A new amendment to Regulation E, which governs Electronic Fund Transfers, went into effect in July 1, 2011. The amendment changes the way all financial institutions must handle overdraft services. As a result, you now have several options that will govern how ATM and debit card transactions that overdraw your account are handled. To receive overdraft protection, you must now specifically “opt-in” to receive this coverage. Below you will find a link to the What You Need to Know about Overdrafts and Overdraft Fees PDF. Please review these materials and determine if opting-in is right for you. If you would like to opt-in, please complete the form and return it to the address below or contact us at 800-794-2070. Return the Opt-in form to:
Bridgeview Bank - 87th St.
7300 W. 87th Street
Bridgeview, IL 60455
If you would like to opt-out of this feature, no action is necessary:
We need to receive your signed opt-in form in order to provide you with overdraft coverage. Otherwise, Bridgeview Bank Group will not authorize ATM or debit card transactions where the available balance in the account at the time of authorization is insufficient.
Should you have any questions about this new ruling or about overdraft protection, please do not hesitate to contact your Personal Banker or our Customer Care Center at 800-794-2070.
Click here to download the “What You Need to Know about Overdrafts and Overdraft Fees” PDF.
In July 2011, new federal regulations changed the way banks handle overdrafts that occur when consumers use debit cards to make everyday purchases or ATM withdrawals that exceed the balance available in their accounts. Business accounts are not impacted by the change.