Press Room
FOR IMMEDIATE RELEASE:
July 6, 2010
Opt In for Overdraft Privileges.
Federal lawmakers have created new rules governing overdraft protection programs that go into effect for our customers on August 15, 2010.
WHAT DOES THIS MEAN FOR YOU?
Currently when you use your ATM or debit card, you may be allowed to overdraw your account to avoid the embarrassment of declined transactions, to take care of an emergency, or to withdraw extra funds when they’re needed the most.
Under the new federal guidelines, you must now choose if you want to continue to have the ability to overdraw your account with ATM and everyday debit card transactions.* To continue to have this ability, you will be required to opt in to the terms and conditions of our overdraft program for ATM/debit card transactions.
If you do not provide your opt in consent by August 15, you will lose the ability to overdraw your account through one-time debit card and ATM transactions (unless your checking account is linked to another account or line of credit).
WHY OPT IN?
Town Bank does not want to leave you without options. Life doesn’t always go according to plan, and overdrafts do sometimes occur. If you do not opt in, your ATM and debit card transactions will be declined if you attempt to make a transaction without sufficient funds.
HAVE ADDITIONAL OVERDRAFT PROTECTION?
If your current overdraft coverage is a line of credit or link between accounts, this does not apply to you unless those accounts are exhausted, in which case you will still need to opt in for additional coverage.
HOW TO OPT IN
Visit http://optin.townbank.us.
Should you have any questions about this new ruling or about overdraft protection, please do not hesitate to contact us.
*Please note that the new federal guidelines apply only to ATM and everyday debit card transactions and not to overdraft protection services associated with written checks or recurring debit transactions, such as regularly scheduled bill payments. Overdrafts are paid at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.
