Credit Union - New Overdraft Policy Informative - Notice Of New Overdraft Policy
Here's the notice that I received from my credit union:
"Beginning August 15, 2010, new federal regulations require that you contact us if you'd like to continue receiving Member Overdraft Privilege for your ATM and everyday debit card transactions.
As required by law, if you don't contact us to opt in by August 15, we'll no longer be able to provide this Overdraft Privilege to you, which means ATM and everyday debit card transactions that exceed your available balance will be declined. YOU'LL STILL AUTOMATICALLY RECEIVE COVERAGE ON CHECKS, ACH TRANSACTIONS AND RECURRING DEBIT TRANSACTIONS UNLESS YOU SPECIFICALLY OPT OUT." (caps mine for emphasis)
I'm posting this because I've seen references to (a) this being effective July 1; and (b) that checks would also bounce.