Overdraft Opt In
Take Control of Overdraft Fees Once and For All
If you have a Visa Check Card (or even just an ATM Card on a Checking Account), you have the option to make an informed decision on whether overdraft services are right for you on your one-time debit card transactions. If you would like to sign up, call us at 1-800-622-5305 to be sure you are opted in (if available on your account).
Members may already have overdraft protection plans from Savings or Telcheck that may be less expensive than Telco Overdraft Advantage (TOA), a member service the credit union provides. Those will not stop. Members are only providing an Opt-In/Opt-Out decision on Telco Overdraft Advantage.
Training for Consumers:
Educational Info Available Online
This online course provides information on overdrafts, money management and the Regulation E Amendment, effective July 1, 2010, as it directly relates to consumers. The Credit Union offers Telco Overdraft Advantage as a member service and is under no obligation to pay items when your account has non-sufficient funds (NSF), even if previous NSF transactions were paid. Telco Overdraft Advantage means that we strive to pay your overdrafts when possible at those times when your account balance is not sufficient to cover the items that you have presented. We do so in anticipation that you will be making a deposit immediately to bring your account to a positive balance.
The online training topics include:
Call Carolinas Telco to Submit Your Opt-In Decision
Call us at 1-800-622-5305 to provide us your opt-in preference.
Why is Carolinas Telco FCU seeking out this information from members? Regulation E Requirements from the Federal Reserve state that members have to Opt-In to TOA on "everyday debit card transactions".
Members with transfers from Savings and Telcheck Line of Credit will continue to have this option no matter the Opt-In Decision they make on covering Visa Check Card transactions through overdrafts. Beginning August 15, 2010, Visa Check Card Point of Sale transactions and Visa Check Card Signature-based transactions will only eligible for Telco Overdraft Advantage if you opt in. Subject to the Credit Union’s Overdraft Service Policy. The Credit Union’s current NSF fee of $30.00/Item is charged to your account for each NSF transaction whether paid or returned.
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