Important Information
Regarding Overdrafts for
ATM and Debit Card Transactions
for Consumer Accounts
A change to a federal regulation now requires customers to “opt-in” in order to continue receiving our standard overdraft services* on ATM and debit card transactions.
Currently, an ATM or debit card transaction is treated the same as any other type of transaction: if the activity creates a negative balance, the bank may pay the charge, creating an overdraft in the account, and thus the customer would incur an overdraft charge.
Studies have shown that bank customers appreciate the overdraft services they receive from their banks, as an alternative to having their charges denied.
IF YOU OPT-IN:
Your debit or ATM card will work as it currently does, allowing the bank to approve transactions that will create a negative balance in your account. As always, your account would then be charged our normal overdraft fee.
IF YOU DO NOT OPT-IN:
Effective August 15, 2010, we will no longer be able to provide coverage for ATM and debit card transactions that would cause your account balance to be negative. If there are not sufficient funds in your account, the ATM and debit card transaction will be declined.
There will still be certain debit card transactions that may cause your account to overdraft. These exceptions are explained below in the FAQ’s.
RESPONSE REQUIRED:
We must receive your response by August 15, 2010** to ensure your continued benefit of overdraft services.
For more information, click the links below:
How Do I Opt-In?
FAQ's regarding Overdraft Regulation Change
How Can I Avoid Overdraft Fees?
What Overdraft Protection programs does First State Bank offer?
Click here to download the Opt-In form
* Overdraft Privilege Service: Certain criteria must be met prior to this service being extended. First State Bank will consider, without obligation on our part, payment of your reasonable overdrafts up to your assigned Overdraft Privilege Limit, including our normal overdraft fees. We reserve the right to demand payment immediately. Eligible transaction types include, without limitation: checks, ACH, ATM, POS, online banking bill payments and transfers, and telephone banking transfers.
** If we do not receive a response by August 15th, 2010 you will automatically be opted-out of the service. New accounts will begin the opt-in or opt-out process beginning July 1, 2010, at the time of the account opening.
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