IMPORTANT INFORMATION REGARDING YOUR ACCOUNTS
SRP Federal Credit Union has recently made updates to your Membership Agreement, Fee Schedule, and important Overdraft-related account disclosures. A summary of these changes is provided below. Please review these changes carefully. These updated terms will become effective November 1, 2022.
OVERVIEW OF CHANGES TO THE MEMBERSHIP AGREEMENT:
OVERVIEW OF CHANGES TO THE FEE SCHEDULE:
- Added a footnote to clarify circumstances of multiple presentments and to which fees this may apply.
- Clarified the assessment of an NSF Fee from per occurrence to per presentment.
OVERVIEW OF CHANGES TO THE OVERDRAFT PRIVILEGE DISCLOSURE
- Added important information about when fees may be assessed to include information pertaining to multiple presentments.
- Clarified that share accounts and business accounts are not eligible for Overdraft Privilege.
- Added important information regarding multiple presentments of an item or transaction to further clarify you may be charged multiple NSF fees in connection with a single debit that has been returned for insufficient funds multiple times.
OVERVIEW OF CHANGES TO THE OVERDRAFT FORM:
- Clarified the first section to further explain when overdrafts occur and that you should review the Membership Agreement regarding our overdraft services.