What You Need to Know about Overdrafts and Overdraft Fees

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After August 15, 2010, Ed-Med Federal Credit Union will not authorize and pay overdrafts for certain types of transactions unless you ask us to by opting in below.

There are four ways to select how your overdraft transactions are handled:

Option 1: Fill out the form below and mail to us before August 15, 2010

Option 2: Fill out the form and bring it to our office

Option 3: Send us an email to info@edmedfcu.com telling us your choice

Option 4: Call (315) 393-2873 telling us your choice

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 practice. To learn more, ask us about these plans.

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 and ACH items clearing through your account electronically

We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below)

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 Ed-Med Federal Credit Union pays my overdraft?

Under our standard overdraft practices:

We will charge you a fee of $15 each time we pay an overdraft.

There is no limit on the total fees we can charge for overdrawing your account.

What if I want Ed-Med Federal 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, call us at (315) 393-2873, send us an email to info@edmedfcu.com or complete the form below and either mail or hand deliver to our office at 601 Ford Street, Ogdensburg NY 13669.

________ I want Ed-Med Federal Credit Union to authorize and pay overdrafts on my ATM and everyday debit card transactions.

 

________ I do not want Ed-Med Federal Credit Union to authorize and pay overdrafts on my ATM and everyday debit card transactions.

 

Printed Name: ____________________________________

 

Date: ____________________________________________

 

Account Number: __________________________________