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Debit Card Overdraft Coverage –
what you need to know and why we need to hear from you!
At GNB, we realize more and more of our customers’ payments occur using their debit card, and we want to make you aware that you can tell us whether or not you want us to approve and pay debit card purchases that may overdraw your account.
GNB checking accounts are designed with a little ‘oops’ room, which means when you swipe your debit card at the gas pump, the grocery store, or any other retailer, the purchase is approved EVEN if you do not have adequate funds in your account.
After August 15, 2010, this protection will not be available to you unless we hear from you. Complete and submit the consent form to keep your GNB debit card working the way it always has!
Frequently Asked Questions:
Q. What happens if I don’t complete the form by August 15?
A. It will be assumed that you have opted out of overdraft protection for your debit card. Because of new federal laws that affect all financial institutions, GNB is prohibited from assessing overdraft fees for debit card purchases that overdraw your account after August 15, even if you have automatic transfers or a line of credit in place. This means that without your permission to approve and pay these debit card transactions, your card may be declined if there are not adequate funds in your account to cover a purchase you’re making.
Q. Will I be charged if an overdraft occurs using my debit card?
A. An overdraft fee of $28 is assessed each time a debit card, ATM withdrawal, paper check, or other transaction causes your account to be overdrawn. It’s important to remember that you will only be assessed a fee IF you use the overdraft protection service – no fees will be charged if your account is not overdrawn. There are occasions, for instance, when funds are not available in your account at the time the debit card purchase is approved, but a deposit is credited before the purchase is debited from your account, so no overdraft occurs.
Q. What if I change my mind about wanting overdraft services on my debit card?
A. You are able to change your consent for approving and paying debit card transactions that overdraw your account at any time. You may phone the bank, complete a new paper consent form, or complete the electronic form to change your consent.
Q. Does this new law affect the electronic payments I have set up for my house and insurance payments?
A. The new rule applies to one-time, everyday debit card transactions, or ATM withdrawals. It does not apply to automatic, electronic withdrawals, Billpay items, or paper checks that are drawn on your account.
Q. What if I’ve pre-authorized savings to checking transfers to prevent overdrafts, or have selected a Safety Check line of credit. Do I need to complete the consent form?
A. You have the same choice of opting for GNB to approve and pay overdrafts caused by debit card transactions, or opting out. You should give your consent (opt in) if you want GNB to authorize and pay your everyday debit card and ATM transactions that could create an overdraft. If you’ve pre-authorized savings transfers or have a line of credit, and there are adequate funds available to cover the overdraft, an overdraft fee will not be assessed.
Remember, if you wish to have your GNB debit card transactions approved and handled the same way they are currently, with the potential for overdraft fees, you will need to complete the consent form and agree to ‘opt in’. Sign up for this service today! Questions? Phone GNB and speak with Maria Oltman for more information.