Overdraft Fee Notice:

The Federal Reserve has amended regulations covering fee assessment for overdraft processing. The new regulation becomes effective July 1, 2010 for new accounts and August 15, 2010 for existing accounts.

The regulation requires specific Opt-In authorization for a fee to be assessed to perform an overdraft for ATM and one-time Debit Card transactions. The new regulation does not cover overdrafts related to checks, automated clearinghouse (ACH), or recurring debit transactions, such as pre-authorized electronic fund transfers for mortgage payments, car payments, utilities, etc.

Every member will receive an “Opt-In” form/notice to be signed and returned, affirming consent to the overdraft service. An affirmative consent to the overdraft service is effective until the member revokes it, unless the credit union terminates the service. The credit union will implement the member’s revocation of consent as soon as “reasonably practicable.”

For joint accounts, the credit union will treat the affirmative consent of any of the joint account owners as affirmative consent for that account. Similarly, the credit union will treat a revocation of affirmative consent by any of the joint account owners as revocation of consent for that account.

We value your membership and look forward to continuing to serve your financial needs. If you have any questions, please call (773) 881-2500 or (312) 431-8945 (Downtown Branch).