Regulation E FAQs

Here are answers to some frequently asked questions concerning Regulation E and Overdraft Transactions:

Yes. Each member must have a savings account with Family Horizons and we encourage our members to link this account to their checking account. When the savings account is linked to your checking account, funds can be automatically transferred to your checking account so that the item can be paid without causing an overdraft fee.* Family Horizons offers Money Market savings accounts and those accounts can be linked to your checking account as well. If you don’t have a Money Market savings account and are interested in establishing one, contact us or click here for more information.

*A transfer fee will be imposed for each transfer from a linked savings account.

Sure! You can change your decision at any time by completing and turning in a new form, or calling us directly. However, it is important to note that changing your consent does not require us to waive or reverse fees that were incurred prior to the opt-out request.
The credit union may charge an overdraft fee for checks, ACH and recurring debit card or online bill payment overdrafts as normal. If one of these types of transactions causes an overdraft, we will charge a fee.
You will need to complete a different form for each account or list all of the accounts on one form that you wish to opt-in for. Please make sure to include your complete member number so that there is no confusion on which account you would like to opt-in or out.
Yes. You will need to opt-in or opt-out on each account that you have attached to an ATM/Debit card. Therefore, you may have a different choice for each account.
No. The account can only have one choice even if you have two or more ATM/Debit cards attached to it. It is important to note that we will recognize the option chosen as of the date of the last communication on the account.
Yes. The rule applies to all accounts covered by the regulation, including savings and Claim Your Youth accounts to the extent that they may be overdrawn by an ATM withdrawal or debit card transaction.
No. Currently the regulation does not apply to business accounts. The regulation also does not apply to trust accounts.