Regulatory changes adopted by the Board of Governors of the Federal Reserve require us to change the standard overdraft practices that apply to all personal checking accounts. These changes require Advance Financial to discontinue your overdraft protection for ATM and everyday debit card transactions unless you affirmatively agree, or “opt-in,” to overdraft protection for these transactions.
This means that unless you tell us you want us to continue to apply our standard overdraft services to your ATM and everyday debit card transactions, we will decline any transaction that overdraws your account. However, any overdraft protection you may have for checks, automatic bill payments and other transactions made using your checking account number will remain unchanged.
Electronic Fund Transfers Agreement and Disclosure
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction may be declined. We do authorize and pay overdrafts for the following types of transactions:
We do not authorize and pay overdrafts for the following types of transactions unless you ask us to:
Under our standard overdraft practices:
If you would like to opt-in and authorize Advance Financial to pay overdrafts on your ATM and everyday debit card transactions, please take action now to avoid the loss of this service.
You will be required to bring your checking account into a positive balance within 45 calendar days of your overdraft. If, after 45 days your account remains in a negative position, and you have not made arrangements for a FSRP loan, the account will be charged off.
In case of errors or questions about electronic funds transfers from your savings and checking accounts or if you need more information about a transfer on the statement or receipt, telephone us at the following number or send us a written notice to the following address as soon as you can. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem appears. Call us at:
or write to:
Advance Financial Federal Credit Union
4035 Alder Street
East Chicago, IN 46312
Fax: (219) 392-3915
If you tell us orally, we may require that you send us your complaint or question in writing within ten (10) business days.
We will determine whether an error has occurred within ten (10)* business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45** days to investigate your complaint or question. If we decide to do this, we will credit your account within ten (10)* business days for the amount you think is in error so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within ten (10) business days, we may not credit your account.
We will tell you the results within three (3) business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation.* If you give notice of an error within 30 days after you make the first deposit to your account, we will have 20 business days instead of ten (10) business days to investigate the error.
** If you give notice of an error within 30 days after you make the first deposit to your account, notice of an error involving a point-of-sale (POS) transaction, or notice of an error involving a transaction initiated outside the U.S., its possessions and territories, we will have 90 days instead of 45 days to investigate the error.