Important Information for PAC FCU Members
Regulation D | Standard Overdraft Pratices
Standard Overdraft Practices
Regulation Change August 15, 2010.
On August 15, of this year a new federal regulation will take effect that will impact ATM and debit card overdraft transactions. An overdraft occurs when there are not enough funds in your account to cover a transaction and PAC Federal Credit Union still pays the transaction on your behalf. With current Standard Overdraft Practices, PAC FCU, at our discretion, may authorize and pay transactions that cause overdrafts including ATM and everyday debit card transactions. However, effective August 15th, ATM and everyday debit card transactions that result in overdrafts will be declined unless you ask PAC FCU to include them in Standard Overdraft Practices. If you would like your account to continue to work as it does currently you will need to let PAC FCU know and authorize us to consider paying these overdrafts. CLICK HERE TO DOWNLOAD THE AUTHORIZATION FORM.
Benefits of opting in to Standard Overdraft Practices.
- This may provide additional funds when an unexpected expense comes up and you may be short of funds in your account.
- This may allow you to access your funds in advance of a deposit or hold becoming available later the same business day.
- Overdraft fees only apply when the bank pays an overdraft on your behalf.
Let PAC FCU Know How You Prefer to Have Your ATM and Debit Card Transactions Handled.
The choice is yours. If you prefer to keep your account working as it does now, download the form and sign it today, to avoid problems in our ability to pay overdrafts. If you do not want PAC FCU to be able to pay ATM and debit card overdrafts there is no action required on your part. Beginning August 15, 2010 if you use your debit card for everyday purchase or ATM transactions, but do not have sufficient funds available in your account, your transaction will be declined even if you plan on making a deposit later that business day.
If you have any questions, please call to speak with a Member Service Representative.
