Make an informed decision about the overdraft solution that’s right for you.
Lapeer County Bank & Trust Co. offers Courtesy Overdraft Service, a discretionary overdraft program requiring no action on your part that provides you with a safety net up to an automatically assigned overdraft limit. Your Courtesy Overdraft Service limit may be available for checks and other transactions made using your checking account number or automatic bill payment and recurring debit card payments.
Under a rule that went into effect on 7/1/2010 for new Lapeer County Bank & Trust Co. customers and 8/15/2010 for existing customers, your everyday debit card purchases at grocery stores, gas stations and pharmacies and so on, as well as your ATM transactions, are no longer covered automatically by our Courtesy Overdraft Service. That means if there is not enough money in your account or if the funds are not yet available, your debit card or ATM transaction will be denied. If you want to keep Courtesy Overdraft Service on your account for these types of transactions, you will need to specifically request it or “Opt in.”
IF YOU “OPT IN:”
Your debit card will work as it currently does. If we authorize reasonable debit card transactions that cause your account to fall into a negative balance, you will incur our normal NSF Paid Item Charge of $30.00 as set forth in our Fee Schedule—the same as if we returned your check unpaid. “Opting in” means you will continue to have a safety net up to your available Courtesy Overdraft Service limit that may save you from the embarrassment of having a transaction declined if you have made a mistake in balancing your account or are short on cash.
Remember: Fees only apply when you use these services. Providing us with this authorization will allow us to continue to approve everyday debit card or ATM transactions and will prevent the inconvenience of having transactions declined at a merchant, such as a grocery or retail store. Once an overdraft has occurred you are required to bring your account to a positive balance within [30 days]. We reserve the right not to pay if your account is not in good standing. Contact us if you have questions.
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:
1. We have standard overdraft practices that come with your account.
2. We also offer an overdraft protection option, which links to another deposit account, which may be less expensive than our standard overdraft practices. To learn more, ask us about this plan. This notice explains our standard overdraft practices.
What are the Standard Overdraft Practices that come with my account?
We do authorize and pay overdrafts for the following types of transactions:
• Checks and other transactions made using your checking account number
• Automatic bill payments
We will not authorize and pay overdrafts for:
• ATM Transactions
• Everyday Debit Card 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 Lapeer County Bank & Trust Co. pays my overdraft?
Under our standard overdraft practices:
• We will charge you a fee of $30.00 each time we pay an overdraft.
• The limit will be five fees per day.
What if I want Lapeer County Bank & Trust Co. to authorize and pay overdrafts on my ATM and everyday debit card transactions?
If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions, call us at 810-245-2950, complete the downloadable form and drop off at your branch, or mail the form to Lapeer County Bank & Trust Co., P.O. Box 250, Lapeer, MI, 48446.
1. Use our free Online Banking and Mobile Banking services tools
Check your current available balance — online or on your mobile device — before you make a purchase. You can also set up a free low-balance alert that will display as soon as you sign in to Online Banking or Mobile Banking when your account balance reaches this level.
2. Sign up for Overdraft Protection Transfers
Link an eligible Lapeer County Bank & Trust Co. savings or another checking account to your primary checking account. We will automatically transfer available funds, in $100 increments, to cover your transactions if you have insufficient funds in your checking account. A single Overdraft Protection transfer fee will be assessed.