Stay Covered
It's a hectic world, and everyone makes an occasional mistake. Overdraft protection is a simple and valuable service that your bank provides to cover those errors, and to protect you from unnecessary inconvenience and expense.
New regulations have been put in place by the Federal Reserve, beginning July 1, mandating that banks can no longer authorize payment of overdrafts for ATM withdrawals and one-time debit card transactions unless you tell us you want to STAY COVERED.
If you OPT-IN, you will continue to receive overdraft protection that provides:
- Convenience: May allow you to make a purchase when you have insufficient funds or if you can't make a deposit or transfer money until later that day.
- Emergency support: May allow you to use your debit card in case of an emergency even if you don't have enough money in your account.
- Peace of mind: Whether you need it or not, it's nice to know you're covered.
Your Options
YOU MUST OPT-IN TO RECEIVE ANY OF THESE COVERAGES.
There are several ways you can protect your ability to make one-time debit card transactions and ATM withdrawals, even if you don't have sufficient funds in your checking account.
We can cover overdrafts in two different ways:
1. We have standard overdraft practices that come with your account
We authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- Automatic bill payments
Beginning August 15, we will no longer authorize and pay overdrafts for the following types of transactions unless you tell us you want to stay covered:
- ATM withdrawals
- One-time 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 be charged if Panhandle State Bank pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee of up to $32 each time we pay an overdraft
- Also, if your account is overdrawn for 5 or more consecutive business days, we will charge an additional $3.00 per day.
- There's no limit on the total fees we can charge for overdrawing an account
2. We also offer overdraft protection plans, such as a link to a savings account or a line of credit*, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.
Linking a savings account or line of credit to your checking account offers you protection up to the amount in your savings account or the amount available on your line of credit. One daily transfer is made from the linked account to cover the total amount of debits in the account.
Fees for this service may be less than the overdraft protection described above:
- Linked savings account – $10 per transfer fee will apply and transfer will be made in $100 increments
- Linked line of credit – Fees vary based on the product you choose
*On approved credit
†We have no way of knowing how much your one-time debit or ATM transaction will be in advance. Therefore, if a transaction exceeds the standard overdraft amount on your account, we will not authorize the transaction. This includes any “preauthorization hold” amounts such as those from a pay-at-the-pump gas station or a car/hotel reservation. Also, if the transaction appears that it could be fraudulent (transaction originating in a foreign country when you haven't notified us you'd be traveling; multiple transactions at the same location and/or for the same amount) or if you have asked us to place a flag on your account due to possible fraudulent activity, your transaction may not be authorized.
Please tell us if you want to keep this coverage on your checking account. If you don't – and you don't
have sufficient available funds to cover a purchase – beginning August 15, 2010, your everyday debit card
transactions and ATM transactions will be denied.
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Frequently Asked Questions
Recent changes to federal regulations will change the manner in which we can provide overdraft services on your checking and money market account. Please review the information below carefully to ensure you understand your options for overdraft services.
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