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Contact us to opt-in for overdraft protection

Reg E - Important information about overdraft services on debit card transactions

Due to new federal regulations, beginning August 15, 2010, Austin Bank will require that you give us permission to continue to provide you with overdraft services on everyday debit card transactions.

Everyday debit card purchases are anytime you use your debit card for a one-time transaction such as the grocery store, restaurant, gas station or doctor’s office.

Please consider the ways you use your debit card and make the choice that is right for you.
The BENEFITS of overdraft protection:
  • It is convenient.
  • It saves embarrassment.
  • It provides a safety net.
  • It is good to have in an emergency
If you decide to OPT-IN:
  • The bank will try to cover your everyday debit card and ATM transactions regardless of the funds that exist in your account (ATM daily limits also apply).
  • There is no fee to OPT-IN to the protection.
  • There is a $30 overdraft fee each time we pay a transaction when you have insufficient funds available. You will incur the fees ONLY if we actually cover the overdraft for you.
 
If you decide NOT to OPT-IN the bank will not cover your everyday debit card and ATM transactions when there are insufficient funds in your account and your transaction will be declined.
 
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:
  • We have standard overdraft practices that come with your account.
  • We also offer overdraft protection plans, such as a link to a checking or savings account or a line of credit, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.
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
  • Recurring debit card transactions (such as utility bills)
Effective August 15, 2010, we do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):
  • ATM transactions
  • Everyday debit card 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 Austin Bank pays my overdraft?
Under our standard overdraft practices:
  • We will charge you a fee of up to $30 each time we pay an overdraft.
  • There is no limit on the total fees we can charge you for overdrawing your account.
What if I want Austin Bank to authorize and pay overdrafts on my everyday debit card and ATM transactions?
If you also want us to authorize and pay overdrafts on everyday debit card and ATM transactions, call 800-644-9275, call or visit your local Austin Bank office, or fill in the information below.
* After a new account has been opened for 30 days, as a non-contractual courtesy, we may pay your overdrafts up to $500.  The purpose of this program is to cover inadvertent overdrafts.  Normal overdraft fees ($30 per occurrence) apply and will be deducted from available overdraft limit.  You agree to make a deposit sufficient to cover the overdraft within 30 days.  We reserve the right to refuse to pay any overdraft at any time.  Returned item fee is $30 also.  This fee applies to overdrafts created by check, in-person withdrawal, ATM withdrawal, or other electronic means. 
Please fill-out and submit the form below. You will receive a confirmation email. Should you have questions, please contact our Customer Care Center at 800-644-9275.

 
 
   

I want Austin Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions for this account. I do not want Austin Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions for this account.
Account Number(s): Yes - I want to opt in (opt in) No - I do not want to opt in(opt out)
 

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