Opt In for Peace of Mind
Currently, when you use your First Farmers State Bank ATM/Debit card and there are not enough funds in your account to cover the transaction, we have the option to pay the item or return it. It has been our practice to honor many of these transactions for our customers.
New regulatory changes adopted by the Board of Governors of the Federal Reserve now require us to discontinue your overdraft protection for ATM and everyday debit card transactions unless you affirmatively agree, or “opt-in,” to overdraft protections for these transactions. This means that unless you “opt-in,” we will decline any ATM and everyday debit card transaction that overdraws the account. But by giving us permission, we can continue to serve you as we have in the past.
If you decide to Opt-In:
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· You DO want us to pay your ATM and everyday debit card transactions whenever possible, regardless of the balance in your account.
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· You agree to the non-sufficient funds fee. You will only incur this fee if we pay your overdraft transaction.
· There is no charge to Opt-In for this overdraft service.
If you decide not to Opt-In:
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· You do NOT want us to cover your everyday debit card and ATM transactions when there are insufficient funds in your account.
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· Your transaction will be declined if insufficient funds exist.
We know that many of our customers appreciate the convenience, flexibility and peace of mind provided by having our standard overdraft practices in place to cover all of their banking transactions. The service provides a fast and discrete way to bridge a temporary gap. By opting in, you can assure that this protection continues to remain available to you. If you are a customer who never overdraws or never intends to use it, it’s worth the peace of mind to still have it. And the service costs you nothing.
If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, complete our form and mail it back too us or drop it off. Your decision will take effect July 1, 2010, or within one business day of notifying us after that date. If you have not Opted-In by August 15, 2010, you will be automatically Opted-Out and your ATM and everyday debit card transactions will be declined if insufficient funds exist.
If you have any questions, please contact us and we will be happy to speak with you.
