There has been a lot of media coverage surrounding “Overdraft Opt-In” and what it means for the consumer.  They tend to focus on the fees associated with overdrafts rather than what will occur in everyday life if you choose not to opt-in.

If you have not made your selection yet or have decided to opt-out of ATM and everyday debit card transaction Overdraft Privilege, please read the following:

What will happen if I don’t “opt-in” to Overdraft Privilege?
If a member elects not to authorize FORUM to pay overdrafts on their ATM and everyday debit card transactions, certain transactions may be denied specifically day-to-day debit card transactions like paying for groceries.

Why would I want the credit union to cover an ATM withdrawal or everyday debit card transaction if I don't have the money in my account? 
There may be times when you need extra money for unforeseen events such as your car breaking down or sudden medical expenses.  In situations like these, even if funds are not available in your account, the credit union may still authorize your transaction under our Overdraft Privilege program.

Let’s look at a few scenarios: 
Debbie lives on a budget and doesn’t have extra money to spare.  Her paycheck is directly deposited into her account every Friday.  She was planning to go out of town for the weekend; however, while at the ATM trying to withdraw cash for her trip, she learns her check was never deposited!  Now her plans are ruined.

On his way to work, Chris’s car breaks down.  He needs to get it fixed immediately but is unable to use his debit card because he doesn’t have funds in his account to cover the transaction.  Now he has to rely on a friend to drive him to work until his next payday.

Had these members opted-in to Overdraft Privilege for ATM and everyday debit card transactions, these situations could have been avoided.  Even though they did not have sufficient funds in their accounts, their transactions may have been accepted.

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Please take the time to let us know your preference via CU Online, through the mail, or at any branch location.  You may change your selection at anytime through CU Online or by contacting us.