that the new legislation restricts by default an important service that you as a United Southeast Federal Credit Union member have relied on for years.  Without this overdraft protection program, members who attempt to make transactions without sufficient money in their account to cover the purchase could have their debit cards rejected by the retailer.

How Do I Opt-In?

Complete the Opt-In form and return it to United Southeast Federal Credit Union before August 15, 2010.  Be sure to sign the form and check the box authorizing United Southeast Federal Credit Union to provide coverage for your ATM and Debit card transactions.  The form can be mailed or returned to any United Southeast FCU office. Click here to print the form.

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 overdraft in two different ways:
     1.  We have standard overdraft practices* that come with your account
     2.  We also offer overdraft protection plans such as linking your share draft account to other 
          share accounts or to a line-of-credit loan**, which may be less expensive than our standard 
          overdraft practices.  To learn more, ask US about these plans.
  *must be eligible for service-call for details
**subject to credit approval