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New Federal Regulations Impact Your Debit Card
We would like all of our checking account customers to know that new federal regulations will have an impact on the debit card you might use for your Walden Savings Bank Checking Account.
New federal regulations will take effect on August 15, 2010.
Under these new regulations, your debit card and ATM transactions that do not have sufficient funds when processed will be declined unless you “opt-in” to Walden Savings Bank’s Overdraft Privilege service. If you choose not to “opt-in”, ANY debit card purchases (grocery store, gas station, drug store, restaurant, etc.) will be DENIED if there are insufficient funds in your checking account. Additionally, under the new regulations, you will not be able to withdraw cash from any ATM if there are insufficient funds in your checking account unless you opt-in. Paper checks, ACH and recurring debit card transactions will not be affected by the new federal regulations.
Walden Savings Bank does not encourage checking accountholders to make transactions with insufficient funds in your checking account. We do recognize that there are some circumstances where simple mistakes or oversights can create this unique situation.
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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. Walden Savings Bank can cover your overdrafts in three different ways:
- Extended Overdraft Privilege-With this privilege we pay your non-sufficient funds (NSF) items up to a pre-approved limit.
- Overdraft Line of Credit (subject to credit approval)
- Account Transfers-Link your checking account to a savings account or other deposit account to cover your overdraft
This notice explains our Extended Overdraft Privilege Program
The Extended Overdraft Privilege will cover the following transactions-
- Checks and other transactions made using your checking account
- Automatic bill payments
We will not cover the following transactions unless you authorize (opt-in) us to do so -
- 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 Walden Savings Bank pays my overdraft?
- Transactions causing an overdraft of $5.00 or less will not be assessed an overdraft fee
- All other overdraft transactions will be assessed a fee of $30.00
What if I want Walden Savings Bank to authorize and pay overdrafts on ATM and everyday debit card transactions?
If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, you can opt-in by completing one of the following:
- Fill out the form below and mail to: Walden Savings Bank, PO Box 690, Montgomery NY 12549 ATTN: Opt-in
- Visit any one of our convenient branch locations
- Contact us at 845.457.7700, option 3.