Discretionary Overdraft Privilege Disclosure
It is the general policy of the bank that it shall pay into overdraft, at the bank’s discretion, items presented against your account that exceed the balance in the account but do not exceed the overdraft protection limit assigned to you. The bank shall use an automated system to assist in the paying of items, in the tracking of items paid into overdraft, in the fees charged and other aspects of the program. The decision of whether to pay an item that exceeds the overdraft protection limit assigned to you shall be made by an officer of the bank on a case by case basis. The bank may decline to pay any item into overdraft.
If the bank displays an available balance in an account on an ATM or if it responds to a customer’s request for the available balance in the account, it shall state the actual available balance in the account without the inclusion of overdraft protection. You may choose to opt out of the Overdraft Privilege Program or to opt in to transactions initiated at an ATM and point-of-sale transaction by calling customer service at 985-395-6131 or stopping by any one of our branches. If you wish the service to include ATM and point of sale transactions, you must opt-in for that service. Customers who receive a Social Security, federal direct deposit, or any other entitlement benefit must opt out if they do not want the Bank to apply those funds to pay an overdraft. The bank will disclose on your periodic statement the dollar amount of NSF and overdraft fees assessed to your account for the current month and for the year to date. The bank will promptly notify you if an item presented against your account is either paid into overdraft or returned NSF.
The bank shall process electronic and over the counter items in the order in which they are received. The bank shall process all other items in serial number order on the day they are received.
The bank will monitor the frequency of occasions that fees relative to overdrafts are charged to your account. If you have been charged six fees related to overdrafts in a rolling twelve month period, we will advise you of the amount of fees that you have been charged and advise you of alternate methods for overdraft protection that might be better suited to your needs. You may contact the bank by calling 985-395-6131, or stop by any one of our branches to explore those alternatives.
It is the policy of the bank that a fee of $32.00 may be charged for each NSF and overdraft occasion. No more than five fees shall be assessed on any business day. There will also be a charge of $5.00 overdrawn account fee after the fifth business day your account is overdrawn and every fifth business day you’re your account is consecutively overdrawn. The bank will not impose its overdraft fee for any item that when paid into overdraft creates an overdraft balance in the account of $15.00 or less.
In order to avoid overdrafts due to ATM and everyday debit card transactions, Patterson State Bank will place a hold on your account for any ATM or everyday debit card transaction authorized until the transaction settles. ATM and everyday debit card transactions usually settle within two business days after the transaction is authorized. The amount of the hold will be for the amount authorized, or as permitted under applicable payment network rules. Holds on authorized ATM and everyday debit card transactions will be removed prior to settlement where required by applicable payment network rules.
If your account is continuously overdrawn for 30 days, we will temporarily suspend the overdraft protection limit assigned to you until your account is no longer overdrawn. If your account is continuously overdrawn for 45 days, the overdrawn balance in the account shall be charged off as a loss and referred to the bank’s collection department for processing.