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Product and Services brief (08/13/2010)
* RALEIGH, N.C. (8/16/10)--Coastal FCU, Raleigh, N.C., yesterday introduced a program to combat “$30 cups of coffee” by charging just one cent for insufficient funds. Sunday was the effective date for new overdraft rules under the Dodd-Frank Act, which give consumers the ability to opt-in for fee-based insufficient fund protection from their financial institutions. Instead of charging $28 each time a member overdraws an account, Coastal will charge just one cent per transaction with insufficient funds, provided the member: corrects the difference before 11 p.m. the same day; or had a small transaction that did not take their end-of-day account balance into the negative by more than $10. Any account that remains negative by more than $10 after 11 p.m. will be charged the $28 overdraft fee. The changes apply to all checks and automated drafts, and debit and ATM transactions on accounts that have opted-in to Coastal’s BounceGuard Plus overdraft coverage service. Coastal has $2 billion in assets...


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