In January of 2010, Federal lawmakers finalized new rules for debit and ATM card users. The rules allow the consumer to choose whether you wish to give SNB consent to use our Overdraft Allowance service on your ATM Card and everyday CheckCard transactions. The implementation of these rules go into effect:
Click here to access, complete, and print the Reg E Opt-In Form/Letter. Sign it and return it to the bank!
July 1, 2010
New SNB Customers
August 15, 2010
Existing SNB Customers
Customers will have to Opt-In their CheckCard If they want SNB to cover their overdrafts on everyday CheckCard purchases and ATM transactions.
CheckCard holders who do not contact us or do not return the Opt-In form will have their ATM transactions and everyday CheckCard purchases declined at the merchant if there are not sufficient funds to cover a withdrawal or purchase. (Checks and ACH items may continue to be covered.)
Opting-In for Overdraft Allowance on CheckCards is Easy
Methods Available to authorize SNB to Pay overdrafts on ATM and everyday CheckCard transactions
Choose one of the following authorization methods:
Complete and print the Opt-In Form and and mail it to: SNB Customer Service, Attn: Reg E, P.O. Box 1988, Stillwater OK 740760 or return it to us at the new accounts desk or teller line.
Call 1.888.762.4762
Login to SNB DirectBanker® to send us a secure email with your request to Opt-In or complete the form.
Do not send confidential account information in an unsecured email
What You Need to Know:
Overdrafts:
An overdraft occurs when you do not have enough money in your account to cover a transaction, but SNB pays it anyway. SNB can cover your overdrafts in two different ways:
Gives you the security of having an overdrawn check covered
Saves you the embarrassment of having a check returned
To learn more, ask us about these plans.
We may pay overdrafts at our discretion, which means we DO NOT GUARANTEE we will always authorize and pay any type of transaction. If we do NOT authorize and pay an overdraft, your transactions will be declined. SNB may at its discretion and at anytime, discontinue the Overdraft Allowance program on your account and declare all balances due and payable.
Current Standard Overdraft Practices: What are the standard overdraft practices that come with my account?
If an overdraft occurs we may authorize and pay overdrafts for the following types of transactions:
Checks and other transactions made using your checking account number
Automatic bill payments
ACH items
ATM transactions
Everyday SNB CheckCard (debit card) purchases
New Standard Overdraft Practices Beginning July 1 for New SNB Customers and after August 15 for Existing SNB Customers we WILL NOT authorize and pay overdrafts for the following types of transactions unless you authorize us to by opting-in:
ATM Transactions
Everyday SNB CheckCard (debit card) purchases
To Stay Protected
Be sure to Opt-In for overdraft coverage on your CheckCard and ATM transactions. Complete and print the Opt-In Letter/form. Check the Yes box and sign the letter/disclosure and you’ll have full courtesy overdraft coverage at SNB. Note: The NEW Standard Overdraft Practices are effective after July 1, 2010 for New SNB Customers and after August 15, 2010 for existing SNB customers.
Overdraft Fees What fees will I be charged if SNB pays my overdraft?
Under our standard overdraft practices, we will charge you an insufficient funds fee of $27.50 each time we pay an overdraft. Also, if your account is overdrawn for 2 or more consecutive business days, we will charge an additional $3.25 per day (fee not applicable in Texas). There is NO LIMIT on the total fees we can charge you for overdrawing your account.
Fees listed in this disclosure are effective as of May 27, 2010, and are subject to change. Please refer to a current SNB Schedule of Fees & Charges for any fee updates.
