Don't Lose the Protection of Overdraft Privilege on Your Checking Account

If you are a former Eastern Financial member whose personal checking account has Overdraft Privilege, the information below concerning new banking regulations will affect your ability to continue with this coverage if a response is not received by August 14, 2010. Please be sure to read the information provided below and follow the necessary steps required to continue receiving this coverage.

Please note that this information does not apply to business checking accounts.

For members who do not currently have Overdraft Privilege: this service will be expanded and available to all members later this year. No action is currently necessary on your part.

New federal banking regulations mean that unless you act now, you will lose the Overdraft Privilege coverage you currently have for ATM and Debit Card transactions. You must respond by August 14, 2010 or you will lose this coverage on your personal checking account.

New federal banking regulations that take effect on August 15, 2010, will change the way Space Coast Credit Union (and all other banks and credit unions) are able to provide standard overdraft coverage. Overdraft Privilege coverage is a service that you already have that permits us to authorize ATM or everyday debit card transactions when the transaction amount exceeds your available balance. To date, Space Coast Credit Union has provided coverage automatically as one of your account benefits, but as of August 15, 2010 we will require your authorization to do so.

To continue your current Overdraft Privilege coverage you must notify us by August 14, 2010 using any of the following options:

  1. Fill out our secure Overdraft Privilege Online Authorization Form.
    • This is the fastest and easiest way to continue your current Overdraft Privilege coverage
    • Enter your account number and zip code in the secure form for a list of each account eligible for Overdraft Privilege coverage
    • Select which personal checking account(s) you would like to be enrolled in Overdraft Privilege coverage
    • Select the "Yes, opt me in" option for each account you would like to opt-in, and then click the "Next" button
  2. You may also call 800-447-7228 to provide the required authorization over the phone, or you may visit any Space Coast Credit Union branch to either complete the process during your visit or pick up a form to return via fax or mail.

If you have multiple personal checking accounts that have Overdraft Privilege, you must opt-in each of your accounts to continue with your coverage. Our secure Overdraft Privilege Online Authorization Form will allow you to opt-in for all your eligible accounts at one time. You will receive a confirmation of your choice to continue your coverage once your notice to us has been processed.

If you decide to continue with Overdraft Privilege coverage, here's what you can expect:

Please note that 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.

If you do not wish to continue with Overdraft Privilege coverage or if you do not contact us by the August 14 deadline, we will not cover ATM and everyday debit card transactions when you have insufficient funds in your account at the time of your transaction. By declining coverage or not contacting us by August 14, any transactions that would result in an overdraft will be declined at the point of sale. If at a later date you wish to re-instate Overdraft Privilege coverage, you may do so through any of the options listed above.