Your Choice, Make Your Election
An important regulatory change has impacted processing of debit card purchases and ATM withdrawals. We want you to know that this amendment to bank regulations requires all banks to obtain customer approval before considering payment of ATM withdrawals and debit card purchases that may create an overdraft to your account.
To continue receiving the same level of service that you do today, you will need to select the opt-in option. Should you decide to opt-out, and no longer receive overdraft coverage, insufficient funds that would have previously processed, will be denied.
Please take a moment to review the information detailing the changes that could affect your account(s). To provide your overdraft consent selection, complete and submit the electronic form below.
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 checking, savings and money market account, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.
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
- 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 Legacy Bank Pays My Overdraft?
Under our standard overdraft practices:
- We will charge you a fee of up to $30.00 each time we pay an overdraft.
- There is a $150.00 daily limit. for consumer accounts, on the total fees we can charge you for overdrawing your account.
- Overdraft fees will count against your available Overdraft Coverage Program reserve.
What if I Want Legacy Bank to Authorize and Pay Overdrafts on My ATM and Everyday Debit Card Transactions?
Simply fill out the form below and push “submit”.
You may also use this same form if at any time you decide to revoke your election.
Please make your election below: You may Opt In or Opt Out of up to 4 personal checking accounts. *Please note: business accounts, IRAs, loans, trust and cds will not be eligible for this service.
You must be at least 18 and an owner on an account to submit this form.