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 overdraft due to our standard overdraft procedures that come with your account.
This notice explains our standard overdraft practices.
v 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
Until August 15, 2010, we will authorize and pay overdrafts for the following types of transactions:
· ATM transactions
· Everyday debit card transactions (Point of Sale transactions)
Beginning August 15, 2010, we will not authorize and pay overdrafts for these types of 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.
v What fees will I be charged if Citizens National Bank pays my overdraft?
Under our standard overdraft practices:
· We will charge you a fee of up to $25 each time we pay an overdraft.
· The maximum number of overdraft fees you may be charged in a day for overdrawing your account is 7, or $175.00.
v What if I want Citizens National Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions beginning August 15, 2010?
If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions beginning August 15, 2010, call us at 903-873-4157, or print off and complete the form below and drop off at your branch. You can also mail the form to the address shown below:
Citizens National Bank
P.O. Box 120
Wills Point, Texas 75169
For internet users please print this page from your browser and fax a signed copy to (903) 873 8075 or mail to the address above.
Effective August 15, 2010
I do not want Citizens National Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions.
I want Citizens National Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions.
Date: _______________________ Account #: _______________________________
Should you change your mind and decide you no longer want us to continue to authorize and pay overdrafts on your ATM and every day debit card transactions (on or after August 15, 2010), you may revoke your authorization at any time by contacting us either in person, by mail or by phone