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Nuevos Cambios para su Servicio de Protección de Sobregiro

New Changes with Overdraft Protection 

By Gayatri Jayal

The Federal Reserve has introduced a new rule that will take effect on August 15 and will require you to opt in to receive overdraft protection on your ATM and everyday debit card transactions that result in overdrawing your account.

What is overdraft protection?

 

Overdraft protection is also known as Overdraft Privilege or Courtesy Pay. Credit unions typically offer overdraft protection services to help you cover an overdraft of your account. Usually, when you open an account, your credit union will offer you an ATM card, debit card, or checks to access the funds in your account. An overdraft occurs when you make a transaction, such as paying for an item with your debit card for an amount higher than the current balance in your account. For example, if you go to the store and use your debit card to pay for a DVD that costs $18.50, not realizing that you only have $12.00 in your account, you are essentially overdrawing your account. With overdraft protection, your transaction will go through. Although this service is very convenient, it comes with a cost and it is important that you know what your credit union charges for using this service. Check with your local credit union for more information.

How will this new rule affect me?

The new rule will take effect on August 15  and will require you to opt in to receive overdraft protection on your ATM and everyday debit card transactions that result in overdrawing your account. This change does not affect overdraft checks, ACH, and recurring debit transactions.

What I can expect from my credit union about this new rule?

 

Your credit union will be sending you information about this new rule and the procedure for opting in for the service. You can expect a notification about the new rule, as well as information on how to opt-in to the service.


Published 6/14/10

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