Overdraft Opt In

You have a choice to make!

New regulations from the Federal Government require you to opt in if you would like us to continue to honor transactions you make using your debit card and ATM withdrawals when those transaction may overdraw your account. Click here to watch a video about the changes, or review the information below to learn more. Whatever you do, it is important that we receive your preference before August 15. Watch an informative video on our Online Education Center.

Questions?

Overdraft Questions

Should I opt in for overdraft privileges?

If you can answer "sometimes" or "frequently" to these questions, you should probably opt-in, even if you never anticipate using the service. After all, it costs nothing to have the privilege. You only incur a fee when you overdraft.

1. I use my debit card frequently to make purchases because I usually don't have enough cash or other forms of payment with me.

2. I often get close to a zero balance in my account by the time I make a new deposit.

3. I often am not sure of my account balance before needing to make a purchase or cash withdrawal.

4. I often use my debit card when I am out of town and away from a Countybank Financial Center.

5. If I need to use my debit card in an emergency or for an unexpected purchase it would be important to me that my transaction be approved regardless of my account balance.

6. I do not anticipate taking my account to a negative balance, but if that happened, I would consider paying the fee for the convenience of completing the transaction.

7. If I were trying to make a purchase for an amount more than what is left in my account, I would rather pay a fee to avoid embarrassment of being declined.

Overdraft Situations

How the choice you make will affect everyday debit card and ATM transactions

Situation	If You Opt-In	If You Opt-Out
At an ATM: You have $60 available balance in your account and you use your debit or ATM card to try to withdraw $100.	We may, at our discretion, authorize and pay the withdrawal. This could result in an overdraft in your account, which means you will be charged an NSF Charge-Paid Item fee of $32.50.	The transaction will be declined. You will only be able to withdraw $60 from your account.
At the grocery store: You have $42 available balance in your account and want to purchase groceries for $58 with your debit card.	We may, at our discretion, authorize and pay the transaction. This could result in an overdraft in your account, which means you will be charged an NSF Charge-Paid Item fee of $32.50.	The transaction will be declined. You will only be able to purchase $42 worth of items or have an alternative form of payment.

FAQ

Q. If I choose to continue having overdraft privileges on my account will I be charged a fee?

A. There is no fee for having this service on your account. There is only a fee if you use the service by making a purchase with your debit card or an ATM transaction that would result in a negative balance in your account.

Q. Does this change apply to business accounts?

A. No. Business accounts will continue to receive the same overdraft coverage as before.

Q. What is the fee for an overdraft transaction?

A. The fee is $32.50.

Q. If I have overdraft privileges on my account, will all debit card purchases go through?

A. Based upon your account, there is a preset limit to the amount your account can be overdrawn and if you attempt a transaction that would exceed this limit, the transaction would be declined.

Q. Do these new regulations cover all types of transactions on my account?

A. No. These regulations only apply to what are considered "everyday debit card transactions" and ATM withdrawals. Recurring payments you set up on your account or on your debit card (ACH transactions) and written checks are not impacted by these new regulations.

Q. What happens if I choose to discontinue overdraft privileges on my account?

A. If you choose to discontinue overdraft privileges, any and all debit card purchases or ATM withdrawals that you attempt to make that would result in a negative balance in your account would be declined.

Q. Are there tools offered by Countybank to help me avoid having an overdraft?

A. Yes, Countybank provides free services to help you monitor your account balance. Countybank Online Banking provides you with balance information, check images, eStatements and the ability to schedule low balance email alerts. Countybank Mobile Banking is a great way to manage your account from anywhere on your mobile phone, making sure you can view your balance before making a purchase.

Q. Are there other methods of covering overdrafts that will incur lower or no fees?

A. Yes. If you have a savings of money market account with Countybank, you may request to have one of those accounts linked to your checking accounts so that funds are automatically transferred to cover an overdraft. The fee for each automatic transfer is currently $2. Another alternative if credit qualified is an Instant Cash overdraft line of credit or linking a FlexEquity home equity line of credit to your checking account to cover overdrafts. With either line of credit, you only pay the interest incurred until you repay the amount of the overdraft to your line.

Q. What if I want my current coverage to stay the same?

A. If you wish to retain this service you must let us know before August 12, 2010. If you do not notify us by that date, this service will be removed from your account. To retain this coverage, complete the online form, call (864) 942-1537, or visit a nearby branch location.