The Federal Reserve Board has issued a new amendment to Regulation E that will require banks to stop charging any type of overdraft fee on insufficient ATM and everyday debit card transactions unless the customer authorizes the bank to charge these fees. For additional information on Regulation E please visit www.fdic.gov.  

This section will help you understand these changes, what they mean to you, and how you can avoid unnecessary fees.

What is an Overdraft?
An overdraft occurs when there are not enough available funds in your account to cover the transaction, but the bank goes ahead and pays the transaction(s), but for a fee. If your account is overdrawn by more than $5 in a day, you will be charged a $29 fee for each transaction. If your account is overdrawn by less than $5 a day, you will not be charged.

What is an NSF?
NSF means there are insufficient funds in your account to pay a transaction. The bank may not approve or pay the check or transaction being presented for payment. If so, we will decline the transaction or return it as unpaid and you may be charged an NSF fee. The bank's NSF fee is $29 per item. Please note that the merchant may also charge you a fee for the returned item.

What does "Available Balance" mean?
The total amount of money available for use in your account, not including the following:

• Outstanding transactions that the bank has not received yet (checks, recurring debit card charges, etc.)
• Any deposits not currently available, including holds
• Overdraft Protection of $500 for checks, ACH transactions, etc., however, you may opt in to use your debit card for ATM withdrawals and purchases. 

The available balance you see at the ATM or on Home Banking may not include these items.

Therefore, you should keep enough money in your account to cover any of these transactions, as well as a small cushion to prevent Overdraft or NSF fees.

We post all deposits to your account first. After that, the largest debits are subtracted from your account balance. This is because larger dollar amounts usually indicate important payments such as house payments or rent, car payments, etc. Customers told us that these types of payments are very important to them and would want to make sure these payments are processed before smaller transactions.

It is also important to remember that at Carter County Bank, we process all transactions received the same day. We do not have a mid-afternoon cut-off where transactions are posted the next day. Funds that are deposited or debited from your account will usually affect your account balance the same day.

How will the bank handle transactions that overdraw my account if I decide Overdraft Protection isn't the best option for me?
You will be able to make ATM withdrawals and individual debit card purchases when you have enough funds in your checking account for each transaction presented. If there are not enough funds in the account, the transaction will be declined and you will not be charged an overdraft fee. If you write a check, make an online bill payment, or make a recurring debit card payment (such as a monthly phone bill) your transaction may be approved. If approved there is a $29 fee for each transaction.

If I opt in for Overdraft Protection, how will my transactions be handled?
You will be able to make ATM withdrawals and individual debit card purchases when you have enough funds in your checking account for each transaction presented. If there are not enough funds in the account, the transaction will be approved up to your overdraft protection limit, and you will be charged an overdraft fee of $29 per transaction. If you write a check, make an online bill payment, or make a recurring debit card payment (such as a monthly phone bill) your transaction may be approved. If approved there is a $29 fee for each transaction.

Do you have other options available to help me reduce fees and cover transaction other than Overdraft Protection?
Yes. You can also open a savings account or a line of credit that can be accessed automatically if you overdraw your account. Fees may be associated with savings account or lines of credit. For detailed information on your options, please click here.

Do you have other tools that can help me stay on track with my account balances?
Yes, we do!

Fingertip Banking - 24/7 access to all your accounts via phone

Home Banking - 24/7 access to all your accounts via the internet

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