HAPO Community Credit Union

Changes to HAPO's Overdraft Coverage

Effective August 15, 2010 important regulatory changes were implemented regarding how HAPO is able to handle over-drafting on your debit card. The new legislation specifically states that unless you Opt-In to HAPO's Privilege Pay-Debit Overdraft Option the Credit Union will be prohibited from allowing overdrafts on your debit card.

What does this mean for you?

If you are at a merchant using your debit card and have not yet Opted-In and do not have sufficient funds, your transaction will be denied. If you are away from home and at a gas pump and do not have sufficient funds, your transaction will be denied.

If you want your debit card to continue working as it did before August 15, 2010, you must specifically give us permission to do so by Opting-In to the Privilege Pay-Debit Overdraft Option.

Privilege Pay Debit is just one of several options available to you. To obtain more information regarding all of your overdraft options you may do any one of the following:

Stop by any of our financial centers and indicate your preference.
Log in via HAPO's eTeller and change your preference.
Contact us by phone at 509-943-5676 or 1-800-284-4276.

You may Opt-In or Opt-Out of the Privilege Pay-Debit Overdraft Option at any time.

If you have additional questions, please see the following Q & A's:

Question: I heard something is changing with my overdraft coverage. What is the change?
Answer: In the past, you may have used your debit card at a merchant and even though you did not have sufficient funds to cover the amount of the transaction HAPO still approved it. With the passage of the new legislation, unless you Opt-In to our Privilege Pay-Debit Overdraft Coverage, HAPO will no longer be permitted to approve debit card transactions that overdraw your account.

Question: What about my checks and automatic withdrawals? Will my overdraft coverage change for these items too?
Answer: The recent legislation changes do not impact your checks or automatic withdrawals. Please contact the Credit Union if you are unsure if you currently have the Privilege Pay-Checks Overdraft Coverage.

Question: Can I Opt-In to Privilege Pay-Debit Overdraft Coverage now?
Answer: We are currently updating our computer system to comply with the new regulatory changes. Once the changes have been made, you will receive an account form in the mail with your monthly statement or on line with your e-statement that will explain your options. You will be able to Opt-In by mail, phone, online via the Internet Teller or stop by any Financial Center to make your choice.

Question: What if I have E-statements? How will I get the form that explains my options?
Answer: Simply click on the E-statements button via the Internet Teller to view the form that explains your options.

Question: What happens if I don't Opt-In to Privilege Pay-Debit Overdraft Coverage?
Answer: If you choose to not Opt-In or simply don't reply with your choice defined and you attempt to make a transaction without sufficient funds, Your transaction will be declined based on your available balance and the dollar amount the merchant is requesting. It is possible a merchant may request an amount that is less or more than the transaction amount.

Question: What if I Opt-In and change my mind later, can I?
Answer: Yes. You can change your mind at any time. You will be able to Opt-Out by mail, phone, online via the Internet Teller or stop by any Financial Center.

Question: If HAPO pays an ATM/Debit Card Overdraft for me will I be charged?
Answer: Yes. HAPO will charge a $25 overdraft fee for every item that is covered.

Question: When do I need to give you my decision on whether or not I want Privilege Pay-Debit Overdraft Coverage?
Answer: We must receive a response from you by August 15, 2010. If we do not hear from you, your checking account will automatically be Opted-Out of Privilege Pay-Debit Overdraft Coverage.