Overdraft Changes for Debit Card and ATM Usage Require Your Attention
Beginning August 15, 2010, in accordance with federal regulations imposed on all financial institutions, The Peoples Bank will no longer be allowed to consider authorizing and paying one-time debit card transactions (such as gas, grocery, and other debit card purchases) and ATM transactions that overdraw your account – unless you have instructed us to do so.1
What happens if you do not instruct The Peoples Bank to continue to consider authorizing and paying one-time debit card and ATM transactions that overdraw your account?
Beginning August 15, 2010, any one-time debit card or ATM transaction that would overdraw your account will be declined at merchant or ATM locations, and you will not be able to complete your debit card purchase or ATM withdrawal.
To learn more or to participate in The Peoples Bank’s overdraft review process for one-time debit card and ATM transactions that overdraw your account:
Our goal is for you to minimize – and hopefully avoid – overdrafts and associated fees. Your Peoples Bank Customer Relations Representative can provide details about the many options available to help you avoid Non-Sufficient Fund fees, including Advance Plus overdraft protection2 and account monitoring services.
As a part of our overdraft service, if the overdrawn amount in your account is less than $15 at the end of processing, The Peoples Bank will waive any overdraft fees you would have incurred from debit card transactions and ATM withdrawals.
Please review the enclosed notice below, required by Federal Law, which contains information about The Peoples Bank’s overdraft practices. We look forward to hearing from you, and encourage you to let us know if you have any questions about these upcoming changes.
If your decision is made prior to July 1, 2010, it will be effective July 1, 2010. After July 1, 2010, your decision will be effective the next business day. This notice is applicable to your consumer deposit account.
Overdraft Notice
What you need to know about Overdrafts and Overdraft Fees
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 protection that is offered with your account.3
- We also offer overdraft protection plans, such as a link to a savings account, Home Equity Line of Credit2 or Advance Plus2, which may be less expensive than our standard overdraft protection. To learn more, ask us about these plans.
This notice explains our standard overdraft protection.
What is the standard overdraft protection that comes with my account?
We do authorize and pay overdrafts, at our discretion, 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):
- One-time debit card transactions
- ATM 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 The Peoples Bank pays my overdraft?
Under our standard overdraft protection:
- We will charge you a fee of $30 each time we pay an overdraft.
- Also, if your account is overdrawn for 2 or more consecutive calendar days, we will charge an additional $5 per day.
- There is no limit to the total fees we can charge you for overdrawing your account.
What if I want The Peoples Bank to consider authorizing and paying overdrafts on my one-time debit card and ATM transactions?
If you want us to authorize and pay overdrafts on one-time debit card and ATM transactions, please contact us by:
- Filling out the attached form and:
- Drop it by one of our branches(hyperlink), to sign up today
- Mail back in the envelope enclosed
- Fax it to (864) 222-2506
- Stop by one of our branches to speak to a customer representative
1 The Peoples Bank pays overdrafts at our discretion, and has the right to not pay any item. The Peoples Bank will pay these items based on your account history, spending patterns and other factors.
2 Subject to credit approval.
3 Subject to approval.