Reg E Changes
Thank you for choosing Astra Bank. Your checking relationship is important to us, and we want to keep you informed of regulatory changes that may impact your ATM and everyday debit card transactions.
Regulations now require banks to have a customer's permission before allowing overdrafts to be paid on ATM or everyday debit card transactions. You may decide if you want to authorize us to pay overdrafts on your ATM and debit card transactions. Before you decide, you need to know how your decision will affect your checking account.
What happens if I authorize payment of overdrafts on my ATM & Debit Card transactions? If you authorize us to pay these transactions, business will continue as usual. If you initiate a debit card or ATM transaction that could cause your account to reach a negative balance, we have your permission to pay that transaction and a fee may be charged.
Your authorization provides important protections.If you are running short of cash, or make a mistake in your checking account, your authorization gives us permission to cover that transaction so you can avoid the embarrassement of having your transaction declined at the grocery store or at your neighborhood restaurant. Your authorization does not guarantee that the bank will cover every transaction that may take your account negative. However, we will continue to honor these transactions whenever possible.
What happens if I do not authorize payment of overdrafts on my ATM & Debit Card transactions? If you do not authorize us to pay overdrafts on your ATM and debit card, beginning August 15, 2010, we will not be able to pay an ATM or debit card transaction that causes your account to reach a negative balance. If there are insufficient funds in your account, the transaction will be declined. To complete the transaction, you will need another form of payment such as a check, cash, or credit card or you may cancel the transaction. In addition, some merchants may not accept a check after a debit card transaction has been declined.
Whether you authorize us to pay ATM and everyday debit card transactions or not, everything else about your account will remain the same.
To authorize us to pay these transactions, simply click on the Opt-In Form under "What's New", print and complete the form and return it to any of our locations, or you may call (800) 536-2268.
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