Changes affecting your Overdraft Privilege Service:  On November 12, 2009 the Federal Reserve Board announced final rules that prohibit all financial institutions from charging consumers fees when the financial institution pays consumers' overdrafts on ATMs and most debit card purchases.

The new ruling requires your consent or "opt-in" for the service for those type transactions.  If you do not opt-in, should you overdraft your account, we will not be able to authorize payment and your transactions will be declined. 

This service is free of charge and acts as a "safety net" should your share draft (checking) account fall below $0. At such time your transaction would be processed, we would pay your overdraft and a fee would be posted to your account for using the service.

The new ruling is effective 7/01/2010 and NAEFCU is getting the word out so you are aware of the changes. This gives you plenty of time so you are not taken by surprise and inconvenienced when the new ruling takes affect.  Please take the time to complete the consent form now so you can have uninterrupted service of your Overdraft Privilege.

For new accounts there is a 6 month waiting period from the time you open your account to when your overdraft privilege may be activated.

Additional information may be found on the Federal Reserve's website.