Summary of Overdraft Changes
Regulation E enforces the Electronic Funds Transfer Act. In late 2009, this regulation changed to require you to opt in to giving the bank permission to pay at its discretion specific transactions when funds to cover the transaction amount are insufficient.
· All banks had to comply by August 15, 2010 for personal checking accounts. You can still opt in after this date, but will be open to the possibility of having a transaction denied in the meantime.
· You will need to opt into the BancorpSouth Overdraft Payment Service for ATM and "everyday" nonrecurring Debit Card transactions to allow BancorpSouth to pay, at its discretion, these transactions when funds to cover the transaction amount are insufficient.
· Checking accounts in which this regulation applies are Personal Checking Account with a Debit or ATM card.
· Accounts that already have Overdraft Production Products to help cover an overdraft amount will still need to opt in for these specified transactions when your Overdraft Protection Product does not cover the entire amount of the transaction.
· If you do not opt in to the BancorpSouth Overdraft Payment Service for ATM and "everyday" nonrecurring debit card transactions, these will be denied.
What Is and Isn't Covered by These Changes?
If you do not opt in for Overdraft Payment Service for ATM and everyday debit card transactions, you are still enrolled for the Overdraft Payment Service for any other transaction (i.e. check).
Transactions that will be denied if you do not opt in include:
· "Everyday" Non-recurring Debit Card Transactions - everyday purchases using your Debit Card such as purchases at the gas station or the grocery store
· ATM transactions
Transactions that could still be honored and could overdraw an account by the bank paying the transaction (at its discretion) through the Overdraft Payment service include:
· Check - or - ACH
· Recurring Debit Card Transactions - autodrafts set up with a third party, such as a cable or satellite payment, that is automatically charged to your Debit Card monthly by the third party.
How Do You Opt In?
· Call Center - call the InfoLine at 999-797-7711
· Internet Banking - opt in by clicking a link within the Internet Banking service
· Branch - opt in at your nearest BancorpSouth location
Insurance and Investment products are:
Not a Deposit Ð No Bank Guarantee Ð Not insured by FDIC or other Government Agency
Not a Condition of any Bank Loan, Product or Service
Not a Deposit Ð No Bank Guarantee Ð Not insured by FDIC or other Government Agency
Not a Condition of any Bank Loan, Product or Service
