Overdraft Changes for Debit Card Coverage Require Your Attention
At Charlotte Metro Federal Credit Union, we continually strive to provide our members with the highest level of banking products and services to ensure their financial success. That’s why we want to inform you of an important change that could impact your checking account(s).
As a result of a recent regulation imposed on all financial institutions, you must authorize us to pay everyday (one-time) debit card transactions that may overdraw your account.
Click here to sign up.
Your Money is Safe
NOTICE OF CHANGES IN TEMPORARY NCUA INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS
All funds in a "noninterest-bearing transaction account" are insured in full by the National Credit Union Administration through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to members under the NCUA's general share insurance rules. The term "noninterest-bearing transaction account" includes a traditional share draft account (or demand deposit account) on which the insured credit union pays no interest or dividend. It does not include any transaction account that may earn interest or dividends, a negotiable order of withdrawal ("NOW") account, money-market deposit account, and Interest on Lawyers Trust Account ("IOLTA"), even if share drafts may be drawn on the account. For more information about temporary NCUA insurance coverage of transaction accounts, visit www.ncua.gov.