Changes Affecting Your Overdraft Protection

What are Atlantic Coast Bank’s Overdraft Services?
Overdraft Services: An overdraft service is any service under which a financial institution assesses a fee or charge on a consumer’s account held by the institution for paying a transaction when the customer has insufficient or unavailable funds in the account.  

ACB offers two types of Overdraft Services:

1. Overdraft protection plans. A Line of Credit or link to other accounts (ie: Savings, etc) to cover transactions when you overdraw your account/s. ACB charges an $8 fee each time you overdraft your account. This plan is not automatic, and must be set-up (requires customer signature) by visiting a local branch.  In an overdraft situation, overdraft protection plans are utilized prior to Standard Overdraft services.
2. Standard Overdraft  Services. ACB may cover your transaction for a fee of $37 each time you overdraft your account.  ACB will continue offering this discretionary service with dynamic overdraft limits for all checking accounts.
   • ATM and one-time debit card transactions.
     • Under new rules, customers must opt in to this service.  Customers will not be automatically enrolled.  
     • One-time debit card transactions are considered to be everyday discretionary purchases.
   • Recurring debit card transactions, paper checks, ACH, automated bill payments, other electronic payments, and branch/in person transactions.
     • ACB will continue to automatically enroll eligible customers into this service at account opening*.
     • Recurring debit card transactions are considered to be those established primarily for bill payments, such as health club membership, etc.*

*Merchants will code debit transactions as either one-time or recurring. Financial institutions will rely on merchants coding.

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