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| Regulation E Information
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Have you ever had a situation where you are making a purchase with your debit card and suddenly realize that the check you meant to deposit a few days earlier is still sitting in your wallet? You begin to worry and wonder if that purchase will go through, or will be declined. We can help ease your mind.
At Heritage Family Credit Union, we provide a complimentary overdraft protection service called “Courtesy Pay.” If your account has been approved for Courtesy Pay, you are currently protected from overdrafting your account with a written share draft. However, action on your part is now required to cover ATM and one-time debit card transactions.
Please take a moment to "Opt In" to this additional coverage and save you the embarrassment of having your ATM or debit card transaction declined.
This additional coverage is available at no charge to our current Courtesy Pay members, but you must "Opt
In" to give us permission to cover your ATM and one-time debit card transactions.*
To "Opt
In" for this additional coverage, Click Here, call us at 888.252.8932, or stop in your nearest Heritage Family Credit Union branch, today.
*Overdraft protection fees may apply.
Q&A
Q: What is Regulation E?
A: Effective July 1, 2010, a new federal banking law, Regulation E, makes it so the credit union will not be able to pay debit-card and ATM overdraft transactions without allowing the member to opt in by agreeing ahead of time that the credit union will pay items into overdraft.
Q: If I have Overdraft Line-of-Credit, do I still need this service?
A: Yes. If you do not opt in and do not have enough money in your Overdraft Line-of-Credit at the time of purchase, your Overdraft Line-of-Credit will not be considered and your transactions will be denied.
Q: If I choose to Opt In, will my debit card charges always go through?
A: It depends. As long as the funds are available between the balance in your account and the amount of the Courtesy Pay available, the transaction would be approved.
Q: What about automatic, recurring debit card payments that I set up with a merchant?
A: Automatic or recurring charges that are set up to debit an account (phone bill) may continue to be authorized at our discretion, even if you do not opt in.
Q: What does Opt-In do for me?
A: When you use your debit card for an ATM or one time point-of-sale transaction and you do not have enough in your checking account, it will take into account available Courtesy Pay funds. If there is enough Courtesy Pay funds available, it will approve the transaction. This will eliminate the hassle of being declined with the merchant at the time of purchase.
Q: If I choose to Opt In, can I change my selection later?
A: Yes, you may change your selection at any time or change to another method of Courtesy Pay at any time. Contact an FSR to assist you should you wish to change your preference.
Q: If I do not Opt In, when will you stop paying my everyday overdraft debit card items?
A: If you fail to respond, we will stop paying your everyday overdraft debit card items beginning on August 15, 2010. If you want your Courtesy Pay to continue to cover the one time debit card or ATM items, please notify us of your desire to opt in.
Q: What if I can’t decide or don’t want to Opt In?
A: We would love to share with you your options for managing your account. Call 1.888.252.8932 or visit your local branch to discuss your options. If you are certain that you do not want your everyday debit card transactions authorized when you do not have sufficient funds, you can choose to opt out.
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