A Regulation E Overdraft Opt-in Form

The Bank will no longer authorize payment on overdrafts for the following types of transactions, unless you request the Bank to do so (See Below).

WHAT YOU NEED TO KNOW ABOUT OVERDRAFTS AND OVERDRAFT FEES

An Overdraft occurs when your account has insufficient funds to cover a transaction; however, the Bank pays it. Listed below are two (2) ways that the Bank can cover your overdrafts:

1.       Standard Overdraft Practices that come with your account; and

2.      Overdraft Protection Plans, such as a link to a line of credit, which may be less costly than our standard practices.  To learn more, ask us about these plans.

Listed below are the Bank’s Standard Overdraft Practices:

·         Standard Overdraft Practices that come with your Account

o   The Bank authorizes and pays overdrafts for the following Types of Transactions:

§  Checks and other transactions made using your Checking Account Number

§  Automatic Bill Payments

o   The Bank will no longer authorize and pay overdrafts for the following Types of Transactions, unless you request the Bank to do so (See Below):

§  Everyday Debit Card Transactions

The Bank pays overdrafts at its discretion, meaning that we do not guarantee authorization and payment of all types of transactions.  If the Bank does not authorize and pay an overdraft, your transaction will be “Declined”

·         Fees charged if Mansfield Bank pays an overdraft:

o   Under our Standard Overdraft Practices:

§  The Bank will charge a Fee up to $30.00 (see Personal Schedule of Fees) each time an overdraft is paid

§  There is no limit to the Total Fees that the Bank can charge for overdrawing your Account

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  I want Mansfield Bank to authorize and pay overdrafts on my everyday debit card transactions.