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Disclosures >> Overdraft Opt-In
WEMELCO CREDIT UNION INFORMATION ON OVERDRAFTS AND OVERDRAFT FEES An overdraft occurs when your account does not have enough money for a transaction, but we pay it anyway.We offer two different ways to cover your overdrafts: 1.We have standard overdraft practices that come with your account. 2.We also offer an overdraft protection plan, which links to your share savings accounts. This may be less expensive than our standard overdraft practices.Ask us for more information on this plan. This notice explains our standard overdraft practices. It is our standard overdraft practice to pay check and automatic bill payment overdrafts made using your checking account number. Beginning August 15, 2010, we will not pay overdrafts on your ATM and everyday debit card transactions unless you ask us (see below).If you do not ask us, the transaction will not be paid, and no fee will be imposed.We may continue to pay overdrafts on your checks and automatic bill payments and impose a fee. Overdrafts are paid at our discretion.Payment of an overdraft is not guaranteed.If we do not authorize and pay an overdraft, your transaction will be declined and item returned unpaid. We charge a $20.00 fee each time we pay an overdraft. There is no limit on the total fees we can charge you for overdrawing your account.We can close your account if you have excessive overdrafts. You should ask us if you qualify for a program that may pay your overdrafts for less than the overdraft fee. We will send you an email confirmation of your authorization. You should print a copy and retain a copy of this form for your records.You may revoke this consent at any time. CLICK “YES” TO AUTHORIZE US TO PAY YOUR ATM AND EVERYDAY DEBIT CARD TRANSACTIONS.
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