Members Financial Federal Credit Union

Please take a moment to brief yourself with the following, as they are mentioned in the response: Overdraft Path – funds are pulled from the savings account to cover items clearing the checking account (you and primary account owner signed form, giving consent to do so on 7/8/16) Overdraft Courtesy...

Pay – MFFCU will cover incoming items on checking account if funds are not available up to $500, including fees; a $29 fee is assessed for every item that is covered (you and primary account owner signed form, opting in for this service on 7/8/16) Regulation D – Federal Reserve Board regulation that limits the number of withdrawals and transfers from a savings account or money market account. The regulation applies to all US banking institutions that offer such accounts. This regulation permits (6) automated transfers from a savings account per month and (3) from a money market account due to these account types being classified as non-transactional. Our apologies for the inconveniences you have encountered. Upon researching your account and the information associated with the complaint, we have found there was in fact $203.00 in fees collected. These accumulated fees were not NSFs (non-sufficient funds fees.) The $29 fees that were charged are actually Overdraft Courtesy Pay fees that accrue when the credit union pays incoming items when there is not enough funds in the account to cover said items. As you stated, there was a balance in the savings account that would have covered the items clearing your checking account, but on 2/24/17 when those items began to clear causing Overdraft Courtesy Pay to cover them, the system could not automatically transfer from your savings account because you had already reached your 6 monthly transactions under Regulation D. You were informed of this Federal Regulation at the time your accounts were opened and you have hit your 6-transfer limit twice (8/15/16 and 12/30/16), requiring you to verbally request a transfer that an employee must manually override, explain the regulation limit has been met, and assess a $2.00 fee for the regulation override transfer. We would also like to take this opportunity to apologize for you feeling you got the run-around. We do have record of you calling 2/27/17, speaking with an employee and requesting to speak with someone who could refund the fees to you. You were informed that the accounting manager would be the one to refund fees, and unfortunately, was unavailable at that time. You were prompted to leave a voicemail or a message could be taken and given to the manager upon their return. You declined, and stated that you would like to speak with someone else regarding the matter, so you were then connected with the second employee you spoke with. To prevent the Overdraft Courtesy Pay fees from occurring again, you can call to have funds transferred manually if your transfer limit has been reached for the month. Or, if you are completely dissatisfied with the Overdraft Courtesy Pay service you have opted in for, you and the primary account owner can re-sign the form and decline the service to prevent items from being paid if necessary in the future. If you have any further questions, feel the situation is unresolved, or would like to review the signed forms referenced in this response, please contact us or visit us at any of our locations.