Overdraft Protection
What is an everyday or one-time debit card transaction?
An everyday or one-time debit card transaction is a one-time, non-recurring purchase or payment made with your debit card (i.e. purchase of gas, groceries).
What kinds of transactions are included in the overdraft change for debit card and ATM usage?
The only transactions directly affected by the new rules are ATM transactions (withdrawals, transfers, bill payments, if made at an ATM or with a card or card number) and one-time debit card transactions (in person, by telephone, on the internet, etc.).
Will the new overdraft fee opt-in rules apply to all accounts?
No. The rules only apply to consumer accounts (defined as "natural persons") with an ATM or debit card.
Do I have to opt-in for each consumer account that I have? For example, I have two personal checking accounts, a personal money market and savings?
Yes, there are separate opt-in rights for each account. You must opt-in or revoke authorization, with all of your consumer accounts at all financial institutions.
I have multiple cards issued on one jointly held account, does each person have to opt-in or can one opt-in for the entire account?
Any account owner can opt-in the account, but any account owner may also revoke any opt-in.
Will the rule affect overdrafts caused by paper or electronic checks?
No. The only transactions directly affected by the new rules are ATM transactions (withdrawals, transfers, bill payments, if made at an ATM or with a card or card number) and one-time debit card transactions (in person, by telephone, on the internet, etc.).
Does the rule cover irrevocable, revocable or living trusts?
No. A trust is not an individual. An account owned by a trust, therefore, would not be covered by Regulation E or the overdraft fee rules. You must be certain you are dealing with an actual trust agreement, not a "trust account" designed as a Pay on Death or In Trust For account.
Is a debit card transaction using a PIN considered a one-time debit card transaction?
Yes. In todays card processing environment PINs are not used in connection with authorizations for recurring card transactions.
What fees might be applied to my account?
A $34.61 overdraft fee will apply for each item that Premier Bank authorizes and pays when you do not have sufficient funds in your account at the end of processing. Additionally, Premier Bank will assess a daily fee of $5.00 after 2nd business day is the account is overdrawn.
If I opt-in will Premier Bank always authorize and pay items that my account overdraws?
No. Premier Bank authorizes and pays items that overdraw your account at our discretion and has the right to not pay any item into overdraft.
What happens if I do not participate in Premier Bank's overdraft review process and I overdraw my account?
Beginning August 15, 2010, if you have not instructed Premier Bank to consider authorizing and paying everyday debit card transactions and ATM withdrawals that overdraw your account, these transactions will be declined if you do not have sufficient funds in your account you will not be able to complete your debit card transactions or ATM withdrawal.
If I do not opt-in can Premier Bank cancel an overdraft protection plan?
No. Premier Bank cannot revoke the overdraft service that applies to non-card transactions based solely on the consumer's decision not to opt-in to the overdraft service covering card transactions.
If I want to opt-in or adjust my preferences who should I contact?
Any account holder can revoke their opt-in or opt-in preferences at anytime. To notify us:
• Contact our Customer Care Center by calling (850) 383-4617.
• Visit your local Premier Bank branch and speak with a personal banker.
