To:   Valued Members

 

RE:  Overdraft Service

 

 

Thank you for your continued membership with Southside Union.  You are a valued member and we appreciate the opportunity to provide you with the financial services you require. The Federal Reserve Board recently passed new regulations requiring all financial institutions to obtain an “Opt- In” form from account holders to continue providing Overdraft Services on ATM and one-time debit card transactions clearing your account. 

 

If we do not receive your signed “Opt-In” form, your current overdraft services with Southside Credit Union will soon not cover ATM and one-time debit card transactions. Please note the new regulations do not affect the current overdraft services that are provided on your ACH or Paper Check transactions. The changes will begin to affect your account on July 1, 2010. Providing Southside Credit Union with the “Opt-In” form before July 1, 2010 you can ensure that you do not experience any changes in the services you are presently receiving. You have the option to opt-in or opt-out at anytime.

 

If you do not provide Southside Credit Union with the “Opt-In” form, you’re ATM and Debit Card transactions will no longer be authorized if funds are not available. All transactions will be handled within the existing policies of your account.

 

In order to continue receiving the overdraft services that you currently receive, please complete the “Opt-In” form on the back of this document and return the form  to Southside Credit Union. The following Opt-In form and overdraft services information will provide you with more details about Southside Credit Union’s overdraft procedures.  If you have any questions, feel free to call our Member Service Representative at 210-932-1010.

 

 

Sincerely,

Customer Service

 

 

 

 

 

 

 

 

Important Notice Regarding Your Overdrafts & Overdraft Services

 

An overdraft occurs when you do not have enough money in your account to cover a transaction. As a service, we can cover your overdrafts in two different ways:

 

1.        We have a standard overdraft practice that comes with your account.

2.        We also offer overdraft protection plans, such as a link to a share account, which may be less expensive than our standard overdraft practices. In most cases, this is already active on your account.  To learn more, ask us about these options.

 

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 or pay any type of transactions.

 

If we do not authorize and pay an overdraft, your transaction will be declined.

 

What fees will I be charged if Southside Credit Union pays my overdraft?

  

   Under our standard overdraft practices:

 

·         We will charge you a fee of $25.00 per transaction.

 

·         If we do not pay the transaction, you will be charged $25.00 per transaction, plus you may then be subject to penalties from the merchant.

 

·         There is no limit to the number of total fees we can charge you for overdrawing your account.

 

·         Overdraft items will be posted in accordance with Southside Credit Union’s existing checking account procedures.

 

What if I want Southside 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 after July 1, 2010, complete the form below and present at one of our locations or mail to: P.O.  Box 240220 San Antonio, TX 78224-0220.


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Overdraft Services Opt-In option for ATM and one-time debit card transactions

Fax, bring or send this form to Southside Credit Union.

Effective Date: July 1, 2010

___ I do not want Southside Credit Union to authorize and pay overdrafts on my ATM and everyday debit card transactions

___ I want Southside Credit Union to authorize and pay overdrafts on my ATM and everyday debit card transactions

 

 

Signature: ____________________________

Date: ____________________

Name:  _______________________________

Email: ___________________

 

Account Number(s):

 

_________________________

Southside Credit Union

_________________________

P.O. Box 240220

_________________________

San Antonio, TX 78224-0220

 

 


 

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