At Methodist Healthcare Federal Credit Union we understand that unforeseen expenses sometimes occur when you might not have enough money in your account to cover those unexpected costs. That is why we currently authorize and pay overdrafts for your ACH (automatic) withdrawals, Bill Payer transactions, checks written on your account, and everyday debit/ATM card transactions.
However, because of a new banking regulation, we will not be able to authorize and pay overdrafts for your everyday debit/ATM card transactions as of August 15, 2010, unless you ask us to.
By simply responding positively to the enclosed notice, you can easily protect your account and avoid being embarrassed or inconvenienced by having your debit card transactions declined. You will still pay a fee of $39 each time we pay an overdraft, but you will not be caught in the predicament of having your debit card transaction declined because of a lack of funds. We are notifying our members well in advance so that you have plenty of time to respond.
We look forward to hearing from you and want to help you with all of your financial needs. If you have questions about this or any other matter related to your account, please stop by the nearest branch or call us at 901-516-5579.
This notice explains our standard overdraft practices (Premium Overdraft Protection).
What are the standard overdraft practices that come with my Share draft / Checking account?
We do authorize and pay overdrafts for the following transactions:
We do not pay overdrafts that would make your account overdrawn by more than $400. 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.
*Effective August 15, 2010, we will be unable to pay your everyday debit/ATM card transactions unless you authorize us to do so.
Under our standard overdraft practices:
