Don't Forget to Opt In to CMECU's Courtesy Pay Program

This new regulation requires that you opt in for Courtesy Pay by August 15, 2010, to continue the overdraft payment of ATM and one-time debit card transactions.

What is Regulation E?

Regulation E, also known as the Electronic Funds Transfer (EFT) Act, is a federal regulation that affects your rights and liabilities as a banking consumer. In 2010, the U.S. federal government updated Regulation E and made some major changes that affect our members with overdraft protection.

If you haven’t heard yet, new federal regulations will soon be in place that will change the Courtesy Pay coverage you now receive. Courtesy Pay is the overdraft protection service on your checking account which pays a check, debit card, or ATM transaction presented for payment against your account, up to $600 for a $39 fee per transaction if the transaction would cause the account to become overdrawn.

This new regulation requires that you opt in for Courtesy Pay by August 15, 2010, to continue the overdraft payment of ATM and one-time debit card transactions for all the existing accounts. Also all new accounts opened on or after July 1, 2010, will require an "opt in" or "opt out" preference at the time of opening. This preference will govern how transactions are handled on your account.

Other types of transactions, including checks drawn on your account or recurring debit payments will continue to be covered by Courtesy Pay and are not part of the regulation.

If you do not opt in to Courtesy Pay for ATM and one-time debit card transactions by August 15, and your account is not set up with other overdraft protection services (e.g., automatic transfers from your savings or an overdraft protection loan), future transactions of these types will be declined. However, if you do opt in for this service, you will experience no interruption and no change to the Courtesy Pay service you currently have.

We offer several ways for you to opt in to our overdraft (Courtesy Pay) service. If you want Chicago Municipal Employees Credit Union to authorize and pay overdrafts on ATM and every day debit card transactions beginning August 15, 2010, call 312.236.2326, stop by any branch location, mail a completed form to Chicago Municipal Employees Credit Union 18 S Michigan Ave, Ste 1000, Illinois 60603.or fax the form to 312-236-3504. The overdraft opt in form can be downloaded by clicking here. The form is in the back of this letter and was also included in your summer newsletter. If you have any questions about our overdraft protection services or how this new federal regulation will impact your account, please call us at 312-236-2326 and we will be happy to assist you.

Thank you for the opportunity to serve you.

Effective December 10, 2008

How to Contact Us

If you would like any additional information, or have questions regarding courtesy pay:

  • Please telephone us at 312-236-2326.
  • You may also write us at:
    Chicago Municipal Employees Credit Union
    18 S Michigan Ave, Suite 1000
    Chicago, IL 60603 or,
  • visit one of our offices to speak with a Credit Union representative.