On Sunday Aug. 15 Coastal Federal Credit Union in Raleigh, N.C., implemented its own new overdraft protection rule.
The date signified the deadline for the new Reg E requirements for financial institutions to require existing customers to opt in to overdraft protection for debit card and ATM transactions. In response to the new regulation Coastal Federal started a new overdraft forgiveness program, which charges members one penny per overdraft.
Instead of the usual $28 overdraft fee, members will be charged only one cent provided the member either corrects the overdraft before 11 pm the same day or if the overdraft did not take the account balance into the negative by more than $10.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
