WHAT YOU NEED TO KNOW ABOUT OVERDRAFTS AND OVERDRAFT FEES
On August 15, 2010 a new regulation will require members to opt in for Courtesy Pay Protection. If you have insufficient funds in your account we will not be able to authorize payment for ATM or one time purchases with your debit card. We can only authorize payment of these transactions if you opt in for this service. Please read the following information and complete the form below to opt in for courtesy pay protection.
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 standard overdraft practices that come with your account.
2. We also offer overdraft protection plans, such as a link to a savings account, which may be less expensive than our
standard overdraft practices. To learn more, ask us about these plans.
This notice explains our standard overdraft practices.
What are the standard overdraft practices that come with my account?
We do authorize and pay overdrafts for the following types of transactions:
· Checks and other transactions made using your checking account number.
· Automatic bill payments.
After August 15, 2010 we will not authorize and pay overdrafts for the following types of transactions unless you ask us to. (see below):
· ATM transactions
· Everyday debit card transactions
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.
If we do not authorize and pay an overdraft, your transaction will be declined.
What fees will I be charged if Leadco Community Credit Union pays my overdraft?
Under our standard overdraft practices:
· We will charge you a fee of up to $30 each time we pay an overdraft.
· There is no limit on the total fees we can charge you for overdrawing your account.
What if I want Leadco Community Credit Union to authorize and pay overdrafts on my ATM and everyday debit card transactions?
If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions after August 15, 2010 you must let us know by one of the following:
* Call us at (573) 431-1882 (Park Hills), (573) 747-1882 (Farmington), toll free at 866-590-9998
* Send us a secure message through online banking, email us at mail@leadco.org
* Click here to print our Courtesy Pay Continuation Form, complete the form and return it to us.
* Complete the form below
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Couresy Pay Continuation Form
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