Regulation Changes to Overdraft Policy Coming––Action Required

What if:
You’re at the grocery store checkout with a grocery cart-full and the groceries add up to a little more than the $185 in your checking account. Would you want your Vantage debit card transaction to clear?

You’re out of town and your car breaks down. To get it fixed, you need to pay $400 but you only have $290 in your Vantage checking account and you don’t have a credit card with you. Would you want your Vantage debit card transaction to clear?

It’s Sunday afternoon and you need $200 from an ATM to pay for concert tickets that just came available. And if you don’t buy them now, they will go to someone else. Your balance is less than $200, do you want to be able to get the cash now?

If your answer is YES to any of these scenarios, then please take note of overdraft coverage changes that require your immediate response!

Recently the Federal Reserve Board issued final rules under Regulation E that prohibit financial institutions from charging consumers fees for paying overdrafts on ATM and everyday debit card transactions, unless a consumer consents, or opts in, to the overdraft service for those types of transactions.

What is or causes an overdraft?
An overdraft happens when you don’t have enough money in your checking account to clear a transaction. Vantage offers various overdraft protection options to cover expenses that result in an overdraft in your account. These are very useful features as they can protect you from merchant fees and/or the embarrassment of being turned down at check out for lack of funds.

What Regulation E means to you:
Your Vantage overdraft protection options for check, ACH and recurring debit transactions will continue as usual. However, due to Regulation E, if you’d like to protect your account for your ATM withdrawals and your one-time debit card transactions, you’re required to “opt in.” This simply means YOU MUST INFORM US OF YOUR INTENTIONS BY AUGUST 15, 2010.

You can opt in several ways:

1. Print and mail the Overdraft Selection form
2. Call any Vantage branch at 314.298.0055 or 800.522.6009
3. Visit any Vantage branch

After August 15, 2010, Vantage Credit Union WILL NOT authorize and pay overdrafts for ATM and everyday debit card transactions unless you have authorized us to do so. This rule only affects members with checking accounts that have ATM or debit card access. No action is required if you only have a savings account.

Register to win a $500 Visa gift card*
Return your overdraft selection or contact Vantage with your selection by May 31, 2010, for your chance to win.

_{*Offer expires May 31, 2010. Chance of winning depends on number of members who make their selection by the expiration date. No purchase necessary to win. Void where prohibited. Vantage Board and Supervisory Committee members, staff and their families are not eligible to win. You may also request an entry form by writing to Vantage Marketing, P.O. Box 4433, Bridgeton, MO 63044. All entries must be received by Vantage no later than May 31, 2010, to be eligible for prize drawing. Winner will be notified by phone on or around June 18, 2010. Vantage Credit Union assumes no responsibility for lost, mutilated or misdirected entries. All taxes are the responsibility of the winner.}