An overdraft occurs when you make a purchase or ATM transaction but don’t have enough money in your account to pay for it. For a fee, your credit union will cover you when you become overdrawn. This fee can apply each time you overdraw your account.
The new Federal Reserve rules for Debit and ATM Cards requires all financial institutions to allow you to “choose” whether or not you want these transactions paid.
Beginning August 15, 2010, your credit union’s standard overdraft practices won’t apply to your everyday debit card and ATM transactions. These transactions typically will be declined when you don’t have enough money in your account, but you will not be charged overdraft fees.
The new rules do not apply to checks or automatic bill payments that you may have set up for paying bills such as insurance, utilities, or your gym.
Whatever your decision, the new overdraft rules give you flexibility. If you opt in, you can cancel at any time. If you do not opt in, you can do so later.
Call your credit union at 208-459-3500; drop by and complete the form, or login to your account and complete the form.
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VISA Rates on the Rise
Effective August 8, 2010 the
rates on your VISA credit cards
will change. The rates will go
from 11.4% to 16.9%, based on
your current rate and credit score.
We are notifying you now, June 4,
2010, so you have ample notice.
Your balance as of August 7, 2010
remain at your current rate, while
all new purchases after that will be
at the new rate.
Many changes in the marketplace
have dictated the change in our
rates. One of those is the losses
incurred due to the lagging
economy.
Thanks for your patience. |
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Identity Theft
Identity Theft is a billion dollar business for thieves and a billion dollar loss for the rest of us. As a result, recent regulation enacted by the Fair and Accurate Credit Transaction Act (FACTA), requires that we put in place additional measures to safeguard your account and our financial institution.
Beginning July 15, 2010 a fee of $2.00 will be charged to your share draft account, as “ID Safe Fee”, to offset these security measures to fight identity theft and fraud.
There is an additional benefit for you. If you suspect or have confirmed identity theft, for ANY reason whatsoever, even if it does NOT pertain to your account with us, we will provide professional identity theft recovery benefits covering both financial and non-financial fraud.
CLICK HERE TO LEARN MORE
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