New regulations are affecting overdraft protection policies at credit unions nationwide, and this letter is to inform you about changes that could impact you.

Here at OMCECU,we make every attempt to avoid the negative impacts of overdrawn accounts, so when accounts are opened, our members are typically enrolled in our standard overdraft service which currently includes checks, automatic payments, and ATM and debit card transactions. 

But beginning August 15, 2010, the everyday purchases you make with your debit card and your ATM transactions will no longer be covered by our standard overdraft service. This means that if you use your ATM or debit card and you do not have enough money in your account to cover that transaction, your card could be declined.

If you want to continue overdraft protection on your ATM and everyday debit card transactions, you must give us your permission by opting in to keep this service. 

To opt in, please sign the attached form and return it to our office, fax it to 423-336-4614, or mail it to OMCECU PO Box 248 Charleston, TN 37310.  You can also call us at 423-336-4331 and one of our representatives will be happy to assist you with opting in. You may also sign up online at omcecu.com.

Only one account holder needs to respond for joint accounts, and you can give or revoke your consent at any time.

Remember, without your permission, your ATM and debit card transactions will be declined if there are insufficient funds in your account.  If you have any questions, don’t hesitate to call us at 423-336-4331.
Sincerely,

OMCECU

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:

1. We have standard overdraft practices that come with your account.
2. We also offer overdraft protection plans, such as a link to a savings account, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.

This notice explains 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

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 OMCECU pays my overdraft?

Under our standard overdraft practices:

• We will charge you a fee of up to $20.00 each time we pay an overdraft.
• We will also charge you a negative balance fee of up to $3.00 per day after the 3rd consecutive day your account has a negative balance.
• There is no limit on the total fees we can charge you for overdrawing your account.

»What if I want OMCECU 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, please complete the form and turn it into the credit union, mail it to: PO Box 248 Charleston, TN 37310, visit omcecu.com, or call 423-336-4331.

____  I do not want (Opt-Out) OMCECU to authorize and pay overdrafts on my ATM and everyday debit card transactions.

____  I want (Opt-In) OMCECU to authorize and pay overdrafts on my ATM and everyday debit card transactions.

Printed Name:  __________________________

Signature:  _____________________________

Date:  _______________

Account Number: ______________