New Debit Card Regulations: To Opt In or Not to Opt In?
June 30, 2010
Overdrafts Due to Debit Card Transactions
Protection from overdrafts caused by everyday debit card transactions is handled differently from other types of overdraft protection. On July 1, 2010, new regulations went into effect that require members to opt in to receive overdraft protection to cover one-time debit card transactions. Debit card transactions made without sufficient funds in your account are now declined by merchants at the point-of-sale.
If you have not yet opted in for this coverage, but would now like to have it added to your account please fill out this form and fax it to (202) 456-2413. There is a fee involved for us to cover debit card overdrafts. New members may sign up for this coverage when opening an account.
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