Regulation E Amendments & Overdraft Services
What you Need to Know about Overdrafts and Overdraft fees
(Effective August 15, 2010)
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.
This notice explains our standard overdraft practices:
What are the standard overdraft practices that come with my account?
We do authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions 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 First State Bank pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee of up to $25 each time we pay an overdraft. (This fee could be lower depending on the type of account that you have)
- There is no limit on the total fees we can charge you for overdrawing your account.
What if I want First State 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 806-832-4525 or complete the form below and present it to the bank or mail it to: P.O. Box 160, Shallowater, TX. 79363