Don't lose your ATM & Debit Card Overdraft Protection

       

 

 

                              

Your debit card may no longer work the way you expect

Beginning on August 15, 2010*,  your everyday debit card purchases at grocery stores, gas stations, pharmacies and so on, as well as your ATM transactions, will no longer be 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 your everyday debit card purchases and ATM transactions, you will need to specifically request it or "Opt in." 

 

What transactions are included in the rule change?
• Automated Teller Machine (ATM) transactions
• One time debit card transactions, such as gas purchases

 

What transactions aren’t included in the rule change?
• Checks, including paper and electronic
• ACH electronic payments, like your mortgage or insurance premiums
• Recurring debit card transactions, such as a monthly gym membership

                                   

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. 

     

"Opt In" Form 

 

 

IF YOU “OPT OUT:”
If you choose to “Opt out,” as of August 15, 2010, we will no longer be able to provide Courtesy Overdraft Service coverage automatically for any ATM or everyday debit card transaction that would cause your account to reach a negative balance.  If there are insufficient funds in your account, the debit card or ATM transaction will be declined. If you “Opt out” or we don’t hear from you, as of August 15, 2010, your everyday debit card or ATM transaction will be denied if there is not enough money available in your account to cover a purchase or withdrawal.  

 

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. Please understand that no response from you may prevent us from allowing you to take full advantage of a service that may currently be available to you today.

 

* The effective date of the change is August 15, 2010 for accounts opened before July 1, 2010. For accounts opened after July 1, 2010 the effective date of the change is July 1, 2010. Beginning August 15, 2010, we will not authorize and pay overdrafts on ATM and everyday debit card transactions without account holder consent.  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.


What you need to know about overdrafts and overdraft fees

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

 

Until August 15, 2010, we will authorize and pay overdrafts for the following types of transactions:
• ATM transactions
• Everyday debit card transactions (Point of Sale transactions)                                  

Beginning August 15, 2010, we will not authorize and pay overdrafts for these types of 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 beginning August 15, 2010?

If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions beginning August 15, 2010, 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.

 

How can you avoid overdraft and bounced-check fees?

The best way to avoid overdraft and bounced-check fees is to manage your account so you don't overdraw it. Here are some tips to help you:

• Keep track of how much money you have in your checking account by keeping your account register up-to-date. Record all checks when you write them and other transactions when you make them. And don't forget to subtract any fees such as monthly service charges or check orders.

• Pay special attention to your electronic transactions. Record your ATM withdrawals and any fees, debit card purchases, and online payments.

• Don't forget about automatic bill payments you may have set up for utilities, insurance, or loan payments.

• Keep an eye on your account balance. Remember that some checks and automatic payments may not have cleared yet.

• Review your account statements each month.  Between statements, you can find out which payments have cleared and check your balance by calling Lapeer County Bank & Trust Co.'s Direct Line Telephone Banking  (245-2265) or utilizing Online Banking at LCBT.com.  Be sure to find out the actual amount in your account – your account balance not including any funds available to you through any overdraft protection plans.  Sometimes mistakes happen. If you do overdraw your account, deposit money into the account as soon as possible to cover the overdraft amount plus any fees you may incur. Depositing money into your account can help you avoid additional overdrafts and fees.

Source:  Federal Reserve
 

Additional Lapeer County Bank & Trust Co. services that can help manage your accounts.

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.
 

 

 

 


Main Office: 83 W. Nepessing St. • P.O. Box 250 Lapeer, MI 48446