THE PECOS COUNTY
STATE BANK
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STATE BANK
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REGULATION E (Electronic fund transfers)
Recent regulatory changes adopted by the Board of Governors of the Federal Reserve require us to change the standard overdraft practices that apply to all personal checking accounts.
Pecos County State Bank will no longer be able to pay overdrafts for any ATM or everyday debit card transactions unless you choose to “opt-in.” By opting-in, your current overdraft service will continue uninterrupted. If you choose to “opt-out,” ATM or everyday debit card transactions that would cause insufficient funds will be denied after August 15, 2010.
This means that if we do not receive a response from you by August 15, 2010, your overdraft service will no longer include ATM and everyday debit card transactions.
The concluding rules forbid financial institutions from discriminating against consumers who do not opt-in. The new rules require Pecos County State Bank to provide consumers who do not opt-in with the same account conditions and features which they offer to consumers who do opt-in. For consumers who decide not to opt-in, Pecos County State Bank would be prohibited from charging overdraft fees for any overdrafts it pays on ATM and one-time debit card transactions.
The changes take effect on July 1, 2010 for new account holders and August 15, 2010 for existing account holders. For more information click HERE |
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For information please contact
info@pcsbank.net |
