Why you need to Opt In and have Beacon Credit Union authorize and pay overdrafts for ATM and everyday Debit Card transactions. There is no fee for opting in. By opting in, you authorize Beacon Credit Union to cover your ATM and everyday Debit Card transactions when you do not have enough money in your account. This valuable service may help you in case of financial emergencies and unexpected out-of-town expenses. This service also may prevent the embarrassment of an ATM or everyday Debit Card transaction from being declined and provides greater flexibility in managing your money. The only time you pay a fee for this service is when you use this service.
You are required to Opt In for this service due to regulatory requirements.
If you don't opt in there is no emergency protection for everyday Debit Card and ATM Card transactions.
What you need to know about Overdrafts and Overdraft Fees
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:
- We have standard overdraft practices that come with your account.
- We also offer overdraft protection plans, such as a link to a savings account, which may be less expensive than our standard overdraft practices.
What are the standard overdraft practices that come with my account?
We do authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions (such as ACH) made by using your checking account number.
- Automatic bill payments
We do not authorize and pay overdrafts for the following types of transactions unless you ask us to:.
- ATM transactions
- Everyday debit card transactions (for example, point of sale, telephone and internet sale)
We pay overdrafts at our discretion, taking into account an overdraft privilege limit that we establish for each account. However, this means that we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined.
What fees will I be charged if Beacon Credit Union pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee up to $35.00 each time we pay an overdraft.
- There is no limit on the total fees we can charge you for overdrawing your account.
What if I want Beacon Credit Union to authorize and pay overdrafts on my ATM and everyday debit card transactions?
If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions call us at 434.237.1566, visit our web site www.mybcu.org or complete the form below and give it to an employee in our office, or mail it to P.O. Box 4319 Lynchburg, VA 24502.
What if I do not want to have Overdraft Services on my checking account?
If you do not want this service or would like to have this service removed from your account in the future, you may Opt Out by calling us at 434.237.1566, visit our web site www.mybcu.org or complete the Overdraft Opt In Form and give it to an employee in our office, or mail it to P.O. Box 4319 Lynchburg, VA