Overdraft
Protection Changes
The Federal Reserve has finalized
changes to the Electronic Fund Transfer Act. These changes
are related to how we provide overdraft protection (Courtesy
Pay) for ATM and everyday debit card transactions.
Life happens and sometimes there are
not enough funds in your checking account. Sometimes
the funds you deposited are not immediately available.
If you have a Spectrum Plus Checking account you have
the benefit of Courtesy Pay. Technicolor FCU may pay
the following types of transactions with Courtesy Pay
when funds are not available:
•Checks
•Automated Clearing House (ACH-electronic
processing of financial transactions)
•Automatic bill payments
Beginning July 1, 2010
for new accounts and August
15, 2010 for existing accounts,
Courtesy Pay will not automatically be provided on our
Spectrum Plus Checking accounts to approve the following:
•ATM transactions
•Everyday debit card transactions
Why is Opt-In Required?
Technicolor FCU is complying with the new changes to
the Electronic Fund Transfer Act. Beginning July
1, 2010 for new accounts and
August 15, 2010 for existing accounts,
we will decline your ATM and everyday debit card transactions
if you do not have enough funds available in your Spectrum
Plus Checking account. You need to tell us (Opt-In)
if you want Courtesy Pay to approve ATM and everyday
debit card transactions.
How do you Opt-in?
If you want Technicolor FCU to authorize ATM and everyday
debit card transactions when funds are not available
please complete the Opt-In
form or use our secure
online Opt-In form.
Are there Courtesy Pay fees?
We will charge 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.
If you do NOT opt-in for Courtesy Pay for ATM and everyday
debit card transactions, we will decline your ATM and
everyday debit card transactions if you do not have
enough funds in your Spectrum Plus Checking account.
There are no fees to opt-in to have Courtesy Pay approve
ATM and everyday debit card transactions and no fee
if you do not use Courtesy Pay.
We also offer overdraft transfer.
Overdraft transfer links another account, such
as a savings, to cover a transaction. The fee for this
transfer is less than Courtesy Pay. See our fee
schedule for the current fees. Please contact us
to discuss your overdraft options.
Please call us at (800) 973-4989 if
you have any questions or to Opt-In
over the phone. |
