 IMPORTANT INFORMATION REGARDING YOUR CHECKING ACCOUNT
As you might be aware, new regulatory requirements will change how overdrafts are handled by financial institutions for consumer accounts. Since these changes may affect the way you manage your account, we want you to understand the choices that you will have with Community Powered Federal Credit Union.
As a benefit of your relationship with us, you may have Overdraft Privilege on your account in the amount of $500. With Overdraft Privilege, if you inadvertently overdraw your account, we have the option to cover your overdrafts up to $500 including fee(s) and thereby saving you the embarrassment and inconvenience of a returned or declined item, as well as the fee normally charged to you by merchants for items returned to them. The amount of the Overdraft Privilege is not shown in your available balance, but may be available to you for ATM cash withdrawals, checks, telephone and Internet Banking, ACH transactions, and when you use your debit card for purchases at retail merchants.
Because of the new regulatory requirements, the Overdraft Privilege service you may currently have for ATM and everyday debit card transactions will only continue until August 15, 2010, unless you notify us that you wish to continue to receive the service for those transactions after August 15, 2010. If you want Overdraft privilege to continue to apply to your ATM and everyday debit card transactions, you can contact us by:
- Calling Customer Service at (302) 368-2396
- Completing a form and mailing it to us or bringing it by one of our convenient branch locations;
- Sending us an email at optin@dplfcu.org
Overdraft Privilege will continue to be available for checks, ACH, and automatic bill payments unless you elect to opt out of the Overdraft Privilege service in its entirety by contacting Customer Service at 302-368-2396.
Overdraft Privilege is a service provided to help you, should an overdraft occur. Your account will still be charged the standard overdraft fee of $18 for handling each item, which is the same fee that the Bank charges for items drawn against insufficient funds and returned to the payee. If multiple items are presented against your account on the same day, each item will be assessed the appropriate fee.
Please be aware Overdraft Privilege is not a line of credit and this notice does not constitute either a written agreement of an obligation or a prearranged agreement to pay your overdraft, and we may withdraw this privilege at any time. Please take a moment to review the Discretionary Overdraft Privilege Policy that will apply after August 15, 2010.
It is our pleasure to offer this Overdraft Privilege to you. To ensure that you continue to have access to your overdraft limit through ATM and everyday debit card transactions, please notify us before August 15, 2010.
We appreciate your business, and want to make sure you have the information you need to make the right decision for you. If you have any questions regarding Overdraft Privilege, simply visit the branch nearest you, or contact Member Services at 302-368-2396.
 Click here if you want to have us authorize and pay ATM transactions and everyday Debit Card transactions.
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What you need to know about overdraft and overdraft fees
