September 17, 2010
In November 2009, the Federal Reserve finalized changes to Regulation E, which implements the Electronic Fund Transfer Act that affects paid overdrafts at the ATM and everyday debit card transactions. The changes require you to notify us if you want us to pay ATM and everyday debit card transactions when you do not have enough money in your checking account to cover the transaction.
The standard overdraft practice, for Santee Cooper Credit Union, is to review your financial history and behavior to assist us in determining to pay an overdraft or return the item non-sufficient funds (NSF). Effective September 24, 2010, if you do not “opt in” for us to do so, overdraft will not apply to any ATM and debit card transactions when you do not have sufficient funds in your account to pay the item.
The government has designed the Opt-In form (see link above/below) for you to notify us of your decision. If you do not authorize us, then any ATM and debit card transaction that is processed when you do not have adequate funds in your account will be declined, after September 24, 2010.
If you do authorize us, then overdraft may, at our discretion, apply to any ATM and debit card transaction that is processed when you do not have adequate funds in your account; this will create a paid overdraft, and you may be charged a $ 30.00 (Paid NSF) fee. Of course, we retain the right to pay or not pay any items when there is not enough money in your account to cover the transaction.
Your decision is required regarding whether we should pay or not pay ATM and everyday debit card transactions. Please complete, sign, and return to us the Opt-In form (see link above/below). Your direction (to pay or not to pay ATM/debit card items when you do not have sufficient funds) will be applied to your account within two business days upon receipt of your direction.
If you do not respond to this letter by September 24, 2010, the new regulation requires us to interpret your non-response as directing us to NOT pay ATM and debit card transactions when you do not have sufficient funds in your checking account.
We appreciate your business and look forward to continuing to serve your financial needs. If you have any questions, or need assistance with your account, please give us a call at (843) 761-4001 in Moncks Corner or (843) 839-2225 in Myrtle Beach.
Santee Cooper Credit Union