More Information

What is the new “Regulation E” rule change?

New Federal Reserve rules give ATM and debit card users additional options regarding overdrafts to their personal checking account. The new rule provides that you must expressly agree, that is, “opt-in,” before the bank may charge you a fee for paying an ATM or everyday debit card transaction that will cause an overdraft on the account. Whatever your decision, the new overdraft rule gives you flexibility. You can choose to opt-in or revoke your opt-in status at any time.

What happens if I don’t respond to the mailing by August 15, 2010?

If we do not hear from you by August 15, 2010, then we will be required to decline overdraft transactions for ATM and everyday debit card transactions if there are insufficient funds in your account.

If I have more than one account for which Overdraft services are available, is it necessary to provide a separate opt-in notice for each account?

Yes. Centier requires that you opt-in separately for each personal checking account affected by this new rule.

What about automatic bill payments that I have arranged to be paid through my debit card? If I don’t opt in, will they always be returned if there isn’t enough money in the account?

Automatic bill payments made through the debit card may still be paid, and a fee will be charged, even if you have not agreed to opt-in and pay a fee to have ATM and everyday debit card overdrafts paid.

If I opt-in, will the bank always pay my ATM and everyday debit card transactions? No. The bank does not guarantee that your ATM and everyday debit card transaction will be paid even if you opt-in. These standard overdraft services are an accommodation provided at the bank’s discretion.

If I do NOT opt-in, does it mean that I will never overdraw may account using my debit card for ATM and everyday transactions?

No. There are limited circumstances when it will not be possible for the bank to avoid paying an ATM or everyday debit card transaction you made, even if there is not enough money in your account. You should not assume that because the ATM or everyday debit card transaction goes through that there is enough money in your account to cover it. In these cases, the bank may not charge you an overdraft fee, but you still must re-pay the bank to cover the overdraft.

Beyond standard overdraft practices and linking my checking account to another account to cover overdrafts, are there other ways to avoid overdrafts?

The easiest way to avoid overdrafts is to keep track of your transactions and balance. You are also less likely to overdraw if you keep extra money – a cushion -- in the account. For more information about how to better manage overdrafts, click here.

If you would like to revoke your previous opt-in please click here.

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