Extended Overdraft Protection
DEBIT CARD TRANSACTIONS BEING DECLINED?
You may be able to prevent this from happening!
If you've tried using your MECU Debit card recently and found it was "DECLINED", it could be because you haven't opted-in for Overdraft Protection on ATM and everyday Debit card transactions.
- ATM and Debit cards are a convenience that many of us just can not live without. Although you may rarely overdraw your account, life does not always go according to plan and overdrafts may occur.
- Without overdraft protection, your ATM and everyday Debit card transactions may be declined if you attempt to make a transaction without sufficient funds.
WHAT YOU NEED TO KNOW ABOUT OVERDRAFTS AND OVERDRAFT FEES
An overdraft occurs when you do not have enough money in your account to cover a transaction and MECU pays it anyway. We can cover your overdrafts in two different ways:
1. We have a Standard Overdraft Service, which links a Savings account or Line of Credit to your Checking account. This option may be less expensive than our Extended Overdraft Service. To learn more, contact us.
2. We also offer an Extended Overdraft Service that applies to eligible Checking accounts.
What is the Extended Overdraft Service that applies to an eligible Checking account?
We authorize and pay overdrafts for the following types of transactions:
- Checks you write
- Automatic Clearing House (ACH) transactions
- BillPayer transactions
Effective August 15, 2010, we will not authorize and pay overdrafts for the following types of transactions UNLESS you ask us to:
- ATM transactions and
- Everyday Debit card transactions
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.
If we do not authorize and pay an overdraft, your transaction will be declined.
What fees will I be charged if MECU pays my overdraft?
We will charge a fee of $28 each time we pay an overdraft when your checking account has insufficient or unavailable funds. There is no limit on the total fees we can charge you for overdrafting your account. There is no additional charge to have the Extended Overdraft Service.
