New Laws prompt Regulatory Changes |
| Many new laws to protect consumers have been enacted in the past year. These new laws then prompt changes to the Federal Regulations under which financial institutions must operate. If you are an ATM/Debit cardholder of MCFCU, new regulations WILL affect the use of your cards. Regulation changes will REQUIRE that MCFCU obtain your specific "OPT-IN" request in order to approve ATM and one time Debit card transactions that will overdraw your account using our standard overdraft protection program (Courtesy Pay). After July1, 2010, if your account does not have sufficient funds and you DO NOT "OPT-IN" your ATM and one time Debit card transactions will be declined. You do have an option to being declined. If you have signed the "OPT-IN" and returned it to our office we will consider the available Standard Overdraft Protection amount for your account when approving or declining ATM and one time Debit card transactions. If you have not already returned or have misplaced this form, a copy of the form can be printed by clicking here. The "CREDIT CARD ACT" has prompted many changes to the way credit card issuers can access fees, change interest rates and even the information that must be contained on the monthly statement. Another change requires Credit Card cardholders to authorize the issuer to approve transactions that exceed the credit limit. A copy this authorization from can be printed by clicking here.
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