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The Federal Reserve Board recently passed new regulations requiring all financial institutions to obtain a signed "Opt-In" form from all account holders for those who wish to continue overdraft protection services on ATM and one-time debit card transactions.

Frequently Asked Questions

QIs there a fee for overdraft protection services on my account?

Q Is there a fee for overdraft protection services on my account?

A The only time you would incur a fee is if you use the service when you do not have enough money in your account to cover a purchase that results in a negative balance in your account.

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QWhat fees will I be charged if Bank of Gravett pays my overdrafts?

Q What fees will I be charged if Bank of Gravett pays my overdrafts?

A We will charge you a fee of $25 each time we pay an overdraft (not to exceed five charges per day); however, there is no charge for daily overdrawn balances on your account.

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QHow do I know what my Bounce Protection limit is?

Q How do I know what my Bounce Protection limit is?

A There is a preset limit for the various account types at Bank of Gravett.

Free Checking … $300
e-Checking … $300
LV Gold Checking … $300
Free Business Checking … $300
Small Business Checking … $500
Classic (Regular) Checking … $500
Elite Club Checking … $750
NOW Checking … $750
Business NOW Checking … $750

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QDo business accounts need to opt-in?

Q Do business accounts need to opt-in?

A No. This new regulation (Reg E) does not apply to business accounts.

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QDoes this new regulation apply to checks written on my account?

Q Does this new regulation apply to checks written on my account?

A No. Reg E applies only to every day debit card transactions and ATM withdrawals. Checks written on your account and other transactions made using your checking account number (i.e. bill payments/recurring payments you set up on your account) will not be affected by the new regulation.

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QWhat happens if I do not choose to “opt-in?”

Q What happens if I do not choose to “opt-in?”

A If you do not choose to “opt-in” then any debit card transactions or ATM withdrawals that would result in a negative balance would be declined.

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QHow do I keep my account from going into a negative balance and avoiding overdraft fees?

Q How do I keep my account from going into a negative balance and avoiding overdraft fees?

A You can keep your account from going into overdraft by managing your account responsibly, tracking your daily activity in your check register or through online banking services, and reconciling regularly. We also offer a “link to a savings account” which would sweep money from your savings account to your checking in the event of an overdraft. Ask for details at any of our banking locations.

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QWhat if I want my Bounce Protection coverage to continue paying my everyday debit card transactions and ATM withdrawals, as usual?

Q What if I want my Bounce Protection coverage to continue paying my everyday debit card transactions and ATM withdrawals, as usual?

A If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions after August, 15, 2010, simply “opt-in” by:

gray boxSigning and returning to us the opt-in form recently mailed to you.

gray boxDropping by any Bank of Gravett location and completing an opt-in form.

gray boxDownloading and printing the form below and returning it to us at any location or by faxing it to 479-787-6012.

>> download Reg E opt-in form <<

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QHow does Regulation E apply to a consumer using Online Banking and⁄or BillPay?

Q How does Regulation E apply to a consumer using Online Banking and⁄or BillPay?

A Regulation E is a consumer protection law for accounts such as checking or savings, established primarily for personal, family, or household purposes. Non-consumer accounts, such as Corporation, Trust, Partnerships, LLCs, etc., are excluded from coverage. Regulation E provides consumers a means to notify their financial institution that an EFT has been made to their account without their permission. If you are unsure if your account is protected by Regulation E contact us.

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QWhat protections are provided to consumers under Regulation E for consumers who use Online Banking and⁄or BillPay?

Q What protections are provided to consumers under Regulation E for consumers who use Online Banking and⁄or BillPay?

A If you believe an unauthorized EFT has been made to your account, contact us immediately. If you notify us within two business days after you learn of the unauthorized transaction the most you can lose is $50. Failure to notify the bank within two business days may result in losses up to $500.

No liability limit:
Unlimited loss to a consumer account can occur if:

gray boxThe periodic statement you receive reflects an unauthorized transfer of money from your account

gray boxYou don’t report the unauthorized transfer to the bank within 60 days after the statement was mailed

gray boxThe loss could have been avoided if you had given timely notice.

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QHow does Regulation E apply to a non-consumer using Online Banking and⁄or BillPay?

Q How does Regulation E apply to a non-consumer using Online Banking and⁄or BillPay?

A A non-consumer using Online Banking and/or BillPay is not protected under Regulation E. Because the customer is not protected by Regulation E special consideration should be made by the customer to review the controls in place to ensure that they are commensurate of the risk level that the customer is willing to accept.

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