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As you may be aware, there have been a number of new federal regulations that have been introduced over the last six months that are intended to protect consumers from financial practices that are not clearly explained or authorized by individual account holders.
One of these new regulations now requires your authorization to participate in our overdraft protection program to specifically cover your ATM and Debit Card transactions. Previously, our overdraft protection program (Courtesy Pay service) was available when you opened a West Financial checking account. However, you must now OPT-IN to authorize West Financial to pay overdrafts on your ATM and Debit Card transactions.
ACT NOW! To continue to take advantage of this overdraft service for your ATM and Debit Card transactions, please provide West Financial with your documented authorization by contacting us, utilizing one of the following options:
• Click here for the Opt-in Form
•.Complete the OPT-IN form you received in the mail and mail or fax it to us.
• Call us to have an OPT-IN form mailed to you
• Stop by your local Financial Service Center to complete the OPT-IN form
In order for Courtesy Pay to continue to cover your ATM and Debit Card transactions, you must OPT-IN as of August 15, 2010. If we do not hear from you, your current Courtesy Pay service will be discontinued as of August 15, 2010 when this regulation goes into effect. After this deadline, if West Financial has not yet received your authorization, all ATM and/or Debit Card transactions that will cause your account to become overdrawn and develop a negative balance, could automatically be declined at the point of sale.
This OPT-IN program only applies to your ATM and Debit Card transactions. Overdraft protection for ACH and Share Draft transactions (i.e. BillPay, checks and other transactions where your checking account # is used) will continue automatically– no authorization is needed to cover these transactions. And, the same fees ($29.00 per each overdrawn transaction) will still apply.
Note: When you OPT-IN to continue your participation in the West Financial Overdraft protection (Courtesy Pay program), the same fees ($29.00 per each overdrawn transaction) will still apply. When you OPT-IN to this service, Courtesy Pay will only be activated if your account qualifies. Your checking account must be open at least 30 days, have direct deposit and it must remain in good standing during this time period. If your Courtesy Pay service is currently suspended, your authorization to OPT-IN will only allow overdrafts to be covered after Courtesy Pay has been reinstated on your account.
Overdraft Protection Options
- Transfer from Share Savings
- Automatically transfers to cover negative checking account balances
- No “per transfer” fee
- Overdraft Line of Credit Protection
- Limits up to $4000
- Approved based on creditworthiness
- Competitive rates
- Automatically transfers to cover negative checking account balances
- No “per transfer” fee
- Courtesy Pay/Overdraft Privilege
- Payment of overdrafts up to $500
- Courtesy pay fee of $29 per item
- Avoid additional charges from the merchant by having your item paid, rather than returned
- Direct deposit is required, and other restrictions may apply
- Must Opt In for this service, click here <insert link to Opt In form>
**You can also use a combination of these services; call us for more information at:
800.551.0225 or 763.235.6000
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