Dear Valued Member:
At Seaboard Federal Credit Union, we are constantly striving to find new and better ways to serve our members. Beginning October 25, 2010, you will automatically have a special overdraft service called Member Privilege® for your personal or business checking account. This service may save you additional charges and possible damage to your credit history that might result if checks or certain other payments are returned to merchants or other service providers. The Member Privilege limit for your account of up to $400 may provide you a safety net to cover overdrafts if you overdraw your account. If we approve an overdraft using your Member Privilege limit, you’ll be charged our Member Privilege fee, currently $25 for each item paid. Your Member Privilege limit may be available for traditional paper-based checks, teller withdrawals, automatic (ACH) transactions or recurring debit card transactions. At your request, we may authorize and pay ATM transfers or withdrawals and everyday debit card purchases using your limit. While we’re pleased to offer you this service, we encourage you to manage your finances responsibly, to enter all items in your check register, to review your periodic account statements and other notices concerning your account as soon as received and to reconcile your account regularly. Please note that your Member Privilege limit won’t be reflected in your account balance provided by a teller, at the ATM or through online or telephone banking. To maintain Member Privilege on your account, you must make sufficient deposits to bring your account to a positive end-of-day balance at least once every 30 calendar days and otherwise keep your account in “good standing” as defined in our Member Privilege policy. Please refer to our Q&A brochure for more detailed information about the service. In addition, we may refuse for any reason at our sole discretion to cover your overdrafts at any time even if we have previously paid them for you. If an overdraft is not paid and the item returned, you will be charged a Returned Draft fee, currently $25 for each such item returned. If you have questions on Member Privilege, other overdraft protection plans or you’d like this service removed from your account, call 800.639.2206 or stop by one of our branches.