Regulation E Amendments Overdraft Opt-In Form
Due to new federal regulations, effective August 15, 2010, the Bank will no longer authorize payment on overdrafts for ATM and Debit Card transactions, unless you request the Bank to do so.
(See below for instructions).
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:
- We have standard overdraft practices that come with your account.
- We also offer overdraft protection plans, such as a link to a savings account, which may be less expensive than our standard overdraft practices. 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
Effective August 15, 2010, the Bank will no longer authorize and pay overdrafts for the following types of transactions unless you ask us to (see instructions below):
- ATM transactions
- Everyday debit card transactions
The Bank pays overdrafts at its discretion, meaning that we do not guarantee authorization and payment of all types of transactions. If the Bank does not authorize and pay a transaction that will cause your account to go overdrawn, the transaction will be "declined".
- What fees will I be charged if Springfield State Bank pays my overdraft?
- Under our standard overdraft practices, we charge you a fee of $25 each time we pay an overdraft.
- There is no limit on the total fees we can charge you for overdrawing an account.
- What if I want Springfield 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 can let us know by completing the form below, then clicking "Submit":
"I want Springfield State Bank to authorize and pay overdrafts on my everyday debit card transactions and ATM transactions."
