MEMBER PRIVILEGE....Overdraft Privilege for your share draft account
Note to Members regarding a change in the way member privilege works on your debit card:
After August 15th, your everyday debit card purchases and ATM transactions will no longer be covered by Member Privilege. You must specifically request this service on your account by signing our Member Privilege Opt-In Form; otherwise it will be discontinued.
That means if you use your debit card and there is not enough money in your account or if a deposit is not yet available, your card will be denied.
These everyday debit card transactions include purchases at the grocery store, gas stations, doctors’ offices, pharmacies, and any time you use your card for a one-time transaction, as well as withdrawals and other transactions at the ATM.
If you wish to keep Member Privilege on your account for your everyday debit card purchases and ATM transactions, you must tell us before August 15th.
Our Member Privilege program was designed to protect you in case of emergency and to save you the cost and embarrassment of having your transactions denied. Be sure to let us know if you want to keep this valued service for your everyday debit card purchases and ATM transactions.
As always, we encourage you to manage your finances responsibly. However, as long as you maintain your share draft account in good standing - defined by (1) demonstrating responsible account management, such as making regular deposits to bring your account to a positive end-of-day balance at least once every 30 days (including the payment of all credit union fees and charges); (2) avoiding excessive overdrafts suggesting the use of Member Privilege as a continuing line of credit; and (3) there are no legal orders, levies or liens against your account - Member Privilege may:
Provide you with a safety net of up to $500 including fees of $25 (per item) that may protect you if you overdraw your account.
Save you the unnecessary embarrassment (and additional charges) associated with having a check returned to a merchant
THE CHOICE IS YOURS. Do nothing and your Member Privilege service will be discontinued for your everyday debit card purchases and ATM transactions. Or come in and talk to us about your options. Make the choice that is right for you and your family. We are here to answer your questions and meet your financial needs. Call us today at (207) 989-7240, or drop in to your local branch.
*** The effective date of the change is August 15, 2010 for accounts opened before July 1, 2010. For accounts opened after July 1, 2010 the effective date of the change is July 1, 2010. Beginning August 15, 2010, we will not authorize and pay overdrafts on ATM and everyday debit card transactions without account holder consent. An overdraft (OD) fee or insufficient funds (NSF) fee of up to $25.00 will be charged for covering overdrafts that result in a negative balance at the end of the day. Overdrafts may be created by check, ACH, online banking transactions, phone transactions or other electronic means. Recurring debit card transactions, (payments that are set up to bill and pay automatically), such as an automatic draft from your health club or insurance company, may continue to be covered by your overdraft service. Once an overdraft has occurred you are required to bring your account to a positive balance within 30 days. We reserve the right not to pay if your account is not in good standing.