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Due to recent changes in federal banking regulations, we are now required by law to obtain your written permission before we can cover ATM and one-time debit card transactions which would overdraw your account.
This notice explains our standard overdraft practices that are effective beginning July 1, 2010, for new accounts, and that are effective August 15, 2010, for existing accounts.
What You Need to Know about Overdrafts and Overdraft Fees
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways.
1. We have standard overdraft practices that come automatically with your account.
2. We also offer overdraft protection, such as a link to a savings account, which may be less expensive than our standard overdraft. To learn more, ask us about these plans.
What are the standard overdraft practices that come with my account?
We do authorize and pay overdrafts for the following types of transactions.
- Checks and other transactions made using your checking account number.
- Automatic Bill Payments
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.
We do not authorize and pay overdrafts for the following types of transactions.
- ATM Transactions
- Everyday debit card transactions
If we do not authorize and pay an overdraft, your transaction will be declined.
What fees will I be charged if The Peoples State Bank pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee of up to $30.00 each time we pay an overdraft.
- Also, if your account is overdrawn for 5 or more consecutive business days, we will charge an additional $5 per day.
- There is no limit on the total fees we can charge you for overdrawing your account.
What if I want The Peoples State Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions?
If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions, you may "Opt In" in any of the following ways:
What if I do not want The Peoples State Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions?
If you do not want us to also authorize and pay overdrafts on ATM and everyday debit card transactions, you may "Opt Out" in any of the following ways:
What if I do nothing?
By default, beginning July 1st, 2010 for new accounts and August 15th, 2010 for exisiting accounts, The Peoples State Bank will deny overdrafts on your ATM and everyday debit card transactions.
If you have questions concerning these changes, please feel free to contact us at (812) 876-2229.
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