Important Information
New Overdraft Rules for Debit & ATM Cards

New Federal Reserve regulations under "Reg. E" require all financial institutions to notify consumers of overdraft fees with regards to everyday debit card transactions and ATM card transactions.

In order for Concho Educators FCU to comply with this new regulation, we are asking that your complete the Opt-In Form and return it to us by July 31, 2010. An explanation of the new rule is listed below.

What You Need to Know abut Overdrafts and Overdraft Fees

An overdraft occurs when you do not have enough funds in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways.

1. We have standard overdraft practices that are associated with your checking account when you sign up for Courtesy Pay with Direct Deposit.
   (Example: Checks and other transactions made using your checking account that are paid with overdrafts)

2. We also offer an overdraft transfer plan, a link to another account, which may be less expensive than our standard overdraft practices (savings
   to checking, loan to checking). Please ask us how to sign up for this plan.

Currently, the credit union does not authorize and/or pay overdrafts for ATM transactions and Everyday Debit Card transactions through Courtesy Pay.

No fees will be charged to your account if the overdraft transaction is declined or not authorized. If we do authorize and pay your ATM or Everyday
Debit Card Overdraft, a $5.00 fee per item (maximum fee of $27.00 per item) may be charged. There are no limits on the total fees we can charge
you for overdrawing your account. Overdrafts are paid at our discretion, wich means we do not guarantee that we will always authorize and pay any type of transaction.

If you want to continue using your ATM Card and/or Debit Card for everyday debit card transactions, please complete the Opt-In Form and return it to us by July 31, 2010. You may drop it off at any branch office or mail it to:

Concho Educators Federal Credit Union
ATTN: Debit Card Department
3215 W. Loop 306
San Angelo, TX 76904

You may also call (325) 944-4551 or (800) 491-9045 and give us verbal consent.
We must receive written or oral notification from you.

IMPORTANT... FAILURE TO NOTIFY US BY THIS DATE MAY RESULT IN FUTURE DEBIT CARD/ATM TRANSACTIONS BEING DECLINED.

 

 

Click here to download Opt-In Form (pdf)

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