Courtesy Pay Q & A
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URGENT ACTION REQUIRED.
CALL 1-800-437-9578 BY AUGUST 15TH
Q: WHAT IS COURTESY PAY "OVERDRAFT" PROTECTION ON MY ATM/DEBIT CARD?
A: When you use your debit card at a store, if the $ purchase amount is over your amount in your deposit account, the credit union will pay the purchase amount and take your account into the Courtesy Pay "overdraft"…it's like a mini-loan! This is the same on your ATM transactions when you do not have enough funds on deposit.
Q: DOES THE CREDIT UNION CHARGE ME A FEE FOR THIS COURTESY PAY
"OVERDRAFT"?
A: United Local Credit Union charges just $20 per "overdraft" into your Courtesy Pay. Then, you get 30 days to pay it back and restore your Courtesy Pay balance to zero. (NOTE: Many area financial outlets are charging as much as $40 per transaction!)
Q: SO, IF I ALREADY HAVE OVERDRAFT WITH MY ATM/DEBIT CARD, WHY DO I NEED
TO REACT NOW?
A: Congress is currently working on the Financial Services Reform Act in order to better protect the consumer. So, they recently passed a new Regulation requiring each consumer to actually request or "OPT IN" to the overdraft privilege before August 15, 2010…even if you already have the feature on your ATM/debit card.
Q: WHAT DO I NEED TO DO?
A: SIMPLY CALL 800-437-9578 before August 15, and the credit union's Information Response Team will answer. You will be asked some basic "identity" information. Then they will keep the Courtesy Pay "Overdraft" feature on your account.
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