Today I received our monthly statement from the credit union. As usual, the envelope contained the glossy newsletter along with the actual statement.
One thing in particular caught my eye: a note about the changes that would eventually be implemented on our checking account overdraft protection. Overdraft protection is basically a loan that automatically goes into effect if we overdraw our account. It must be paid back, and charges a fee for each transaction.
It has saved our butts more than once.
Because of government reforms, the service is no longer going to be quite as automatic. Members have to ‘opt-in’ to the service if they want to keep it as it is now.