The Federal Reserve Board recently passed new regulations requiring all financial institutions to obtain a signed "Opt-In" form from all account holders for those who wish to continue overdraft protection services on ATM and one-time debit card transactions. Otherwise, overdraft protection services provided with your account expired on August 15, 2010.
Frequently Asked Questions
Q Is there a fee for overdraft protection services on my account?
Q Is there a fee for overdraft protection services on my account?
A The only time you would incur a fee is if you use the service when you do not have enough money in your account to cover a purchase that results in a negative balance in your account.
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Q What fees will I be charged if Bank of Gravett pays my overdrafts?
Q What fees will I be charged if Bank of Gravett pays my overdrafts?
A We will charge you a fee of $25 each time we pay an overdraft; however, there is no charge for daily overdrawn balances on your account.
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Q How do I know what my Bounce Protection limit is?
Q How do I know what my Bounce Protection limit is?
A There is a preset limit for the various account types at Bank of Gravett.
Free Checking … $300
e-Checking … $300
LV Gold Checking … $300
Free Business Checking … $300
Small Business Checking … $500
Classic (Regular) Checking … $500
Elite Club Checking … $750
NOW Checking … $750
Business NOW Checking … $750
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Q Do business accounts need to opt-in?
Q Do business accounts need to opt-in?
A No. This new regulation (Reg E) does not apply to business accounts.
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Q Does this new regulation apply to checks written on my account?
Q Does this new regulation apply to checks written on my account?
A No. Reg E applies only to every day debit card transactions and ATM withdrawals. Checks written on your account and other transactions made using your checking account number (i.e. bill payments/recurring payments you set up on your account) will not be affected by the new regulation.
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Q What happens if I do not choose to “opt-in?”
Q What happens if I do not choose to “opt-in?”
A If you do not choose to “opt-in” then any debit card transactions or ATM withdrawals that would result in a negative balance would be declined.
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Q How do I keep my account from going into a negative balance and avoiding overdraft fees?
Q How do I keep my account from going into a negative balance and avoiding overdraft fees?
A You can keep your account from going into overdraft by managing your account responsibly, tracking your daily activity in your check register or through online banking services, and reconciling regularly. We also offer a “link to a savings account” which would sweep money from your savings account to your checking in the event of an overdraft. Ask for details at any of our banking locations.
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Q What if I want my Bounce Protection coverage to continue paying my everyday debit card transactions and ATM withdrawals, as usual?
A If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions after August, 15, 2010, simply “opt-in” by:
Signing and returning to us the opt-in form recently mailed to you.
Dropping by any Bank of Gravett location and completing an opt-in form.
Downloading and printing the form below and returning it to us at any location or by faxing it to 479-787-6012.
