In the article she states, "...the agency wants to know whether banks process consumers' transactions in an order that makes overdrafts more likely."
We process transactions chronologically. If you have overdraft protection on your Eaton Family Credit Union checking account, be assured that we do not process transactions to maximize overdraft fees.
More specifically, we process your account transactions as they come in. Here are some details by category:
- Debit Cards - when debit cards are processed after purchase is important because some companies process immediately and others batch process. Therefore you might purchase an item today but we will not see the transaction until tomorrow or the day after. We handle debit transactions daily.
- Checks - checks are processed in chronological order by check number on a daily basis. You write check number 100 before check number 101 so we handle the lower number check first.
- Electronic - today paper checks are often converted to electronic transactions and many payments, such as auto debit, are electronic as well. These transactions are also handled daily as they come in.
- ATM - instantaneous throughout the day. If you take out money from an ATM in Cleveland, Ohio, or Cleveland, Tennessee, or in Cleveland, UK (north east area of England) then it comes out of your account immediately through one of our ATM networks.
Knowing your balance is an easy way to minimize overdraft fees.
- Write It Down - keep track of your transactions and account balance with a check book ledger.
- Online - with our free home banking you can access account information on the web 24/7.
- Phone - by voice or touchtone, our free MATT Line gives you account information 24/7.
- Mobile - text, via mobile web or with iPhone App. Get your account information on the run 24/7 for free from us.
- Member Center - after hours you can get account information via phone at no charge from our member center.