IMPORTANT NOTICE: Due to recent regulatory changes, you will lose the convenience of Privilege Pay for ATM and Debit Card transactions unless you notify us.
What is the Regulation change?
The Federal Reserve System through Regulation E is requiring credit unions to ask your permission to authorize or opt-in to pay and charge for overdrafts on ATM and everyday debit card transactions. This applies only to personal checking accounts and does not affect Business, Trust or Organizational accounts.
What if I want TruStone Financial to authorize and pay overdrafts on my ATM and Debit transactions?
You must “opt-in” to continue receiving Privilege Pay coverage on ATM and everyday debit card transactions from your checking account.
Here’s how:
- Call us at 763-544-1517 or 1-800-862-1998
- Print and sign the Opt-In Form. This can be dropped off at any branch location or mailed to: TruStone Financial P.O. Box 1260, Minneapolis MN 55440-8570
Sometimes things don’t go quite like you plan. You may forget to record a purchase in your checkbook or have an emergency. It can be embarrassing, not to mention costly when it comes to merchant fees from overdrafts. At TruStone we offer three options that help protect you from overdrafts.
1. Automatic Savings Transfers
Your TruStone savings accounts are linked to your checking account. If there isn’t enough money in your checking account, money will be automatically transferred from your savings account to cover overdrafts. This service is available up to six times per month and it’s already in place, so there’s no need to sign-up.*
2. Line of Credit
Apply for a TruStone line of credit and it’s there when you need it. If there isn’t enough money in your checking account, your line of credit will automatically advance to cover overdrafts. Apply now.
3. Privilege Pay1
TruStone’s Privilege Pay service works as a convenient back-up plan to avoid overdrafts. For a fee, overdrafts are automatically paid up to an available limit of $800.
To sign-up:
Call us at 763.544.1517 or 1.800.862.1998
OR
Print and sign the Opt-In Form that can be dropped off at any branch or mailed to:
P.O. Box 1260
Minneapolis MN 55440-8570
* Regulation D requires that during any calendar month you may not make more than six withdrawals or transfers from your saving account to another account of yours or to a third party by means of a preauthorized or automatic transfer or telephone order or instruction. Transactions governed by Regulation D include, but are not limited to: automatic transfers from savings to checking for overdraft protection, automatic transfers from saving to any other account, telephone transfers from savings to any other account (including transfers made using Telexpress and the fax machine,) preauthorized payments from savings, transfers from savings to any other account using Personal Access Home Banking.
Regulation D allows unlimited transfers to withdrawals from a saving account when made by mail, messenger, ATM, or in person, or when such withdrawals are made by telephone provided a check is mailed to the member. Transfers to repay loans at the credit union and to pay safe deposit box rent are also unlimited.
Understanding Your Overdraft Options at TruStone: Frequently Asked Questions
The Federal Reserve System through Regulation E is requiring
financial institutions to ask your permission to authorize (Opt-In), pay and
charge for overdrafts on ATM and everyday debit card transactions. This applies
only to personal checking accounts and does not affect Business, Trust or
Organizational accounts.
An everyday or one-time debit card transaction is a
one-time, non-recurring purchase or payment made with your debit card.
Examples: purchasing gas, groceries, or other everyday items with your debit
card.
TruStone offers a standard
Overdraft Service called Privilege Pay. Through Privilege Pay all types of
withdrawals from your account; checks, ACH, ATM and debit card, were
automatically authorized and paid even if you did not have sufficient funds in
your checking account at the time of the transaction. By using this program,
you were charged $30 for each time your account was negative.
The Federal Reserve Board conducted research which indicated that some consumers prefer to have their ATM or debit card transactions denied rather than paid by the credit union and are charged a fee. This same study also stated that consumers preferred to have checks and bill payments, such as the house payment, paid and are willing to pay an overdraft fee.
We do authorize and
pay overdrafts for the following types of transactions:
- Checks
and other transactions made using your checking account number
- Automatic
bill payments
We do not authorize
and pay overdrafts for the following types of transactions unless you authorize
us to:
- ATM
transactions
- Debit
card transactions
We pay overdrafts at our discretion, which means we
do
not guarantee that we will always authorize
and pay any type of transaction.
If we do not
authorize and pay an overdraft, your transaction will be declined.
An overdraft fee of $30 will be assessed when we authorize
and pay the transaction.
You must “opt-in” to continue receiving Privilege Pay coverage on ATM and everyday debit card transactions from your checking account.
You may notify us by:
- Calling our automated voice response line at 1-866-820-4847
- Calling us at 763-544-1517 or 1-800-862-1998
- Printing and sign the Opt-In form. This can be dropped off at any branch location or mailed to: TruStone Financial PO Box 1260 Minneapolis MN 55440-8570
- Stopping by any TruStone Financial branch to sign an Opt-In form
No. This change only affects “everyday” or one-time debit
card transactions and ATM withdrawals that overdraw your account.
Yes we do. A line of credit or savings account can also
serve as a means of overdraft protection.
To give you the most flexibility and control, yes, we ask
you to Opt-In to each of your accounts.
Privilege Pay offers you convenience and flexibility in
managing your money, as well as peace of mind when handling unusual or
unforeseen expenses.
If you have not instructed TruStone to consider authorizing and paying ATM withdrawals and everyday debit card transactions that overdraw your account, these transactions will be declined if you do not have sufficient funds in your account and/or available overdraft protection, and you will not be able to complete your debit card transaction or ATM withdrawal.
The best way to avoid overdraft fees is to closely monitor
your account and keep accurate records of your transactions. You can do this by
keeping a check register and listing all of your deposits and withdrawals
(checks, ATM and debit card transactions, bill payments and other withdrawals).
TruStone Personal Bankers are also available to answer any
questions you have, and help you use the many resources we offer to help you
monitor your spending.
Yes, the choice is always yours.
Whether you opt-in to overdraft review for everyday debit
card transactions and ATM withdrawals or not, you may change your decision at
any time by notifying us.
