|
If you want overdraft protection on ATM and one-time
debit card transactions, it's now your decision
Our overdraft protection service
gives our customers a financial cushion when their spending
exceeds their account balances. But beginning August
15, a new federal regulation mandates that ATM transactions
and one-time purchases made with debit cards will no longer
be covered by banks standard overdraft protection services.
To avoid having your debit card
and ATM transactions denied when funds are insufficient, you
must enroll in these specific types of transactions in our
overdraft protection service.
Talk to one of our bankers today if you want to continue
overdraft protection on your ATM and one-time debit card
transactions.
New rules are effective August 15,
2010 for accounts opened before July 1, 2010. For accounts
opened after July 1, 2010 the effective date is July 1,
2010. Beginning August 15, 2010, we will not pay overdrafts
on ATM and everyday debit card transactions without account
holder consent called "opt-in". Even if you have an existing
courtesy overdraft protection account with us, we will not
overdraw your account for a one-time debit card or ATM
transaction, unless you have authorized for us to do so by
"opting-in." If you opt-in to have us overdraw your account
in order to cover one-time debit card or ATM transactions,
an overdraft fee or insufficient funds fee of up to
$30 will be charged for covering overdrafts that
result in a negative balance at the end of the day. While
this new regulation specifically mandates procedures on ATM
and onetime debit card transaction overdrafts, please note
that overdrafts may also be created by check, ACH, online
and telephone banking transactions as well as other
electronic transactions. In these cases, our normal
overdraft policy applies. Once an overdraft has occurred you
are required to bring your account to a positive balance
within 30 days.
We reserve the right not to pay overdrafts.
Contact us with questions.
|
