Patriot Federal Credit Union

Regulatory Changes to Overdraft Protection for Your Account

Regulatory Changes to Overdraft Protection for
Your Account
As of August 15th, 2010, regulatory changes by the Federal Reserve required members to opt-in to receive overdraft protection for their checking accounts.

If you did not respond by August 15th 2010, or chose to opt-out of overdraft protection, your account is no longer protected with overdraft protection on ATM and debit card transactions if your account does not have sufficient funds. If there are insufficient funds in your account at the time of a transaction, it will be declined.

What You Need To Know About Overdrafts and
Overdraft Fees
An overdraft occurs when you do not have enough money in your account to cover a transaction. Patriot offers different options for you to protect your account.
Patriot's Overdraft Basic Plan: Covers overdrafts from checks, ACH, and monthly recurring debit transactions up to $1000.00. A $35.00 fee will apply to each item causing an overdraft. All debit and ATM transactions would be declined with no fee charged.

Patriot's Overdraft Protection Comprehensive Plan: This plan covers what the Basic plan covers, plus ATM, debit card, Point of Sale, monthly recurring debits and one time debits up to $1000.00. A fee will apply to each item causing an overdraft.

If you are currently not enrolled in any of our new Overdraft Protection Plans, you are not covered, and therefore, you will not be covered for any overdrafts that may hit your account.

For Questions or to setup an Overdraft Protection Plan, stop by any of our 5 offices, call our toll free number at 888-777-9982 or submit your information online

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