NEW RULES FOR ATM AND DEBIT CARDS
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A new regulation requires us to make some changes to the Overdraft Protection Service on your account. Effective August 15*, we will not authorize and pay overdrafts for everyday transactions and purchases made with your ATM or debit card unless you ask us to. These changes apply to ATM and debit card transactions only and not to the payment of your checks and drafts.
Everyday ATM and Debit Cards transactions are ATM withdrawals and purchases made at places such as gas stations, grocery stores, restaurants, pharmacies, doctor’s office, and any one-time debit card transaction.
It does not apply to recurring transaction you may have authorized such as utilities, insurance or gym memberships.
If you want to keep this valuable service on your account to protect you in case of emergencies or just as a safety net, you must let us know immediately. Call us or stop by today to opt in.
*The effective date of these changes is August 15, 2010 for accounts opened prior to July 1, 2010. For accounts opened after July 1, 2010, the effective date is July 1, 2010.
PLEASE SEE DETAILS BELOW:
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.
This notice explains our standard overdraft practices.
►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 payment transactions made using your checking account number
- Automatic bill payments
Effective August 15, 2010, we do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):
- ATM transactions
- Everyday debit card transactions
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.
If we do not authorize and pay an overdraft, your transaction will be declined.
►What fees will I be charged if Angelina Savings Bank pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee of $28 each time we pay an overdraft.
- There is no limit on the total fees we can charge you for overdrawing your account.
►What if I want Angelina Savings Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions?
If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, complete the form and present it in person to us at 1721 Tulane Dr., Lufkin, TX. 75901.
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____ Effective August 15, 2010, I do not want Angelina Savings Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions.
____ I want Angelina Savings Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions.
Printed Name: ____________________________ Signature _______________________________
Date: ___________________________________ Account Number __________________________ |
