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New Federal Regulations regarding Overdrafts.
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 but we pay it anyway.
We can cover you overdrafts in two different ways
1. We have standard overdraft practices that come with you account.
2. We also offer overdraft protection plans, such as link to a savings account,
which may be less expensive than our standard overdraft practices.
To learn more, ask us about these plans.
This notice explains our standard overdraft practices.
Ø What are the standard overdraft practices that come with my account?
We do authorize and pay overdrafts for the following types of transactions:
· Checks and other transactions made using your checking account number
· Automatic bill payments
We do not authorize and pay overdrafts for the following types of transactions
unless you ask us to (see below):
· ATM transactions
· 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.
Ø What fees will I be charged if Dubuque Teachers Credit Union pays my overdraft?
Under our standard overdraft practices:
· We will charge you a fee of up to $25 each time we pay an overdraft.
· There is no limit on the total fees we can charge you
for overdrawing you account.
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If you want Dubuque Teachers Credit Union to authorize and pay overdrafts
on your ATM and everyday debit card transactions,
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If you do not want Dubuque Teachers Credit Union to authorize and pay overdrafts
on your ATM and everyday debit card transactions,
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