ATM, Debit Card Fees and Us

Here is the start of an article from Sunday, August 15, 2010 Cleveland Plain Dealer by Teresa Dixon Murray, "A change in federal law that kicks in today says banks must get your permission up front before charging you an overdraft fee for a wayward ATM withdrawal or debit card purchase."

Click here for the entire article.

In the article she includes, "Questions to ask your bank about overdraft policies for ATM withdrawals and debit card purchases." Here are the questions and answers from Eaton Family Credit Union:

What are the fees for overdrafting my account with an ATM withdrawal or a debit card purchase? Does the fee get higher the more times an overdraft occurs during the year?
  • $25 overdraft fee per transaction
Is the overdraft fee waived if my negative balance is minimal, say, less than $5 in the red?
  • $5 grace amount. Let’s talk. Please let us know when you have concerns about your account.
Does your bank offer real-time text or e-mail alerts if my balance goes into negative territory during the day?
  • At this time we do not offer an alert system.
  • You can verify your account balance online, by phone with our 24/7 MATT Line, via cellphone with text, mobile web and downloadable app.
Is there a maximum number of overdraft fees I can be charged in one day?
  • Overdraft fees are charged per transaction.
Can I link my checking account to another account, like my savings, credit card or equity line, and have the bank automatically pull money from one of those if my account is in the red?
  • Savings – yes, $5.00 fee per occasion.
  • Credit Card – no.
  • Line of Credit – yes, $2.00 fee per occasion. Loans are based on each member’s individual credit quality.
Is there a recurring negative balance fee if my checking account is in the red for more than three or five or seven days?
  • No, fees are charged per transaction.
Click here for our complete fee schedule.

Comments

Post a Comment

Popular posts from this blog

Improving Financial Literacy

Image
Each year, the National Financial Educators Council releases a National Financial Literacy Test , which is taken by Americans of all ages, financial positions, and backgrounds. The test measures participants’ knowledge as it pertains to earning, saving, and growing their money.   As of 2020, the average score of 15- to 18-year-olds who took the test stood at 68 percent, just shy of a passing score. In fact, of the 60,813 people who have taken the test since it began in 2015, only 59 percent received a passing score of 70 percent or higher. Additionally, the National Financial Educators Council also released results that found that poor financial literacy contributed to Americans losing an average of $1,634 each in 2020. That is a cost of about $415 billion to the country at large.   Those numbers may seem a tad apocalyptic, but there is a silver lining. Younger generations of Americans appear willing and able to learn more about financial literacy. The National Financial Educ
Read more

Spring Cleaning Is For Finances, Too

Image
  There’s nothing quite like airing out your home from a long winter, scrubbing it down to a sparkly shine, and decluttering the mess that’s piled up. Deep cleans are meant for more than just your house, though. Your finances most likely need some spring cleaning, too. According to  Nerd Wallet , spring is a good time to “conduct a thorough review of your finances and address any neglected areas.” The first and easiest way to conquer that task is by updating your budget, which changes in different areas each year. It’s good to reassess spending habits at least once a year. Eaton Family Credit Union Chief Financial Officer, Kelly Slocum, notes, "Financial goals can change over time, particularly during pandemic years, so reevaluating them each spring is important. Everything from annual vacations to new jobs should be included in your list of financial goals." Other ways to clean up your finances this spring include reviewing your insurance coverage, services, and cutting unne
Read more

How to Save Money Wedding Planning in 2022

Image
If you are planning a wedding this year, it could be challenging. With high demand coming from a global pandemic, brides have limited options for everything from wedding dates to food to venues; it’s a true “wedding boom,” according to Brides . After more than a year of postponed and called-off weddings, the industry has seen an influx of weddings coming back as the world opens up again. As a result, the demand for every aspect of the industry is higher than ever. Tips for planning a wedding in 2022 Make decisions quickly – With everything from dresses to venues to flowers to food in high demand, be ready to make quick decisions. No one wants to rush these things, but it could prove worse to miss out on the best opportunities. If it seems like it will be a good fit, jump on it.   Prepare for inflated costs – Prices are high with the after-covid boom, so prepare to be open and flexible with vendors as they help you work within your vision and budget. Hire a wedding planner – Even
Read more