Your Debit Card May No Longer Work The Way You Expect

Beginning on August 15, 2010*, your everyday debit card purchases at grocery stores, gas stations, pharmacies and so on, as well as your ATM transactions, will no longer be covered automatically by Member Privilege services. That means if there is not enough money in your account or if the funds are not yet available, your card will be denied. If you want to keep Member Privilege service on your account for everyday debit card purchases and ATM transactions, you will need to specifically request it. If you have not yet given us your opt-in request, please contact your local branch.

*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 is July 1, 2010. Beginning August 15, 2010, we will not authorize and pay overdrafts on ATM and everyday debit card transactions without account holder consent. A Member Privilege fee of $29.00 or insufficient funds (NSF) fee of $32.00 will be charged for covering overdrafts that result
in a negative balance at the end of the day. Overdrafts may be created by check, ACH, online banking transactions, phone transactions 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). We reserve the right not to pay if your account is not in good standing. Contact us if you have any
questions.

Member Privilege

Having a check or a pre-authorized debit returned  due to insufficient funds can be a costly or embarrassing situation.   That's why at ABE, we encourage you to avoid overdrafts and manage your finances responsibly.  However, we want to save you from the embarrassment, additional merchant fees and possible damage to your credit history that might result if a check or pre-authorized debit is returned. That is why we provide Member Privilege™  , a special overdraft privilege for your checking share draft account.  This program which is offered above and beyond any ABE overdraft protection you may currently have on your account, can help you when unexpected circumstances arise.

Here is how it works:

If you maintain you checking share draft in good standing (defined as making regular deposits and bringing your checking share draft to a positive balance at least once every 30 days and maintaining a current balance on all other accounts), Member Privilege™   may:

Honor overdrafts up to $750.00.  This includes a member privilege fee of $29.00 for each item.

We will notify you via mail if an overdraft occurs.

No interest will be charged on the overdraft balance.

Your Member Privilege™  limit will be available to you by writing a check, pre-authorizing an ACH Debit or making a debit card or POS transaction.  However, your limit will not be included in the balance provided by a teller, at the ATM or through Member Web Connect or Telephone Audio Response.

Member Privilege™ is just one more service ABE Federal Credit Union offers to bring added convenience and service to our members.