Have you “opted in” to continue bounce protection for debit card purchases and ATM withdrawals?
At times, unanticipated expenses or unforeseen problems can leave you with too little cash in your checking account. Having a check returned or a debit card transaction declined due to insufficient funds can be a costly, inconvenient and potentially embarrassing experience. Paducah Bank encourages you to manage your finances responsibly. However, we understand that an inadvertent overdraft may occur. That is why we provide Bounce Protection, a special overdraft service for Paducah Bank customers.
Bounce Protection is a convenient service that may allow an everyday debit card purchase, ATM withdrawal, check, or electronic debit to be approved in an emergency, even if you do not have sufficient funds available in your account.
However, because of a recent regulatory change that went into effect on August 15, 2010, Paducah Bank is no longer able to provide automatic Bounce Protection for your everyday debit card purchases and ATM withdrawals. You must specifically ask for this service on your accounts by “opting in.”
If you did not “opt in” by August 15 and the service has been discontinued, your everyday debit card purchases and ATM withdrawals can no longer be covered by Bounce Protection. That means if you do not have enough money in your account, or if the funds are not yet available, your transaction will be declined.
The good news is that if you would like to have this service for your everyday debit card purchases and ATM withdrawals, it is easy to do so simply by “opting in.” You can find an “Opt- In” form on our website at www.paducahbank.com, or you can simply call or come by the branch nearest you.
There is No Cost for Bounce Protection Unless it is Used
If you use Bounce Protection, our standard overdraft practice will apply, and a paid item fee of $24.95 will be charged each time we pay an overdraft. The maximum number of overdrafts you will be charged in a day is five or $124.75.
How Bounce Protection May Benefit You In the Future
In the event a deposit to your checking account has not been credited or you have made a mistake in balancing your account, Bounce Protection may provide a safety net by allowing transactions to be approved, at our discretion, up to the limit that is assigned to your account. If you have not “opted in,” your everyday debit card purchases or ATM withdrawals will be declined if there are not sufficient funds in your account.
The Choice is Yours
We are aware that some customers never have an overdraft. Many have “opted in” just to have the safety net available in the event they make a mistake or have an unforeseen problem. They understand there is no charge unless the service is used. It is truly a case of your individual needs. For more information, call 270.575.5700, or come by the branch nearest you.