Overdraft Services
Federal Regulators have changed the way financial institutions handle overdraft services. Immediate action is required to continue receiving ongoing overdraft services.
How will new regulations change the way TBA Credit Union processes transactions for you?
Currently overdraft decisions are based on your actual balance which is the amount you have in your account before pending transactions clear. For example, if you have $100 in your checking account and use your debit card for a $50 transaction, the actual balance in your account is $100 until the debit card transaction clears.
Effective July 1, overdraft decisions will be based on your available balance which is the amount you have in your account after all pending transactions (including debit card transactions) have been secured. If you have $100 in your checking account and use your debit card for a $50 purchase, the available balance in your account is $50 because funds are secured to ensure payment of the debit card purchase.
What does this mean to you? If you have written checks in addition to using your debit card, you run the risk of having checks returned unpaid and accruing merchant fees in addition to NSF fees by not opting in to TBA Credit Union's Overdraft Services.
How do I 'opt-in' to TBA CU's Overdraft Services program?
Continue receiving uninterrupted overdraft services from TBA Credit Union, save yourself the embarrassment of returned checks and the frustration of additional merchant fees along with TBA CU NSF fees by selecting the OPT-IN box on the Overdraft Services Consent Form.
If you have any questions about the new federal regulations, please call 231-946-7090 or visit any branch.
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