Reg E/Debit Opt-In
This notice explains our standard overdraft practices under the voluntary Debit Card Option Program provided by Cabrillo Credit Union. PLEASE NOTE that we will NOT pay your overdrafts for ATM withdrawals and one-time debit card purchases you make at a store, online, or by telephone, UNLESS you affirmatively tell us you want overdraft coverage for these transactions as further explained below.
An overdraft occurs when your available balance falls below zero such that you have insufficient available funds in your account to cover a transaction, but we pay it anyway. Please refer to your Membership Agreement for a more thorough explanation of factors that determine when an overdraft occurs and when you may incur a fee for overdrawing your account. The terms of your Membership Agreement are incorporated herein, and both this document and your Membership Agreement are meant to be interpreted together.
We can cover your overdrafts in two different ways:
- We have standard overdraft practices that come with your account.
- We also offer overdraft protection plans, such as a link to a savings account, or other account, which may be less expensive than our standard overdraft practices. Please contact us to learn more about these other options at 1-800-222-7455.
What are the standard overdraft practices that come with your account?
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 using your checking account number;
- ACH (Automated Clearing House) transactions presented against your checking account; and
- Recurring debit card transactions.
We DO NOT authorize and pay overdrafts for the following types of transactions UNLESS you ask us to (see below), which is known as the Debit Card Option Program and is completely optional:
- ATM Transactions; and/or
- One-time 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.
What fees will you be charged if Cabrillo Credit Union pays your overdraft?
Under our standard overdraft practices, including the optional Debit Card Option Program:
- We will charge you a fee of $24.00 each time we pay an overdraft.
- There is NO LIMIT on the total fees we can charge you for overdrawing your account.
What if you want Cabrillo Credit Union to authorize and pay overdrafts on your ATM and one-time debt car transactions?
If after review of this agreement you want Cabrillo Credit Union to authorize and pay overdrafts on ATM and one-time debit card transactions, you may enroll (opt-in) into the Debit Card Option Program by completing the form below, and taking it to one of our branches in person, mailing it to PO Box 261169, San Diego CA 92196-1169, or submitting it electronically via our online banking platform at www.cabrillocu.com.
I HAVE REVIEWED THE ABOVE DISCLOSURE AND AGREE TO BE BOUND BY ITS TERMS AND CONDITIONS
________ I do not want Cabrillo Credit Union to authorize and pay overdrafts on my ATM and one-time debit card transactions.
________ I want Cabrillo Credit Union to authorize and pay overdrafts on my ATM and one-time debit card transactions.
Name (Printed): _________________________________________________
Date: __________________________________________________________
Account Number(s) and Share ID(s)___________________________________
Please contact Cabrillo Credit Union with additional questions at 1-800-222-7455