Peace of mind for your Nutmeg checking account!
Nutmeg State Federal Credit Union is proud to offer our new Privilege Pay service on all qualified checking accounts. This valuable privilege will save you the expense and embarrassment of checks being returned in the event of a checkbook error. We’ll honor your checks, helping you avoid service fees or late payment charges. Privilege Pay allows you the worry-free financial flexibility of knowing that your checks will be paid in the event of an unexpected expense. This service will be extended to both checks and pre-authorized electronic debits from your checking account. A service fee of $29 per item will eliminate the expense of fees charged by merchants for Non-Sufficient Funds (NSF) checks. If your checking account qualifies, you are automatically enrolled.
We are also extending this same service to ATM withdrawals and debit card purchases; however to ensure your transactions are covered in the event that your account is overdrawn, you MUST opt-in. This is very important because if you do not opt-in for ATM withdrawals and debit card purchases, your transaction will not be covered if your account becomes overdrawn. The service fee of $29 also applies to these transactions.
For more information or to opt-in, please see below.
PRIVILEGE PAY OPT-IN Q&A
What is Privilege Pay Opt-In
Federal Regulations recently changed, which means we are required to get your permission to consider paying overdrafts on your everyday debit transactions.
Why should I opt-in?
Your everyday debit card transactions may be paid — even if you don’t have enough money in your checking account. We’ll pay the transaction for you and you’ll incur an overdraft fee of $29. We’ll save you the inconvenience or embarrassment of having a transaction denied in the event there is not enough money in your checking account to cover your transaction. Best of all, there is no fee to keep the Privilege Pay on your account and no fee if you never use it.
Please note: We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined.
What happens if I don’t opt-in?
If you do not opt-in, we won’t be able to provide Privilege Pay coverage for your everyday debit card transactions. This could cause your account to reach a negative balance. If there are insufficient funds in your account, the debit card transaction will be declined.
Opting-in is easy. Click here to opt in.
If you have questions, feel free to call and speak to a Privilege Pay Specialist at 860.513.5026.