SAN ANTONIO — Approximately 15% of the 588,000 members of the $3.9 billion Security Service Federal Credit Union used the credit union's overdraft protection program in 2006 according to John Worthington, senior vice president for communications for the credit union, and most of them used it to cover electronic transactions, he said.
"I learned something and our accounting staff learned something as well," he said. But Worthington said he was unable to say how many of the electronic transactions that overdrew accounts came from cards and how many came from checks that had been converted by retailers into electronic ACH transactions.
Worthington noted, however, that the CU never automatically enrolled a member into the overdraft protection program, but offered two other ways to handle potentially overdrawn accounts, including using a savings account to prevent overdrafts and establishing a line of credit to do so.
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