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Soon, a new federal banking regulation may impact your debit and ATM card use. Unless you choose to continue overdraft services for your debit or ATM card transactions, Lafayette Savings Bank will no longer be able to approve your debit or ATM card transactions when those transactions overdraw your account.
What does this mean for you?
Currently we may approve your debit and ATM card transactions when those transactions overdraw your account. Once the new regulation goes into effect on August 15, 2010, we will not be able to approve your overdrafts for debit and ATM card transactions unless you take action to continue these services. Without the services, individual, everyday debit and ATM card transactions above your available balance will be declined.
What is the best option for you?
Balancing your checkbook on a regular basis is the best way to ensure you do not overdraw your account and incur an overdraft fee. However, in today’s fast paced electronic world, choosing to have overdraft services for your debit or ATM card can give you peace of mind. Imagine these scenarios without the benefit of having overdraft services 24 hours a day: the need to fill an emergency prescription for a family member; or car trouble late at night, out-of-town. With overdraft services, we may be able to meet those urgent needs if sufficient cash is not in your account to cover the transactions.
How to keep your debit or ATM card overdraft services.
To continue overdraft services for debit and ATM card transactions: fill out the enclosed form and mail it to the bank in the self-addressed, postage-paid envelope; stop in at one of our branches; or call us at 765-742-1064 to opt-in for debit and ATM card overdraft services. If you do not respond, you will not have overdraft services with your debit and ATM card after August 15, 2010.
If you have any questions about overdraft services for your debit and ATM card transactions, please stop by one of our five convenient locations or call us at 765-742-1064 and ask for a Relationship Manager.
What you need to know about Overdrafts and Overdrafts 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 transaction:
- Checks and other transaction made using your checking account number
- Automatic bill payments.
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 Lafayette Savings Bank pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee of up to $33.00 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 Lafayette Savings 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,
- Call us at 765-742-1064
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