Important Changes Are Coming to Your Personal Checking Account 
 
New federal regulations require Boulevard Bank to obtain your consent to authorize, pay and charge for overdrafts for ATM and everyday debit card purchases.  We want you to be well informed about these changes and to have the opportunity to choose the best option for your personal situation.  Once you’ve reviewed the information below, please take a moment to choose whether to “Opt In” or “Opt Out” to Extended Overdraft Coverage.  We must receive your reply by August 11, 2010 to ensure your preferences are updated. 
 
How the New Regulations Will Affect You 
In the past, Boulevard Bank has provided overdraft coverage for all types of transactions (ATM withdrawals, checks, Boulevard Bank Internet Bill Pay, everyday debit card purchases, and recurring debit card purchases).  Now, it’s your choice regarding whether you would like to continue to receive this service for ATM and everyday debit card transactions. 

  • If you “Opt In”:  Boulevard Bank may cover ATM and everyday debit card transaction in the event there is not enough money in your account.  This may provide coverage for an unexpected emergency and prevent some transactions from being declined; you may be assessed overdraft fees if we authorize and pay an overdraft item.
  • If you “Opt Out”:  If you have insufficient funds in your checking account, your ATM or everyday debit card transactions will not be authorized and paid and you will not be assessed overdraft fees for ATM and everyday debit card transactions.  (If you would like to continue to have your transactions approved at our discretion as they are today, you must “Opt In” to Extended Debit Card Coverage.)
  •  
    Even after the new rules take effect, we will still provide standard overdraft coverage for certain transactions such as checks, recurring payments and Boulevard Bank Internet Bill Pay.  It is important that you understand that these transactions are eligible for overdraft coverage regardless of whether you choose to Opt In to our Extended Overdraft Coverage.   
     
    These transactions will be covered under the same fee schedule as all other overdrafts.  However, all decisions about whether to pay an item into overdraft are at the discretion of the bank. 
     
    Benefits of Extended Overdraft Coverage 
  • Convenience.  You may be allowed to continue with a purchase and then deposit funds to cover the transaction later that same business day.
  • Prevent Embarrassment.  You may avoid embarrassment from having transactions declined during the check-out process due to availability of funds.  
  • A “back-up” plan.  Your transactions may be approved at our discretion, which is important if you don’t have an alternative form of payment to complete your transaction
  •  
    Cost 
  • There is no fee to add the Extended Overdraft Coverage to your account and no fee if you never use the service.
  • There is no fee if you accidentally overdraw your account during the day and you make a sufficient deposit or transfer the same business day.
  • If an ATM or everyday debit card transaction overdraws your account, you will pay an overdraft fee of up to $30 per item
  •  
    Questions 
    If you have questions or need additional information, please contact your local branch office.  We are here to help.   
     
    Action is Required 
    Ultimately, the choice is yours.  We want you to carefully consider your options and decide whether to “Opt In” or “Opt Out” based on your needs.  Please review the enclosed notice – What You Need to Know about Overdrafts and Overdraft Fees, indicate your “Opt In” or “Opt Out” preference and return to our office by August 15, 2010.  If we do not receive your reply by August 15th, we will automatically stop providing this coverage.  Review the disclosure and complete the form. 
     
     
    FDIC
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