Recently, the federal government passed legislation requiring any existing or new bank customer with a debit or ATM card to sign a consent form in order for the bank to pay an overdraft caused by an ATM or debit card transaction and charge a fee.
This new rule only applies to overdraft situations on ATM and one time debit-card transactions such as the purchases you make at the grocery, gas pump, gym or coffee shop. This new rule does not apply to checks or recurring debit charges that you may have set up.
For you to avoid the embarrassment when you make an occasional purchase or ATM transaction, but don't have enough money in your account to pay for it, you must opt-in by August 15, 2010.
If you open a new account & order an ATM or debit card on or after July 1, 2010, and DO NOT OPT IN, your ATM and everyday debit card transactions will likely be denied if you are lacking funds and still try to withdraw money or make a purchase.
Opt In to avoid worry and embarrassment. If you don't opt in, your electronic transaction will likely be denied when you lack funds yet try to withdraw money or make a purchase. Opt in... It is easy! Once you've opted in, you will receive confirmation by mail of your opt in choice.
That's great! But keep in mind, even if your account normally stays at a positive balance there are always those unexpected instances where an overdraft may occur. We realize that life doesn't always go according to plan. So Opt-In today and avoid the worry.
If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions,
201 W Woodford St
Lawrenceburg, KY 40342
For more information visit http://www.federalreserve.gov/consumerinfo/wyntk_overdraft.htm.