Debit card not working like it used to?
Attention customers:
We want you to know about a change that will impact your checking account with Bounce Protection and the way you use your debit card. Bounce Protection is a valued service to many of our account holders, so we want to make sure you’re aware of this change.
WHAT IT COVERS
Our Bounce Protection program was designed to protect you in case of emergency and to save you the cost and embarrassment of having your transactions denied. These include purchases at the grocery store, gas stations, doctors’ offices, pharmacies, and any time you use your card for a one-time transaction, as well as withdrawals and other transactions at the ATM.
WHAT HAS CHANGED
Due to government regulations, your ATM and everyday debit card transactions will no longer be covered by Bounce Protection. You must specifically authorize us to continue this service on your account.
THE CHOICE IS YOURS
Bounce Protection will no longer be provided automatically for ATM and everyday debit card transactions. So to authorize us to provide you this service please stop in or call us today at (800) 397-9964. Thank you for choosing CUSB Bank.
Sincerely,
J. Scott Thomson, CEO of CUSB Bank
HELPFUL ANSWERS TO YOUR QUESTIONS
Q. What happens if I authorize payment of overdrafts on my ATM & Debit Card transactions?
A. If you authorize us to pay these transactions, business will continue as usual. If you initiate a debit card or ATM transaction that could cause your account to reach a negative balance, we have your permission to pay that transaction and a fee may be charged.
Q. What happens if I do not authorize payment of overdrafts on my ATM & Debit Card transactions?
A. If you do not authorize us to pay overdrafts on your ATM and debit card, we will not pay an ATM or everyday debit card transaction that causes your account to reach a negative balance. If there are insufficient funds in your account, the transaction will be declined. To complete the transaction, you will need another form of payment such as a check, cash, or credit card or you may cancel the transaction. Whether you authorize us to pay ATM and everyday debit card overdraft transactions or not, everything else about your account will remain the same.
Q. What if I can’t decide or don’t want this service?
A. We’re happy to talk with you about options for managing your account. Call (800) 397-9964 or visit a branch to discuss Bounce Protection, and if you’re certain that you don’t want your everyday debit card transactions authorized when you don’t have sufficient funds, no further action is needed; the service has been automatically dropped from your account.
Q. What about automatic debit card payments that I set up with a merchant?
A. Debit card purchases that are set up to bill automatically (like a utility bill) may continue to be authorized at our discretion even if you do not authorize us to cover ATM & everyday debit card transactions.
Q. When do I need to make my deposit to avoid an overdraft fee?
A. You will have until the cut-off time* of the business day of your transaction to make your deposit. If your debit transactions occur on a non-business day, you will have until the cut-off time of the next business day.
Q. If I authorize payment of overdrafts on my ATM and Debit Card transactions, will my debit card charges always go through?
A. No. Whether a transaction will be paid is discretionary and we reserve the right not to pay. Most overdrafts are paid but there is no guarantee. The amount of Bounce Protection coverage is typically $600.
Q. How much does it cost?
A. If you overdraw your account and don’t make a deposit or transfer money that same business day, you’ll pay $29.00 each time you use your debit card without sufficient funds.
- NO FEE to keep Bounce Protection on your account.
- NO FEE if you accidentally overdraw, but make a deposit or transfer that same business day to cover your debit card purchases.
- NO FEE if you never use it.
IMPORTANT DETAILS ABOUT BOUNCE PROTECTION
The effective date of the change is August 15, 2010 for accounts opened before July 1, 2010. For accounts opened after July 1, 2010 the effective date of the change was July 1, 2010. Beginning August 15, 2010, we can not authorize and pay overdrafts on ATM and everyday debit card transactions without account holder consent. An overdraft (OD) fee of $29.00 will be charged for covering overdrafts that result in a negative balance at the end of the day. Overdrafts may currently be created by check, in-person withdrawal, ATM withdrawal, or other electronic means. Recurring debit card transactions (payments that are set up to bill and pay automatically), such as an automatic draft from your health club or insurance company, may continue to be covered by your overdraft service. Once an overdraft has occurred you are required to bring your account to a positive balance within 30 days.Whether your overdraft will be paid is at CUSB Bank’s discretion, and we reserve the right not to pay. For example, we typically do not pay overdrafts if your account is not in good standing, or you are not making regular deposits, or you have had excessive overdrafts.
*Deposit cut-off time is 4:00 PM at the Cresco, Ridgeway, Lime Springs, Osage, and Charles City offices and at ATM’s on a business day that we are open. Everyday is a business day except Saturdays, Sundays, and federal holidays.
Contact us if you have questions.
2016 CUSB Bank, Member FDIC