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Overdraft Protection

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.

      
Frequently Asked Questions
What is an overdraft?
What are the different options if I want payments paid when there is not enough money in the account to cover them?
Why do banks pay overdrafts?
What does the new rule do?
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?
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?
If I opt in, will Bank 1440 always pay my ATM and everyday debit card transactions?
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?
Beyond standard overdraft practices and linking my checking account to another account to cover overdrafts, are there other ways to avoid overdrafts?
May I opt in at the time of the debit card transaction?
How do I opt in?
  
Useful terms...

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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