In This Section
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 overdraft privilege 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.
According to Federal regulations, effective August 15, 2010, all banks must now obtain prior customer consent before applying overdraft fees on ATM and everyday debit card transactions on consumer accounts. 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 regulations do not affect transactions using checks, recurring electronic withdrawals, or business accounts. (This overdraft privilege is detailed in our Courtesy Coverage section.)
So what to do?
- First, consider the advantages of an overdraft privilege (ODP) 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 "ATM & Debit Card ODP Opt In" button below. You will be directed to a 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 privilege 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. Click here to see our Schedule of Fees for current pricing.
- To "Opt Out" - no action is necessary unless you have previously opted in. 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, unless you have opted in and been approved for ATM & debit card overdraft privilege.
Remember that you can change your preference to Opt In or Opt Out at any time by notifying Bank of Bolivar. Realize, however, that requests are not instantaneous and are subject to reasonable processing time. If you still have questions about these new ATM and debit card overdraft service changes, please speak with any of our friendly new accounts representatives.