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IMPORTANT INFORMATION FROM
ATLANTIC COAST BANK ABOUT OVERDRAFTS AND MANAGING YOUR DEPOSIT ACCOUNTS
HOW THEY OCCUR AND WHAT HAPPENS
is an Overdraft?
An overdraft occurs when a debit transaction (or
multiple transactions) posted against a deposit account exceeds the
This can happen in several ways:
Writing a check;
an automatic payment from the checking account to pay for recurring
expenses such as utility
bills, mortgage payments
gym memberships, etc.;
for purchases with a debit card;
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 Fee Schedule for current fee amount) for
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 for more than two (2)
consecutive days, you will be assessed a daily Negative Balance fee
(refer to Fee Schedule for current fee amount), beginning on the third
day, until the account balance is made positive.
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 will turn the account
over to a collection agency, and you will 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.
USAGE OF OVERDRAFT SERVICES
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.
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.
TO HELP YOU MANAGE YOUR ACCOUNT MORE EFFECTIVELY
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
For both type of
opt-out programs, you can change your opt-out selections at any time by
calling 1-800-342-2824 during business hours or by completing and
returning the following form to Atlantic Coast Bank 505 Haines Avenue,
ATTN: Overdraft, Waycross, GA 31501:
ATM/One Time Debit Opt-In/Out
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
Linked Savings Account – An ACB savings account can be linked to your
checking account, ask an ACB 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
option regarding your deposit account management, call 1-800-342-2824
during business hours or visit any branch locations.
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
You may also want to contact the National Foundation for Credit
Counseling at 800.388.2227.