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Important Information about Overdraft ProtectionAs a valued customer, one of the programs we offer to you is overdraft protection. This service is designed to help you in those rare occasions when there are not sufficient funds in your account to pay a transaction. In those cases, we will advance funds, creating an “overdraft” or negative balance in your account. The overdraft is then typically repaid with your next deposit. You may have occasionally enjoyed the benefits of our overdraft coverage and we want to make sure you continue receiving those same benefits. Eagle Bank offers two types of overdraft services.Under our standard overdraft policy, unless you have specifically requested that we not pay any overdrafts we currently may authorize and pay Checks, recurring payments, ATM transactions and purchases made with your debit card even though you do not have enough money in your account to cover the transaction. We offer this service as a convenience and to provide a safety net to our customers, and we charge a $30 per-item fee for the service.We also offer you overdraft protection by linking another deposit account or an overdraft line of credit to cover transactions when you overdraw your account. The Bank does not charge a fee to cover the overdraft although there may be fees associated with the terms of the linked account. (Example: A savings account with a limit of 2 withdrawals per month would incur a $2.00 fee after that limit had been reached.) The New Rules regarding ATM and One-Time Debit Card TransactionsDue to recent changes in federal banking regulations, we are now required by law to obtain your written permission before we can apply our standard overdraft protection to overdraw your account to cover ATM and debit card transactions. If you do not “opt in”, by returning the enclosed form by August 15, 2010 the Bank’s standard overdraft services will not apply to your debit card and ATM transactions. These transactions will be declined when you do not have enough money in your account and you will not be charged overdraft fees.The new rules do not include checks or automatic bill payments you may have set up for paying bills such as your mortgage, rent or utilities. Eagle Bank will continue to provide our standard overdraft services on these types of transactions for qualified customers. Whatever your decision, the new overdraft rules give you flexibility. If you do “opt in” you may cancel this choice at any future time. If you do not “opt in” you can do so later. Should you wish to “opt-in” now you must complete and date the form recently mailed to you and return it to us by mail or by dropping it by any of our branches. You may also “opt-in” electronically by clicking here and completing and submitting the form. Should you have questions or would like to receive more information regarding overdraft protection please drop into or call one of our branches or call our customer service number at 501-223-2000 ext 33. Thank you for being a customer. To Opt-in, click here. |
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