Important Overdraft Service Information
Advantages of Opting-In | Information on Overdrafts and Fees | How to Opt-In
Currently, as part of our standard overdraft practices, all First Federal Bank checking accounts feature Bounce ProtectionSM, an overdraft privilege service where, at our discretion, we may authorize and pay ATM and one-time debit card transactions even if your account does not contain sufficient funds.
Starting August 15, 2010, Federal regulations will require all banks and all credit unions offering overdraft services to obtain consent before applying fees to certain overdraft transactions. We will no longer be able to automatically provide Bounce Protection for ATM and debit card purchases, so you must Opt-In if you would like to still have this service available to you.
Advantages of Opting-In
If you authorize First Federal to pay overdrafts, Bounce Protection may allow your ATM or debit card transactions to be paid and you will be charged the overdraft fee.
First Federal does not encourage overdrafts. As always, we encourage you to manage your finances responsibly, but understand that unexpected expenses and human error might occur. Opting-In could save you from an inconvenient experience or a potentially embarrassing moment at a merchant. In addition, there is absolutely no cost for this service if you Opt-In but do not use this service.
If you choose to Opt-Out of this program, or do not respond by the deadline, any ATM or debit card purchase that exceeds your account balance will be declined.
How to Opt-In
If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, simply click here to complete the online form using the security ID and last four digits of your account number listed at the bottom of the letter or email you received regarding this matter.
You may also stop by your local branch office, or contact our Account Information Center (AIC) Toll Free at 1.866.242.3324 (1-866-AIC-FFBH) or 870.365.8329 Harrison area. The AIC is open Monday through Friday, 7:30am-5:30pm, and Saturday, 8am-12pm.
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 overdrafts in two different ways:
- We have standard overdraft practices that come with your account.
- We also offer overdraft protection plans, such as a link to a savings account, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.
This notice explains our standard overdraft practices.
» 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
After August 15, we will not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):
• ATM transactions
• Everyday debit card 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.
» What fees will I be charged if First Federal Bank pays my overdraft?
Under our standard overdraft practices:
• We will charge you a fee of up to $27 each time we pay an overdraft.
• There is no limit on the total fees we can charge you for overdrawing your account.