OPT-IN

Dear TFCU Members,

A new federal regulation requires our members to opt-in if they want overdraft protection on their debit and ATM transactions. The regulation only addresses debit and ATM transactions. Current checking and ACH overdraft policies are unaffected.

The Board and Management of Texas Federal Credit Union think that it is up to you, the member, to decide whether or not you want your ATM and debit card transactions to be protected by overdraft. As your credit union, we try to be fair and upfront with our fees. Our standard overdraft protection fee is $30 per transaction, which is comparable if not lower than other financial institutions.

You may decide you want to opt-in for overdraft protection. After all, there may be a time when you want debit overdraft protection in place, such as when the refill on that needed medicine occurs but you’re short on money and a few days away from payday. If you tried to use your debit card to refill your prescription, your transaction would be denied without overdraft protection.

Grocery shopping is another good example. Maybe you are like many consumers who use a debit card to purchase groceries. What if after standing in a long line, your groceries are sacked, and because they cost a few dollars more than what is in your account, the transaction is denied? In that instance, it may be worth it to you to incur the fee for the convenience of being able to purchase all your groceries instead of having to leave the store embarrassed because your debit card transaction was denied.
 
If you OPT-IN, we will pay overdrawn amounts on your ATM or debit card up to a limit of $500 including fees. A $30 fee would be assessed for each transaction that draws your account negative. You would then have up to 30 days to bring your account current - either through a direct deposit, transfer of funds, or by making a deposit at one of our branches.  

The new opt-in regulation takes effect August 15th. Any member who has not opted-in for overdraft protection by then will have their debit and ATM transactions denied if there are insufficient funds in the account. If you would like to continue overdraft protection on your debit and ATM transactions, please sign and return the enclosed opt-in form to any Texas Federal Credit Union branch, or mail it to Texas Federal Credit Union, 1100 Commerce Street , Suite 745, Dallas, TX 75242. If it is more convenient, you may also fax the completed form to 214.741.5206, opt-in online at www.texfed.org, or simply call any TFCU Member Services Representative at 214.748.9556 or 800.242.9132 to opt-in for overdraft protection.

Sincerely,

TFCU Member Services Department

Click Here for the Opt-In Form

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