OSPS E-News ~ Changes to AccelaPay Overdraft Coverage

[Announcements from OSPS to the users of the Oregon State Payroll Application]

This e-mail does not require action on your part. We are simply
notifying you of a change in the terms of the AccelaPay card, which will
be effective August 15, 2010, in case you have questions from employees
who receive notice from U.S. Bank. If employees do contact you with
questions, please refer them to the U.S. Bank AccelaPay Visa card
Customer Care Center -- 866-363-4134.
  
Recent amendments to Reg E, the U.S. Electronic Funds Transfer Act,
require that financial institutions have consumers confirm their intent
to participate in, or opt in to, overdraft coverage associated with ATM
or one-time point of sale card transactions. 
  
Currently AccelaPay cardholders might create an overdraft when they
"pay-at-the-pump" for gas or add a tip to a restaurant signature based
purchase. Under the current regulations, U.S. Bank covers the overdraft
and charges the cardholder a fee of $17.00. 
  
Under the new regulations, the AccelaPay cardholder must specifically
choose to have overdraft coverage, with the accompanying fee. If the
cardholder does not choose overdraft coverage, US bank will not cover
the overdraft and cannot charge an overdraft fee on these transactions.
The exception is a recurring transaction, such as a monthly gym
membership debited to a prepaid card account, where the bank can charge
an overdraft fee even if the cardholder chooses not to opt in to
overdraft coverage. 
  
Opting in to overdraft coverage will now be an optional service. For
cardholders that opt in to overdraft coverage, U.S. Bank may authorize
and pay ATM and everyday prepaid card transactions when there is not
enough money in the account, like the gasoline example above. This way,
cardholders may be covered for an unexpected emergency or avoid the
inconvenience of having their transactions declined. Cardholders may be
assessed overdraft fees if US Bank pays any overdraft item. 
  
Beginning in August, US Bank will send AccelaPay cardholders a letter
with information regarding the option to receive overdraft coverage.
Cardholders will be able to opt in to overdraft coverage, which will be
effective August 15, by: 

*	Mailing or faxing an opt in form included with the letter 
*	Contacting a customer service representative 
*	Logging in to their account on www.accelapay.com
<http://www.accelapay.com/> 

U.S. Bank will not provide overdraft coverage to any cardholder unless
that cardholder elects to receive such coverage. For cardholders that
decline overdraft coverage (or do not respond to the letter), U.S. Bank
will not authorize and pay ATM or everyday prepaid card transactions if
there is not sufficient funds in the cardholder's account. Cardholders
will not be assessed an overdraft fee. 
 

 
Katherine Bremser
Training Coordinator
Oregon Statewide Payroll Services
State Controller's Division
Department of Administrative Services 
503-378-6777 ext. 295 
Online Resource Center: http://oregon.gov/DAS/SCD/OSPS/
<http://oregon.gov/DAS/SCD/OSPS/>  
Data Classification: Level 1 - Published

 

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