At Independent Bank, we want to keep you informed of regulatory changes that may impact your ATM and everyday debit card transactions.

A new regulation requires 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 should know how your decision will affect your account. Below are three frequently asked questions that will help you make the best decision:
 

  1. What happens if I authorize payment of overdrafts on my ATM and 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 will be assessed. Be assured that there will not be a fee if you choose to maintain your overdraft coverage. Standard overdraft fees will apply only if the overdraft coverage is used.
  2. How does my authorization provide protection? If you are running short of cash, make a mistake in your account or need to use your card in an emergency, your authorization gives us permission to cover that transaction. Your authorization does not guarantee that the bank will cover every transaction that may take your account negative. However, we will make every effort to honor these transactions whenever possible.
  3. What happens if I do not authorize payment of overdrafts on my ATM and 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. Whether or not you authorize us to pay ATM and everyday debit card overdraft transactions, everything else about your account will remain the same. Please keep the following in mind when making your decision:
  • If you decide to opt in, your debit card overdraft service will continue uninterrupted.
  • If you are undecided, then beginning August 15, your everyday debit card overdraft transactions may not be authorized.
  • If you opt out, your everyday debit card overdraft transactions may not be authorized beginning June 28.
  • To authorize us to pay these transactions, simply complete the form from the Resources page of the Independent Bank Web site and return it to us. You may also stop by any branch location to give us your authorization. You may also stop by any branch location to give us your authorization. Beginning June 28, a new option will be available through 24-hour telephone banking. To decide if the bank should pay overdrafts for your ATM and everyday debit card transactions, simply dial 888.300.3193 and press options 1, 1 and 3.

We are here for you, so if you have further questions about this change and how it impacts you, don’t hesitate to call us at 888.300.3193. Representatives are available Monday – Friday, 8:30 am – 5:30 pm