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Regulation E, or the Electronic Funds Transfer (EFT) Act, was amended in 2010 to include some important new rules that affect checking accounts with overdraft protection. Beginning August 15, 2010, we
can no longer allow our members to overdraw their checking accounts via ATM or everyday debit transactions (and charge a fee) without their consent or "opt-in."
What this means for you is that if you have overdraft
protection, the transactions that we pay for you will be limited after August 15 unless you opt in. Your protection via automatic account transfer will remain the same, but we need your permission
in order to continue paying transactions against insufficient funds (having tried all of your designated transfer accounts). This is of primary concern to our members with Courtesy Pay
overdraft protection.
Without your opt-in, you might go to the grocery store and find that your card is declined when you were used to
having your transactions protected, even when you didn't have the funds in your account. To save yourself the inconvenience and embarrassment of having your card declined, we recommend that you opt in to continue your overdraft protection. Following is some
additional information to help you make a decision and allow you to opt in quickly and easily if you choose to.
Online Opt-In Form
Already know you want to opt in? Fill out this short, secure online form to indicate your preference, and you'll be covered as of August 15, 2010.
Frequently Asked Questions (FAQs)
If you have a question about Regulation E and how it might affect your account, try our FAQ section. You might find that you're not the only person wondering the same thing!
Regulation E & Overdraft Protection Chart
Based on your existing overdraft protection method(s), you can use this chart to see the effects of Reg E on your account in simple terms.
All you have to do to request continued overdraft protection is let us know. You can do this in a number of ways:
- Complete our quick, secure online opt-in form
- Call us at (707) 445-8801 or (800) 974-9727
- Stop by any of our member services branches
- Email your request to RegEinfo@coastccu.org
- Send us a written request (Attn: Member Support Center) to 2650 Harrison Avenue, Eureka, CA 95501
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