Credit unions wanting sample forms to use when asking members whether they want to opt in to certain overdraft protection programs can find the information on the NCUA website.
Under regulations issued by the Federal Reserve and adapted by the NCUA, credit unions must notify members of their right to opt in, to the overdraft protection programs.
The rules changes took effect on July 1 and credit unions have until Aug. 15 to notify members of their opt in rights and have until Oct. 15 to include more detailed descriptions of their overdraft charges in periodic statements.
"This easy-to-understand notice was created to raise consumers' awareness of overdraft fees, as well as options available to reduce those fees," NCUA Chairman Debbie Matz said in a statement.
