An important Federal requirement is being implemented this summer that will disrupt the overdraft service you currently have with your Discovery Visa Check Card. New regulations now require you to formally tell us (opt in) to our overdraft service on everyday debit card and ATM transactions.
JUST WHAT ARE THE CHANGES? For existing accounts, beginning August 15, 2010 Discovery will only authorize everyday debit card purchases or ATM withdrawals if, at the time of the transaction, you have enough money to cover the transaction in your checking account or linked account. An everyday debit card transaction is a single (non-recurring) debit card purchase where you swipe your check card (for example, a grocery store or retail purchase) or when the card is not physically presented (for example, an online or telephone purchase).
WHAT EXACTLY DOES THIS MEAN? Once the changes automatically go into effect, if you try to make an everyday debit card purchase at a retailer or a withdrawal at an ATM and that transaction would bring your account balance below zero, your transaction will be declined. However, you may choose to opt in for overdraft privileges.
KEEP YOUR OVERDRAFT PROTECTION To avoid being declined at a retailer or at an ATM, you can choose to take advantage of Discovery's Overdraft Protection service for everyday debit and ATM transactions. Simply complete an Opt In form and return it to the credit union.
The changes are only for everyday debit card and ATM transactions. You will continue to receive the credit union's automatic standard overdraft protection practices - we do authorize and pay, at our discretion, overdrafts for checks and other transactions made using your checking account number and automatic bill payments.
If you should have any questions regarding the scheduled changes to our overdraft protection service to your Discovery Visa Check Card, please contact the credit union at 610.372.8010.
FEDERALLY INSURED BY THE NCUA. Your savings federally insured to at least $100,000 and backed by the full faith and credit of the United States Government by the National Credit Union Association, a US Government Agency.
Discovery Federal Credit Union is an Equal Opportunity Lender. Discovery Federal Credit Union is an Equal Housing Lender.
