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Regulation E Changes and Opt-In Requirements


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New Federal banking regulations have changed how banks handle debit card transactions that result in insufficient funds to your account. These new regulations begin August 15th, 2010 for existing accounts. The Bank has a discretionary overdraft program known as Overdraft Privilege. You may or may not presently be enrolled in this program. If you are an Overdraft Privilege customer, our current overdraft policies and procedures are outlined below as long as your account is in good standing:

  • No charge is assessed to your account if the resulting overdrawn balance is less than $10.
  • A $28 overdraft fee applies per overdrawn item, up to a maximum of 5 charges daily.
  • FNB pays items on your account up to our specified overdraft limit regardless of whether it is a check, draft, or debit card transaction. The new regulations do not affect checks or any automatic drafts.
    However, for overdraft coverage to continue with debit card transactions, you must Opt-in to that service.

FNB offers alternate overdraft protection plans which may be less expensive than Overdraft Privilege. These include Ready Reserve and pre-authorized transfers from Equity Lines, Save-the-Day Savings, or any other checking or savings account. Applications are available at each of our locations.

To continue Overdraft Privilege in the same way as in the past, please authorize us to continue this service by filling out the information below and choosing the Opt-in privilege box.

*Name(s)
 
Address
  ,
Phone
*Account(s) to be included in the Opt-In privilege
 
*Account(s) to be included in the Opt-Out privilege
 

By clicking submit, you are authorizing First National Bank of Griffin to act on your decision to Opt-in or Opt-out. Opting in authorizes the bank to pay overdrafts on your everyday debit card transactions. Opting out will not authorize the bank to pay overdrafts on these accounts for everyday debit card transactions.


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