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What this means to you

This important regulation is a step forward in providing you options on how best to manage your personal finances. Florida Commerce applauds these efforts to bring tools to the consumer in an effort to increase flexibility in managing your expenses. This new regulation applies to consumers only. Businesses need not respond.

The Low Down on Reg. E

Reg E prohibits the credit union from overdrawing your account and charging a Courtesy Pay fee for ATM transactions or one-time debit card transactions, unless you request to “opt-in” to this service. Currently, we treat all items the same in deciding whether to pay/authorize an item or not – regardless of whether it is a check, ACH, ATM or debit card transaction. Soon you’ll have options! We’ll continue to handle your check and ACH transactions as we always have. Beginning August 15th, though, you’ll have the option for FCCU to decline your debit card or ATM transaction if you have insufficient funds on deposit. While you can avoid fees, you may find yourself in line at the grocery store or gas station with no way to pay. The choice is yours, though, and we’ll gladly support your decision, whatever you decide is best for you!

ATM transactions are defined as any withdrawal or transfer made at an ATM. This includes Florida Commerce ATMs and other vendor ATMs, such as Publix or another financial institutions ATM.

One-time debit card transactions are defined as electronic purchases using your debit card or point of sale transactions. For example, getting your prescription filled at Walgreens is considered a one-time debit card transaction or using your debit card for an online purchase at Amazon is considered a one-time debit card transaction.

It’s important to note that recurring debit card purchases, such as gym memberships that routinely draft a monthly membership fee using your debit card number, checks, or BillPay transactions are excluded from this provision of Reg E if your vendor has correctly coded the transaction.

Your Responsibilities: OPT-IN or OPT-OUT

The Regulation allows you, as the consumer, to have the choice to opt-in or opt-out of overdrawing your account for ATM and one-time debit card transactions. Should you choose to opt-out, your transactions using an ATM or one-time debit card purchase will be declined beginning August 15th, 2010 when you have insufficient funds on deposit to cover the item. If you choose to Opt-In, we’ll make every effort to cover your transactions when you are running short of funds, but, of course, there will be a fee associated with that service.

Your Responsibilities

Florida Commerce will soon provide an Opt-in/Opt-Out Form and Instructions to members so that you may direct FCCU on how your account should be serviced. You can see a sample of the mailed form here . We’ll be asking for your decision soon so that we can be ready to process your transactions appropriately, but the new Regulation doesn’t go into effect until August 15th, 2010. We will also provide you written confirmation detailing your choice, whether it’s opt-in or opt-out.Click here to see how these changes effect your account disclosures.

No action is necessary until you receive the Official letter and form spelling out your options. The purpose of this article is to give you a head’s up that important account documents will soon be arriving in your mailbox. It is very important that you respond so that we can service your account in a way that best meets your financial needs. To add a little fun to all these Regulatory changes, we’ll be holding a contest with monthly winners of a $250 gift card from now through August. To be eligible, return your Opt In/Out decision as soon as you receive it. The earlier you get it back to us the more chances you’ll have to win!