Important Notice: Overdraft Privilege
Action Required by 08/15/10
The Federal Reserve recently issued changes affecting financial institutions’ ability to cover overdrafts on debit and ATM card transactions. Under these changes, Palmetto Citizens Federal Credit Union is required to explain our overdraft protection practices and offer you a chance to sign up for Overdraft Privilege. If you choose not to continue this service, debit card and ATM card Point-of-Sale (POS) transactions will be declined if sufficient funds are not available in your account starting August 15, 2010.
What is Overdraft Privilege?
Overdraft Privilege is a safety net feature that may allow Palmetto Citizens to cover a charge should you mistakenly overdraw your checking account or need access to funds in an emergency.
This discretionary service is an added layer of protection to help you avoid the embarrassment and inconvenience of having transactions declined, not an invitation to overdraw your account. Best of all, this service is free unless it is used. Currently, for most members, Palmetto Citizens will pay the insufficient amount up to your approved limit ($50/$400/$700) for a $24 fee per transaction.
Frequently Asked Questions
What steps should I take to continue to have Overdraft Privilege for debit card and ATM card POS transactions?
- Click here.
- Fill out the secure form.
- Watch your email for your confirmation.
I have Overdraft Privilege now and have used it before, do I need to re-enroll?
Yes. Everyone who would like access to Overdraft Privilege for debit card and ATM card POS transactions must complete the opt-in form. If you do not fill in this form, you will lose access on August 15, 2010. You may revoke your authorization at any time.
What if I do not enroll or do not wish to continue to have Overdraft Privilege?
If you choose not to opt-in, no action is required and the credit union’s discretionary courtesy service WILL NO LONGER be used, as of 8/15/10, to cover debit card and ATM card POS transactions when there are insufficient funds in your account and will be declined. Checks, transactions using your checking account number and automatic bill payments will continue to be covered.
If you do not wish to opt-in to this free service, no action is required. Beginning 8/15/10, your debit card and ATM POS transactions will be declined if there are not sufficient funds in your account. If you have opted in since 6/1/10 and would like to opt-out, please click here to complete our secure online form.