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Answers to your questions about Member Privilege overdraft protection There is a change to your BAYLANDS FCU checking account that could affect how you’re able to use your debit card in certain instances. Your account currently has a feature called Member Privilege overdraft coverage. This feature may allow everyday debit card purchases and ATM transactions to be approved even when there isn’t enough money in your account at the moment.
As of August 15, 2010, this feature will be disabled unless you tell us that you want to continue it. Below you’ll find some answers to frequently asked questions about this feature.
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The Member Privilege overdraft protection you may already have on your checking account allows us to cover your insufficient funds items on debit card purchases, point-of-sale (POS) transactions, ATM withdrawals, checks and ACH transactions, up to your approved limit. You will be charged $25 per covered overdraft transaction, for up to 5 transactions per day. This means that instead of returning a check to the merchant because of insufficient funds, the credit union may pay your item, saving you additional charges from the merchant. After 8/15/2010 you must tell us if you wish to have Member Privilege overdraft protection for everyday debit card purchases made in person, by telephone or online; POS transactions, and ATM withdrawals. Your recurring debit card purchases (such as monthly gym memberships), checks, and ACH transactions will continue to be covered by Member Privilege and will be charged a fee if we pay these transactions when they overdraw your account. You may opt out of Member Privilege at any time by asking us to remove the service from your account(s).
You may opt in by calling our automated phone service at 1-866-843-2520 press 2, stop by any branch and ask for the Member Privilege overdraft Protection Form, or online at www.baylandsfcu.org.
You must have a checking account and be a member in good standing to be covered by Member Privilege overdraft protection. An account in good standing must meet the following criteria: no charge-offs, no loan delinquencies of more than 30 days, no full restrictions on the account and your correct address must be on file. To have your ATM/POS transactions and everyday debit card purchases covered, you must opt in for Member Privilege overdraft coverage. If you have a Teen Checking account, the adult co-signer on the account may send a written request to add Member Privilege to the account.
4. If I have another form of overdraft protection set up for my checking account, do I still need Member Privilege overdraft protection?
We will first attempt to clear the transaction by using other overdraft protection you may have set up, including transferring any available funds from your:
1. Savings account
2. Line of credit
Depending on how the overdraft protection is set up, you may choose your savings account or your line of credit to cover the overdraft. If there are no funds available in any of these overdraft protection options, your everyday debit card purchases and ATM/POS transactions will be denied. That’s where Member Privilege overdraft coverage can help. It may allow your debit card to keep working if you’re not signed up for overdraft protection from your other accounts. This can help when you are facing an unexpected emergency.
There is no charge if you don’t use the service. But you will be charged a $25 fee for each item that brings your account balance to a negative status. There is a maximum of 5 Member Privilege fees per day. Overdrafts on your checking account, up to a limit of $400 personal accounts, $500 business checking accounts, including the amount of the overdrawn item(s) and the Member Privilege fee(s), may be honored by BAYLANDS FCU.
You must make a deposit prior to any transaction posting to your account to be covered without a fee.
7. If I sign up for Member Privilege overdraft protection, will my debit card charges always go through?
No. Whether or not a transaction will be paid is discretionary and we reserve the right not to pay. Most overdrafts are paid, but there is no guarantee. The amount of Member Privilege overdraft coverage varies based on your account history, and whether or not you have direct deposit credited to the account.
The three categories of Member Privilege and their limits are as follows:
Members with personal accounts have a $400 limit
Members with a business account have a $400 limit
You have up to 30 days to cover the overdraft, either through a direct deposit, transfer of funds or a deposit at one of our branches, shared branches, or at an ATM. If your account remains overdrawn after 45 days, BAYLANDS FCU may close your account, report it to ChexSystems, and refer it to a collection agency for follow-up.
10. If I don’t sign up for Member Privilege overdraft protection, when will you stop covering my ATM withdrawals and everyday debit card purchases?
If we do not receive an opt-in authorization from you, we will stop paying your everyday debit card purchases (made in person, by telephone, or online) and ATM/POS transactions beginning 8/15/2010.
Debit card purchases that are set up to bill automatically (like a gym membership) may continue to be authorized at our discretion even though you do not sign up for Member Privilege overdraft protection. If this type of recurring debit card transaction overdraws your account and we pay the overdraft, a fee will be assessed.
Member Privilege overdraft protection may cover the following types of transactions:
Checks
ACH transactions
Everyday debit card transactions made in person, by telephone, or online*
ATM/point of sale transactions*
*After August 15, 2010 these types of overdraft coverage will require you to opt in.
We’re happy to talk with you about other options for managing your account. Call 1-888-843-2520, press 2, and if you’re certain you don’t want your debit card overdrafts authorized when you don’t have sufficient funds in your account, we can remove this service. You will need to complete an opt-in form at any of our branches, or call us at 1-888-843-2520 and tell us that you want to opt-in. Once we’ve sent you a confirmation of your request, it may take a few days to reinstate Member Privilege protection on your checking account.
Yes, you can easily opt in by calling us during business hours at 1-888-843-2520 and press 2. It
Back to Top This document is for information only. You are under no obligation to sign up for Member Privilege. For free financial information on how to balance your checkbook you can use our FoolProof program at: http://www.foolproofonline.info/cu/interface/VA/baylandsfcu.htm or call us at: 888-843-2520 and press 2.
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