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Federally-Required Consumer Notice

What You Need to Know About Overdrafts and Overdraft Fees on Consumer Accounts


Effective Date:

July 1, 2010 for new consumer deposit accounts opened on or after July 1, 2010
August 13, 2010 for consumer deposit accounts opened prior to July 1, 2010

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 consumer checking account.
  • We also offer overdraft protection plans, such as a link to a savings account or overdraft line of credit, 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 consumer checking 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 (such as recurring debit card and ACH payments)
  • ATM transactions
  • Everyday debit card transactions (such as one-time debit card purchases).

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.  If you do not have a sufficient available balance in your consumer checking account or if you attempt a transaction that exceeds the ATM/debit card withdrawal limitations, we will decline ATM and/or debit card transactions.

What fees will I be charged if Guardian Bank pays my overdraft?
Under our standard overdraft practices:

  • We may charge you a fee of  up to $35 each time we pay an overdraft item to your account for:
    • Checks and other transactions made using your checking account number
    • Automatic bill payments 
    • Pre-Authorized transactions
    • Recurring debit card transactions
      (A "preauthorized electronic fund transfer"  transaction is one authorized by you in advance of a transfer that will take place on a recurring basis, at substantially regular intervals, and will require no further action by you to initiate the transfer.)
  • There is no limit on the total fees we can charge you for overdraft and returned item fees per day for these items.

What items will I not be charged a fee for if Guardian Bank pays my overdraft?

  • ATM transactions
  • Everyday debit card transactions (such as one-time debit card purchases).

 

 

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