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By Phone
623.463.1440 By Fax
623.930.1440 By E-Mail
info@Bank1440.com Main Office
7010 E. Chauncey Lane
Suite 120
(Scottsdale Rd and 101)
Map and Directions Peoria Branch
14155 N. 83rd Avenue
Suite 117
(83rd Ave and Thunderbird)
Map and Directions Lost or Stolen Debit Card
800-535-8440 Lost or Stolen Credit Card
800-854-7642 
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New Overdraft Rules for Debit and ATM Cards
Currently, your checking account at Bank 1440 comes with our standard overdraft protection. That means that if your account is linked to a savings, money market, or a line of credit, we may authorize and pay ATM and everyday debit card transactions even though you do not have enough money in your account to cover the transaction. We offer this service to our customers as a convenience and to provide a safety net and we charge a $30 per item fee for the service.
Beginning on August 15, 2010, this service will be available to you for ATM or everyday debit card transactions only if you agree or "opt-in" to this service.
At Bank 1440, we want you to be fully informed and prepared to make a decision about overdraft protection that is right for you. If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions log in to e-banking and under the "SECURE FORMS" tab select the "Opt-In/Opt-Out" form. Complete the form with your decision as to whether you are opting in or opting out and click on the submit button. You can also complete the bottom portion of our Opt-In/Opt-Out form and mail it to us or bring it in to one of our two locations by August 13, 2010.
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| Frequently Asked Questions
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| What is an overdraft?
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| An overdraft occurs when you do not have enough money in your account to cover a payment you have authorized, but the Bank pays it as an accommodation, trusting that you will repay the amount of the overdraft. |
| What are the different options if I want payments paid when there is not enough money in the account to cover them? |
| There are a number of choices available. We give you the option to link your checking account to another account such as a saving account. If eligible, you also might have the option to link the checking account to an overdraft line of credit. Fees and interest are charged. |
| Why do banks pay overdrafts? |
| Banks pay overdrafts because people are often willing to pay a fee to have important payments such as those for a mortgage or rent paid even if they don’t have enough money in their account in order to avoid inconvenience, additional fees, and embarrassment. For example, you may want the bank to pay a check or electronic or automatic payment made to a store, mortgage company, or landlord because if it is returned, you might have to pay a fee to the payment recipient and because in the future, your checks or electronic and automatic payments may no longer be accepted. People may also want their ATM and other debit card transactions paid in order to avoid embarrassment, to help them in an emergency, or to get through a temporary cash-flow problem. |
| What does the new rule do? |
| The new rule mostly affects debit card transactions, specifically ATM transactions and everyday debit card transactions made for purchases at a store or on the internet. The new rule provides that you must expressly agree, that is, “opt-in,” before we may charge you a fee for paying an ATM or everyday debit card transaction that will cause an overdraft on the account |
| If I do not “opt-in,” will Bank 1440 still continue, at its discretion, to pay checks and electronic and automatic bill payments even if I do not have enough money in the account? |
| At our discretion, it is Bank 1440’s practice to pay your checks and electronic and automatic bill payments, and we must continue to do so for you, even if you have not opted in to pay a fee for everyday debit card overdrafts. |
| If I don’t opt in, will automatic payments that I have arranged to be paid through my debit card always be returned if there isn’t enough money in the account? |
| Automatic bill payments made through the debit card may still be paid, and a fee will be charged even if you have not agreed to pay a fee to have ATM and everyday debit card overdrafts paid. |
| If I opt in, will Bank 1440 always pay my ATM and everyday debit card transactions? |
| No. Unless you have signed up to link your checking account to another account such as an overdraft line of credit, the bank does guarantee that your ATM and everyday debit card transaction will be paid even if you opt in. These standard overdraft services are an accommodation provided at the Bank’s discretion. |
| If I do NOT opt in, does it mean that I will never overdraw my account using my debit card for ATM and everyday transactions? |
| No. There are limited circumstances when it will not be possible for us to avoid paying an ATM or other debit card transaction you made, even if there is not enough money in your account. You should not assume that because the ATM or other debit card transaction goes through that there is enough money in your account to cover it. In these cases, we may not charge you an overdraft fee, but you still must re-pay the bank to cover the overdraft. |
| Beyond standard overdraft practices and linking my checking account to another account to cover overdrafts, are there other ways to avoid overdrafts? |
| The easiest way to avoid overdrafts is to keep track of your transactions and balance. You are also less likely to overdraw if you keep extra money – a cushion -- in the account. You can sign up via our on-line banking site, for email alert messages that will notify you when your balance has fallen below an amount that you established. |
| May I opt in at the time of the debit card transaction? |
| You will not be able to opt in at the time of the transaction. If you think you will want your ATM and everyday debit card overdrafts paid and are willing to pay for it, you should opt in before you need it |
| How do I opt in? |
If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions log in to e-banking and under the "SECURE FORMS" tab, select the "Opt-In/Opt-Out" form. Complete the form with your decision as to whether you are opting in or opting out and click on the submit button. You can also complete the bottom portion of our Opt-In/Opt-Out form and mail it to us or bring it in to one of our two locations by August 13, 2010. |
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Overdraft
An overdraft occurs when you write a check, make an ATM transaction,use your debit card to make a purchase, or make an automatic bill payment or other electronic payment for an amount greater than the balance in your checking account.
Everyday Debit Card Transactions
Purchases made with your debit card on a day-to-day basis (excludes all checks and automatic bill payments)
Opt-in
Giving Bank 1440 permission to include you in our overdraft protection service
Opt-out
Declining overdraft protection service offered by Bank 1440
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