June 18, 2010 Dollars & Sense
June 2010
Three years ago, SLFCU introduced the Privilege Pay Program to help you avoid costly returned check fees when you overdraft your checking accounts. Privilege Pay supplements the free overdraft protection that you set up from your savings account, credit card or CreditLine to protect your checking account from going negative. If your overdraft protection is depleted, Privilege Pay takes effect. In the past, all eligible members were automatically granted Privilege Pay status. However, the financial reforms of 2009 mandate that after July 1, 2010, SLFCU may not pay overdraft transactions on Check Cards unless members have chosen this option.
Send us a secure message in CU@home, call or stop by any branch
If you would like to continue to receive Privilege Pay protection, please log in to CU@home and send us a secure message, call the phone center or opt in at any branch. Privilege Pay will continue to be a feature of your account and it costs you nothing unless you use it. Your account will be assigned a Privilege Pay limit of $800 for personal and organizational accounts, $1,500 for Share Plus accounts and $100 for all other accounts. If there are insufficient funds to clear an item presented against your account, a $20 non-sufficient funds fee will be assessed. Privilege Pay is only available for eligible Quick Cash Checking and Money Manager Checking accounts that are maintained in good standing. You may always opt out of Privilege Pay.
If you find that you are in need of help
Of course, overdrafts should not be used to pay ordinary or routine expenses and you should not rely on overdrafts as a means to cover these expenses. If at any time you feel you need help with your financial obligations, please contact the Credit Union at 505-293-0500 or 800-947-5328.
Check cards to be replaced
As a part of our response to regulatory reform and changing market conditions, SLFCU Check/ATM Cards will move to a new data processing network beginning in August. Our cards will rely on the MasterCard® network, providing members with secure, reliable ATM and retail service worldwide. This change will result in improved efficiency – always an important consideration to a member owned credit union.
If your old card expires between May and July 2010, or if you opened your account in April or afterward, you will receive the new card. If you will be traveling in August or September, you may make arrangements for secure mail delivery. Call us at 505-293-0500 or 800-947-5328 to make sure you will have a card that will cover your trip.
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