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 because of new 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 made using your checking account number
- Automatic bill payments
After August 15, 2010, we will not authorize and pay overdrafts for the following types of transactions unless you ask us to (see above).
- ATM transactions
- Everyday debit card transactions
We pay overdrafts at our discretion, which means 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?
We will charge you a fee of up to $35 each time we pay an overdraft. There is no limit on the number of overdrafts we can charge.
What if I want Beacon Credit Union to authorize and pay overdrafts on my ATM and everyday debit card transactions?
If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions after August 15, 2010, submit the information above or call Member Services at (434) 237-1566.