Coastal FCU Introduces One-Cent Overdraft Fees
RALEIGH, N.C. – Coastal FCU is rolling back the fees it charges members for over-drafting their accounts all the way to one cent–just as the new law requiring opt-in for all members is scheduled to take effect Sunday.
Under the new policy, effective today, members will be eligible to pay the penny charge instead of the normal $28 if they replenish their account with sufficient funds by the end of the day or if they overdraft their account by less than $10.
The penny-policy affects members who have written a check or made an automated transaction. If the overdraft occurs from a debit transaction, the member must have opted in for overdraft protection, if not the transaction will be declined.