Look through our resources for more information on a wide range of topics.
OVERDRAFTS: HOW THEY OCCUR AND WHAT HAPPENS
What is an Overdraft? An overdraft happens when you don’t have enough available funds in your account to cover the checks or debits authorized on the account. Also known as insufficient funds (NSF) items, these can be returned to the payee and cost you fees. This can happen in several ways:
- Writing a check;
- Authorizing an automatic payment from the checking account to pay for recurring expenses such as utility bills, mortgage payments gym memberships, etc.;
- Paying for purchases with a debit card;
- Making withdrawals from an automated teller machine (ATM).
What happens when an overdraft occurs? Any item posted as a debit to your account can result in an overdraft, and all such items are treated the same with regard to the actions described in this document. In other words, overdraft actions and charges do not apply only to paper checks but to all debit transactions.
We may, at our discretion, honor transactions that overdraw your account, or we may decide to return the items, also called insufficient funds (NSF) items, to the payee. In either case, you will be charged and overdraft or NSF fee (refer to our Fee Schedule for current fee amount) for each item. There is no limit on the total fees we can charge you for overdrawing your account. Even if we do decide to pay an overdraft item, we are not obligated to pay overdrafts that occur at a later date. The payment of overdrafts is never guaranteed.
Regardless of our decision to pay or return the overdraft item, you will receive a notice that the overdraft occurred, how the item(s) was (were) handled, the amount of the fee you were charged, your account balance, and an opt-out option.
If our final decision on the item(s) caused your account to become overdrawn, you should make a deposit as soon as possible to bring your account to a positive balance. If your account balance remains negative we may charge you a daily negative balance fee every day the daily balance remains negative as set forth in the fee schedule.
If your account remains negative, we will send you a notice at day 10, 20, 30, and 45. If your account balance remains negative for 45 days, we may turn the account over to a collection agency, and you may be reported to TeleCheck, a consumer reporting agency. These actions may disrupt your ability to obtain a deposit account at another financial institution, and they may damage your credit rating.
MONITORING YOUR USAGE OF OVERDRAFT SERVICES
Balance Inquiries and Account Reconciliation: When you check your account balance, there may be outstanding items that have not yet posted due to processing delays which occur in the ordinary course of business. If you do not reconcile your account balance on a periodic basis and have a good understanding of the balance you should have, you may inadvertently overdraw your account if you rely solely on balance inquiries from the ATM or bank teller. We encourage you to make careful records and practice good account management. This will help you to avoid writing checks or making other payments without sufficient funds and incurring the resulting fees.
Statement Disclosures: If you have incurred overdraft or NSF fees, the fees are highlighted in a separate and distinct disclosure on your periodic account statements. The total fees for the statement cycle as well as the current year-to-date are included in this disclosure.
ALTERNATIVES TO HELP YOU MANAGE YOUR ACCOUNT MORE EFFECTIVELY
Your Overdraft Options: You have the right to opt out of overdraft services for ATM withdrawals and one-time debit card purchases at account opening. Under this program, if you opt out of overdraft services, we will not pay overdrafts caused by ATM withdrawals or one-time debit card purchases, and we will not charge you for those items. This means your ATM withdrawals and one-time debit card transactions will be rejected if you do not have enough money in your account to cover the transaction amount.
We also allow you to opt out of overdraft services for all other types of transactions. If you choose this opt-out option, we will never pay any transactions that overdraw your account. However, we will still charge you as described in this document for NSF transactions, other than ATM withdrawals and one-time debit card purchases.
For both types of opt-out programs, you can change your opt-out selections at any time by calling our Customer Care at 1-800-342-2824 during business hours, visiting a local Financial Service Center, emailing CustomerCare@AtlanticCoastBank.net, or by notifying us in writing at Atlantic Coast Bank, 505 Haines Avenue, ATTN: Overdraft, Waycross, GA 31501:
Less Costly Options: In addition to the opt-out programs, we also offer other options which can be less costly than overdraft and NSF fees:
- Overdraft Line of Credit – This is a revolving credit product that automatically transfers money to your checking account when you overdraw, subject to your credit limit. You must apply and meet credit eligibility requirements. Interest will accrue on the outstanding balance of the line of credit.
- Linked Savings Account – An Atlantic Coast Bank savings account can be linked to your checking account, ask an Atlantic Coast Bank financial services representative to set this option up for you. When you overdraw your checking account we automatically transfer money from your savings account to cover the overdraft, subject to the savings account balance. Monthly maximum transaction limitations apply, and a fee will be charged for each transfer (refer to Fee Schedule for current fee amount).
To discuss other options regarding your deposit account management, please visit your local Financial Service Center or call toll-free at 1-800-342-2824.
Financial Education and Counseling: If you are facing financial challenges and unable to manage your account effectively, you may want to consider accessing free or low-cost financial education workshops or individualized financial counseling. Visit the Federal Trade Commission’s website for more information at www.ftc.gov/bcp/edu/pubs/consumer/credit/cre26.htm. You may also want to contact the National Foundation for Credit Counseling at 800.388.2227.
How do you benefit?
- Atlantic Coast Bank is an FDIC member bank, which means this increased coverage applies to you and your accounts at Atlantic Coast.
- Your deposit accounts – savings, checking, money market and CDs, are insured up to $250,000 per depositor.
- Depending on how your accounts are titled, you can receive more than $250,000 as a household.
Talk to your Atlantic Coast banker for details. And to learn more about the FDIC and how it makes your bank deposits secure, go to http://www.myFDICinsurance.gov
For consumer news from the FDIC, go to https://www.fdic.gov/consumers/consumer/news/cnsum14/CNSummer2014_Colors_Final.pdf.
Atlantic Coast Bank
P O Box 1256
Waycross, GA 31502
There are several options which you may use in order to provide updated copies of insurance:
- Ask your agent to call 800-523-6404 where a representative will take necessary insurance information.
- Fax a copy of your insurance to 800-709-4821.
- Mail a copy of your insurance to Atlantic Coast Bank, P O Box 1256, Waycross, GA 31502.
- Enter insurance information on-line at www.myinsuranceinfo.com
Thank you for your assistance in updating these records.
Protecting your debit or ATM card
Protecting your Visa®/MasterCard® or ATM card from fraud requires monitoring 24 hours a day, 7 days a week, and 365 days a year. Our fraud detection programs monitor your card transactions for any suspicious activities. If potentially fraudulent transactions have taken place, we’ll contact you immediately so that future unauthorized purchases can be avoided.
Monitoring your accounts:
Your card transactions are monitored for purchases outside your normal buying behaviors, timeframes, geographical locations, or purchase patterns that are consistent with previously identified fraud trends.
Getting in contact with you quickly is critical for stopping any potential card fraud. 86% of Americans have a mobile device, which offers a convenient and free* method to make contact with you fast. Through our Card Alert Notification service, you may receive a text message that will ask you to confirm if a suspicious transaction was authorized by you. If there is no mobile number available, but a landline number exists, then an outbound call will be conducted. The number that would show on a caller ID is (877) 230-3179.
If we are unable to reach you via text message or phone call, the next attempt is a mailed notification advising you of potential fraud. Please note: this letter will not have an Atlantic Coast Bank logo and will appear generic; however, it is a valid attempt to protect your account. It is safe and advised to contact the phone number listed in the notification as soon as possible. Please remember you will not be asked any personal or confidential card information.
Helping us protect you
In order for you to accurately receive alerts via text messaging, and other means, please keep us up-to-date with your current mobile and home phone numbers, along with any other pertinent contact information.
Receiving text messaging
- The text message will contain a 5 digit code (33748), our financial institution name, dollar amount of the transaction, and merchant name.
- You will be asked to reply with “Yes” if you authorized the transaction. You will receive a confirmation text message and can continue to use your card with confidence.
- A “No” reply means you have not authorized the transaction. You will receive a confirmation text message and be contacted immediately by a fraud specialist, who will work to protect your account. Please answer this important call.
- Do not reply to the text message with any personal or confidential card information.
- If you would like to opt out of receiving these important messages by text, you may reply with STOP to indicate this preference.
Keeping accounts safe during travel
If you are traveling in the U.S. or to a foreign country for an extended period of time, contact us prior to your departure. This will allow us to make monitoring more flexible during your travel time, so you can decrease the likelihood that your purchases will be mistaken as fraudulent charges. If you fail to notify us in advance, your card may be blocked once a different geographic location transaction is detected.
* Text messages to your mobile device are free, but all other fees on calls and text messages are subject to the terms of your voice/data plan with your mobile carrier.
At no time will Atlantic Coast Bank contact you and ask for sensitive, identifying information such as social security numbers.
The My Money Program, created by the Florida Department of Financial Services, is a comprehensive and inclusive financial literacy program and resource clearinghouse for individuals with developmental disabilities, their family members and caregivers. Click on the image above to access program.