Overdraft Privilege Opt-In/Revoke

We do not approve debit card purchases and ATM cash withdrawals when you do not have sufficient available funds in your account. We created a new service called Overdraft Privilege which may help you when you are running low on funds. Here are the facts to help you decide whether Overdraft Privilege will meet your needs:

What does Overdraft Privilege do for me?

Should your account become short of funds and you happen to use your debit card, Overdraft Privilege is designed as a safety net to help cover the insufficient funds. This could save you the inconvenience and embarrassment of a denied transaction at the ATM, gas pump or check out lane. There is no additional cost for Overdraft Privilege unless you use it. And if you do, you'll just be charged our standard overdraft fee (please see Service Fee Schedule).

You'll need to sign up for Overdraft Privilege and tell us that you wish to "opt-in" or agree to this coverage. If you do nothing, your debit card purchases and ATM cash withdrawals will be declined if you don't have enough available funds in your account. Regardless of your initial decision, you may change your mind at any time.

How do I "opt-in" or agree?

You can fill out our secure application by clicking here or you can call us at (847) 586-2323 and enter your information into our secure automated system.

If you choose to do nothing, unfortunately we will decline your debit card purchases and ATM withdrawals when you don't have enough available funds in your account to cover them.

How do I revoke my previous election?

If you would like to change your election, click here to fill out our secure form. You can also call us at (847) 586-2323 and enter your information into our secure automated system. You may revoke Overdraft Privilege at any time through either of the options listed above or in the branch.

Overdraft Protection

We have a number of overdraft protection options. Please click here to view your options.

We also have tools to help you avoid overdrawing your account.

  • Online Banking - Check your account balance, transfer funds and more 24 hours a day, 7 days a week.
  • Bank-by-Phone - Call (847) 952-3000 to check your balance, verify your ATM withdrawals, and more.
  • Balance Alerts - Set alerts in our online banking system to get notified if you've reached your specific balance limit.
  • Mobile Banking - Check balances, view account history, locate First American branches and ATMs all from your phone.
  • Mobile Alerts - Send alerts straight to your phone.

Additional information regarding your new overdraft choice can be found by visiting:
http://www.federalreserve.gov/consumerinfo/wyntk_overdraft.htm 

 

The following section is intended to answer common questions regarding the new federally mandated "opt-in". Click on a question below to reveal the answer.

If I have CheckCredit or RediReserve, do I still need to "opt-in" or agree?
No. Your insufficient funds will be covered by using those products up to the stated limits.
Can I "opt-in" if I have Account Link?
Yes. By signing up for Overdraft Privilege for all of your checking and savings accounts, you are provided the additional safety net should any of your linked accounts have insufficient balances to cover your debit card purchases or ATM withdrawals.
If I "opt-in", will my debit card charges always go through?
No. Whether an overdraft will be paid is discretionary and we reserve the right not to pay. For example, we typically do not pay overdrafts if your account is not in good standing or you are not making regular deposits, or you have too many overdrafts. 
If I "opt-in", are there fees?
Yes. We will charge you our standard overdraft fee each time we pay an overdraft (up to a maximum of six per day). If your account is overdrawn for two or more consecutive days, you will be charged an additional daily fee starting on the third day (please see Service Fee Schedule).
What if I have automatic monthly debit card payments set up? Will these still go through if I don't "opt-in"?
Debit card purchases that are set up to bill monthly (such as an electric bill) may be denied if you do not have available funds in your account to cover them and you choose not to "opt-in".
If I "opt-in" now, can I change it later?
Yes. You can change your election at any time. You may click here to fill out our online form or call (847) 586-2323.
What will happen to my child's Student Checking account?
Student Checking is treated the same as any other checking account. The student's debit card purchases and ATM withdrawals will be declined if they do not "opt-in" and they don't have enough available funds in their account. If they choose to "opt-in", they will be charged our standard overdraft fee each time they overdraw their account (up to the daily maximum).
What will happen if I do not "opt-in" or do nothing?
If you do not "opt-in", we will decline your debit card purchases and ATM withdrawals when you don't have sufficient available funds in your account to cover them.

 

 

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