IMPORTANT INFORMATION ABOUT THE BAY GULF DEBITMATE OVERDRAFT PROGRAM |
Changes to DebitMate Overdraft Program
Currently, our DebitMate Overdraft Program automatically pays overdrafts on your checking account incurred by Debit Card Point-of-Sale (POS) transactions.
Due to government regulation, however, we will no longer be able to offer DebitMate Overdraft Coverage for Debit Card POS transactions, unless we have your authorization by August 15, 2010.
How You Can Authorize DebitMate Debit Card POS Overdraft Coverage
If you wish for us to authorize DebitMate Overdraft Coverage for Debit Card POS transactions, please visit any Bay Gulf branch, call us at 813.932.1301 option 7, or click the YES! link below.
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What You Need to Know About the DebitMate Overdraft Program |
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A Debit Card POS transaction overdraft occurs when you do not have enough money in your account to cover the transaction, but we pay it anyway. We can cover overdrafts in two ways:
- Overdraft Protection. This service automatically transfers sufficient funds from your Bay Gulf personal savings account or a personal line of credit to cover the overdraft.
- DebitMate Overdraft Coverage. This service will only be available if you authorize it.
 DebitMate Overdraft Program
Beginning August 15, 2010, we will not pay overdrafts for Debit Card POS transactions unless you have DebitMate Overdraft Coverage.
All DebitMate overdrafts are paid at our discretion, and we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay the overdraft, your transaction will be declined.
DebitMate Overdraft Coverage Fee
Bay Gulf charges the following fee for overdrafts covered by DebitMate:
Greater than $5.01 negative available balance: $35.00
If adequate funds are not available in your account(s), DebitMate will pay the item(s). If you have not deposited funds in your account to bring the account out of the negative balance status after the overdraft event, we may exercise our rights of offset against any funds in your other credit union accounts. If you have not deposited funds into your account to bring it out of the negative within the programmed allowable time frame of the overdraft event, your DebitMate privileges will be suspended until the negative balance is rectified. The DebitMate Program does not include Bay Gulf Online Banking transactions, or automatic transfers established on the account. The credit union will not pay overdrafts on accounts that are not in good standing.
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