What You need to Know about Overdrafts and Overdraft Fees
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdraft in two different ways
We have standard overdraft practices that come with your account, upon approval.
We offer an overdraft protection plan, such as a link to a savings account, which may be less expensive than our standard practices. To learn more ask about these plans.
This notice explains our standard overdraft practices.
What are the standard overdraft practices that come with my account?
We do authorize and pay overdrafts for the following types of transactions:
Checks and other transactions made using your checking account number
Automatic bill payments (ACH - Automated Clearing House)
After August 15, 2010, we will not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):
ATM transactions
Everyday debit card transactions
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined.
What fees will I be charged if Woburn Municipal Federal Credit Union pays for my overdraft?
Under our standard overdraft practices:
We will charge you a fee up to $15.00 every time we pay an overdraft
There is no limit on the total fees we can charge you for over drafting your account.
What if I want Woburn Municipal Federal Credit Union to authorize and pay my overdrafts on my ATM and everyday debit card transactions?
If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, call 781-933-2600, or complete the form below and bring it or mail it to our office at 8 Cedar Street, Woburn MA 01801.
I WANT Woburn Municipal Federal Credit Union, to authorize and pay overdrafts on my ATM and everyday debit card transactions.
Name: ____________________________
Date: ____________
Account Number: ____________
Email: ________________________
Woburn Municipal FCU is safe and sound!
Pertaining to insured funds, we are backed by the National Credit Union Share Insurance Fund (NCUSIF).
Please understand that, depending on the type and ownership of accounts, you can have more than $1 million in share insurance coverage. We also operate with a safety net of Capital undivided earnings and other reserves.
The NCUA now insures funds up to
$250,000.00 until December 2013.
You may not know it, but you have round-the-clock protection against the increasingly savvy perpetrators of debit card fraud. That's because the debit cards we issue are protected by FraudWatch PLUS.
With FraudWatch Plus, trained analysts watch for suspicious transaction activity on your behalf 24/7, 365 days a year. You will be contacted immediately by an experienced fraud analyst to verify the authenticity of your card transactions, if warranted.
If you ever get a call from "Fraud Prevention Services", know that our people are doing their job preventing potential misuse of your card.
On May 24th an upgrade to our On-Line Banking system will require all Online Banking members to have JavaScript enabled within their web browser. Here's how:
How Do I Disable Or Enable JavaScript When Using Microsoft lnternet Explorer 5.X & 6.X?
Click on 'Tools" in your browser's menu bar, and then choose "lnternet Options" from the drop-down menu.
On the "lnternet Options" screen, click on the "Security" tab.
Select "lnternet Zone" in the "Zone" box, then select "Custom" and click on the "Settings" button.
Scroll down to "Scripting," then to "Active Scripting".
To enable: make sure "Enable" is selected under "Active scripting".
To disable: make sure "Disable" is selected under "Active scripting".
Click on the "OK button until the window is closed.
How Do I Disable Or Enable JavaScript When Using Microsoft lnternet Explorer 7.x?
Click on "Tools" in your browser's menu bar, and then choose "lnternet Options" from the drop-down menu.
On the "lnternet Options" screen, click on the "Security" tab.
Select "Internet' in the "Select a zone..." box, then click on the "Custom level" button.
Scroll down to "Scripting," then to "Active Scripting".
To enable: make sure "Enable" is selected under "Active scripting.
To disable: make sure "Disable" is selected under "Active scripting".
Click on the "OK' button until the window is closed.
How Do I Disable Or Enable JavaScript When Using Netscape Navigator?
Click on "Edit' in your browser's menu bar; then choose "Preferences" from the dropdown menu.
On the "Preferences" screen, click on "Advanced" in the left column.
Make sure the "Enable JavaScript' check box is selected.
Tired Of Paying Bills? Let Your
Credit Union Do
It For You!
Okay, so your credit union can't actually supply
the funds to pay your bills. We can, however, eliminate the stress and
time constraints associated with doing so. The service is called Electronic
Bill Payment, and will be available to members who have a credit union
checking account!
Electronic Bill Payment (EBP) can make it simple
and convenient to pay your monthly bills. All you will have to do is verify
that the amount you have been billed is correct, and then schedule the
payment. We will do the rest!
You will be able to schedule recurring payments
of the same amount (e.g., mortgage), and by retaining the contract information
of the payee, your bill payment history will speed the process of paying
billed amounts that vary from month to month (e.g., credit card).
Payments should be requested no less than five
business days prior to a bill's due date to ensure they are received on
time.
Please sign up now,
Bill Payment is now being offered at your credit union, stop by the credit
union or give us a call at 781-933-2600. Feel free to print the
form below and bring into the credit union.
That's right, no matter if there are two or twelve
of you, your whole family can take advantage of our FREE checking account.
The Woburn Municipal FCU offers free checking with no minimum balance
requirement and no monthly service charges. We will even give you the
first 150 check order for free, and as an extra bonus we will deposit
$25.00 into your membership account! Our checking accounts offer something
every family member can appreciate.
Stop in today and let our family take care of yours.
IRAs Can Help You
Save on
Taxes and for Retirement
Depending
on your income and participation in a qualified retirement plan, you may
be able to deduct contributions to a traditional individual retirement
account (IRA). Even if you can't deduct contributions, a traditional
IRA is a great choice for retirement savings because your account
grows tax-deferred until withdrawal.*
State and federal
tax laws are complex and change from year to year. Remember to consult
your tax advisor before taking any steps that could affect your tax status.
*Withdrawals
will be taxed as ordinary income. Withdrawals made before age 59> may
be subject to a 10% tax penalty.
Our home
equity loan can help you replace an old furnace, install airtight
windows and doors, add more insulation to your attic or make other changes.
You may qualify for a rate as low as 8.00%. Contact one of our loan officers
today to learn more.
Depending
on your income and participation in a qualified retirement plan, you may
be able to deduct contributions to a traditional individual retirement
account (IRA). Even if you can't deduct contributions, a traditional
IRA is a great choice for retirement savings because your account
grows tax-deferred until withdrawal.*
