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Overdraft Protection: cutting through the confusion

May 13, 2010

You may have received a notice in the mail or email from us (or perhaps another financial institution) asking you to confirm your desire to continue your overdraft protection on your checking account; a service that we call Member Reserve. While a recent federal requirement regarding overdraft protection services was a big story in the financial news, it may have caught you off guard. We’ve noticed that some letters and emails are clear, and communication from some financial institutions appear to be a bit deceptive.

What’s it all about? Simply put, the federal government has mandated that all financial institutions ask their account holders to confirm that they want overdraft protection, (which provides protection if you inadvertently overdraw your account through either of these services). We always keep our Members’ best interests in mind, so we provide this courtesy service to members who qualify. While there is a nominal fee for us to cover any overdrafts ($25 for each occurrence), it costs you less than you would typically be charged if your check (or debit) bounced, and you’re also saved any extra cost, inconvenience or embarrassment it would have caused you. If you decide at some point in the future to cancel this service then you may revoke your opt-in at that time.

We’ve offered Member Reserve for some time as a standard service, but a number of banks have tried to frame this as a “new” service that you may be charged an ongoing fee for, and have tried to reel in new account holders this way. We don’t believe in deceptive practices to attract new Members—we know openness is a much better way to foster a strong relationship with you.

Rest assured, your First Source Member Reserve service will be uninterrupted once you complete the simple “opt-in” process. If you have any questions about Member Reserve or aren’t sure how to follow-up on our earlier letter, you can easily opt-in or get more information here, or at any First Source branch.

Posted in: overdraft, protection





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