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:
1. We have standard overdraft practices
that come with your account.
2. We also offer a link to a savings
account or a line of credit on a loan 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
We do 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 Bank
of
Under our
standard overdraft practices:
·
We
will charge you a fee of $25.00 each time we pay an overdraft.
·
There
is no limit on the total fees we can charge you for overdrawing your
account.
What if I want Bank of
If you also
want us to authorize and pay overdrafts on ATM and everyday debit card
transactions, call 270-343-3186, visit www.bankofjamestown.com,
or complete the form below and bring it to the main office on the square in
Jamestown or mail it to PO Box 6, Jamestown, KY 42629.
____I do
not want Bank of Jamestown to authorize and pay overdrafts on my ATM and
everyday debit card transactions.
____I want
Bank of Jamestown to authorize and pay overdrafts on my ATM and everyday debit
card transactions.
Printed
Name: _________________________________________________ Date:__________________________
Account
Number:_______________________________________________
_______________________________________________________________________
(Signature)