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Overdraft Services
Q:What is overdraft privilege?
A: Overdraft privilege is a type of Overdraft Service where the bank pays for a transaction even through you do not have sufficient funds in your account (and would thus overdraw your account). This is done to prevent a merchant returning the check or transaction. Union covers reasonable overdrafts and assesses a fee of $32.
A: Overdraft privilege is a type of Overdraft Service where the bank pays for a transaction even through you do not have sufficient funds in your account (and would thus overdraw your account). This is done to prevent a merchant returning the check or transaction. Union covers reasonable overdrafts and assesses a fee of $32.
Q:If I choose to continue overdraft coverage, what does that mean?
A: It means you give Union permission to pay ATM and everyday debit card transactions in excess of your available balance. If paid, a fee of $32 will be assessed.
A: It means you give Union permission to pay ATM and everyday debit card transactions in excess of your available balance. If paid, a fee of $32 will be assessed.
Q:What if I do not continue overdraft coverage?
A: If you do not take action, your coverage will discontinue as of August 14, 2010. This means that any ATM or everyday debit card transaction that would result in an overdraft of your account will be declined at the point of sale.
Q:How long do I have to decide to continue overdraft coverage?
A: The Federal Regulation goes into effect on August 14, 2010 for existing accounts opened before July 1, 2010. On or after that date you are no longer covered unless you choose to continue overdraft coverage. You can select overdraft coverage at any time.
A: The Federal Regulation goes into effect on August 14, 2010 for existing accounts opened before July 1, 2010. On or after that date you are no longer covered unless you choose to continue overdraft coverage. You can select overdraft coverage at any time.
Q:What happens if I miss the deadline?
A: Those clients who do not choose to continue coverage by August 14, 2010 will no longer have overdraft coverage on ATM and everyday debit card transactions. You can continue overdraft coverage now or select overdraft coverage at any time after August 14, 2010.
Q:Is completing the online form the only way I can continue coverage?
A: No. Union customers can also call customer service or visit their local branch to continue coverage.
Q:Is anyone exempt from making a choice regarding standard overdraft coverage?
A: Business clients will continue to have overdraft coverage and will incur applicable fees. All consumer checking account customers at any bank are impacted by this new regulation. Consumers must select to continue overdraft coverage or they will no longer be covered.
Q:Does overdraft coverage apply to Union First Market Bank customers only?
A: No. Every bank and every consumer bank customer is affected by the new Federal Regulation.
Q:Is there a fee to continue standard Overdraft Coverage?
A:No. There is no fee to continue this service; however if you continue overdraft coverage and an item is paid resulting in an overdraft of your account, a fee of $32 will be assessed.
Q:What fees will I incur if Union covers my overdraft?
A: You may incur a fee of up to $32 each time an overdraft is covered on your account.
Q:How many times can I incur a fee in the same day?
A: There is no limit to the number of times that you can overdraft in a day.
Q:Can I change my decision to continue this service?
A: Yes. You can change your decision to have or discontinue overdraft coverage at any time.
Q:What is the difference between Overdraft Privilege and Overdraft Account Transfer?
A: Overdraft Privilege is a service provided by Union to authorize ATM and everyday debit card transactions for customers even if the amount was more than the available balance. In exchange for providing this service, Union charges customers a fee for each transaction. Overdraft Account Transfer (formerly called Money Mover) is a service that allows bank customers to link their checking account to other Union accounts to cover overdrafts.
Q:Are there other Overdraft Services available?
A: Yes. Please take a look at all the Overdraft Services available to our customers.
A: Yes. Please take a look at all the Overdraft Services available to our customers.
Q:Does this change apply to checks or reoccurring payments from my account?
A: No, the new regulation only applies to ATM and everyday debit card transactions. Automatic bill payments, checks and other transactions made using your checking account number are not affected by these new rules. We may authorize and pay overdrafts on these transactions and fees may be incurred. Union pays overdrafts at our discretion, which means that we do not guarantee that we will always authorize and pay any type of transaction.
A: No, the new regulation only applies to ATM and everyday debit card transactions. Automatic bill payments, checks and other transactions made using your checking account number are not affected by these new rules. We may authorize and pay overdrafts on these transactions and fees may be incurred. Union pays overdrafts at our discretion, which means that we do not guarantee that we will always authorize and pay any type of transaction.
