It happens.
Every day someone, somewhere uses their ATM or debit card to get cash or make everyday purchases without realizing their account balance is too low to cover the transaction. This may have even happened to you.
Precisely for these instances, banks created discretionary overdraft services. For qualified accountholders, banks agree to consider allowing overdraft transactions to proceed, subject to certain conditions and in return for an overdraft fee that is only paid if and when your protection kicks in. Overdraft services provide peace of mind, knowing that your shortages stay between you and your bank... and not the store clerk or the woman behind you at the checkout stand.
Due to recent changes in Federal regulations, however, all banks must now obtain prior customer consent before applying overdraft fees on ATM and everyday debit card transactions on consumer accounts effective August 15, 2010. In other words, you must now “Opt In” for overdraft services before Bank of Bolivar can consider whether to cover your overdrafts on ATM and everyday debit card transactions. These new changes do not affect transactions using checks, recurring electronic withdrawals, or business accounts.
So what to do?
Effective August 15, 2010, you’re either “in” or you’re “out.” But that choice is yours...
  • First, consider the advantages of an overdraft protection service and decide if you would like your bank to consider extending these benefits to you. If so, you will need to “Opt In.” To “Opt In” - click on the Apply button below. You will be directed to our Opt In form entitled, “What You Need to Know about Overdrafts and Overdraft Fees.” Once you have read and completed this form, click on the Submit button to submit it electronically to Bank of Bolivar. This form is also available in paper format at each of our banking center locations. Once your completed form has been received by the bank, it will be considered and you will be notified whether your account is eligible for overdraft protection or not. ATM or everyday debit card overdrafts will not be covered until you receive this acknowledgement. If eligible, each transaction that exceeds your account balance and is approved for payment by the bank will incur an overdraft fee (currently $29.00).


  • To “Opt Out” - no action is necessary. Beginning August 15, 2010, any ATM or everyday debit card transaction that would exceed your current available account balance will be declined and you will not be charged an overdraft fee.
Remember that you can change your preference to Opt In or Opt Out at any time by notifying the bank. Realize, however, that requests are not instantaneous and are subject to reasonable processing time.
If you still have questions about these new overdraft service changes, please give us a call at any of the numbers listed below or stop by any of our banking center locations. We appreciate having you as our customer and look forward to hearing from you soon so that your preference can be registered!