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 New Rules For Debit and ATM Cards New Overdraft Rules for Debit and ATM Cards There are new Federal Reserve rules relative to debit cards and ATM transactions and we are making changes to help you avoid fees and reduce the likelihood of overdrawing your account. Beginning July 1, 2010, Saratoga’s Community FCU will only authorize daily (one-time) debit card transactions* and ATM withdrawals if, at the time of the transaction, we determine that you have sufficient funds in your account to cover the amount of the transaction. If you initiate a transaction at a merchant location or a withdrawal at an ATM using your debit card, and that transaction will exceed the available balance in your account, your transaction will be declined, and no fee will be charged. How can you avoid your transaction being declined? · Balance your account on a regular basis · Use home banking, text banking or CUFAST to check your balance prior to performing transactions · Use alternative methods to transfer funds into your account prior to performing transactions Please note that this new Federal requirement applies only to daily (one-time) transactions and ATM withdrawals and does not pertain to overdraft protection services that you may have authorized for written checks or recurring debit transactions, such as regularly scheduled bill payments. *Daily (one-time) debit card transactions are single transactions where you swipe your card at a merchant location or an online or telephone purchase. |
