Debit Card Overdraft Privilege
Change Is Coming!
An important regulatory change is coming that will impact your future Superior Bank debit card usage & ATM withdrawals. An “opt-in” decision will be necessary to retain your current level of overdraft privilege.The new regulation will provide two options:
Opt-in: Your current level of overdraft privilege will continue without disruption.
Example: At the grocery store, 2 days before payday, purchases may be approved, at our discretion – even if there isn’t enough money in your account at that moment.
Opt-out: Starting August 15, 2010, insufficient funds will cause one-time debit card transactions and ATM withdrawals to be denied. Example: At the sales counter, a purchase attempted without sufficient funds to cover the full transaction amount would be denied. Funds requests would also be denied at the ATM machine.
If you do not respond, your account will automatically no longer have overdraft privilege for one-time debit card and ATM transactions effective August 15, 2010.
Click here for more information and a printable authorization form that can be dropped off at any Superior branch.
The effective date of the change is August 15, 2010 for accounts opened before July 1, 2010. For accounts opened
after July 1, 2010 the effective date of the change is July 1, 2010. Beginning August 15, 2010, we will not authorize and pay overdrafts
on ATM and everyday debit card transactions without account holder consent. An overdraft (OD) fee or insufficient funds (NSF) fee of up
to $34.50 will be charged for covering overdrafts that result in a negative balance at the end of the day. Overdrafts may be created by
check, ACH, online banking transactions, phone transactions or other electronic means. Recurring debit card transactions (payments that
are set up to bill and pay automatically) such as automatic draft from your health club or insurance company may continue to be covered
by your overdraft service. Once an overdraft has occurred you are required to bring your account to a positive balance within 30 days.
We reserve the right not to pay if your account is not in good standing. Contact us if you have questions.
