Your banking relationship is important to us and we want to keep you informed of upcoming changes that may impact your ATM&Debit card transactions.  Recently, the Federal Reserve Bank issued a regulation requiring banks to acquire customers' permission before allowing overdrafts to be paid on ATM or every day debit card transactions.  You can now "authorize" Bank of the San Juans to pay overdrafts stemming from your ATM and debit card transactions OR "not authorize" us to pay these types of transactions.  Before you make your selection you need to be aware of how this decision will affect your checking account. 

What You Need to Know about Overdrafts and Overdraft Fees

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:

1. We have standard overdraft practices that come with your account.

2. We also offer overdraft protection plans, such as a link to a savings account, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.  If we decided to pay an overdraft, you will be charged fees as described below.  If we do not authorize and pay an overdraft, your transaction will be declined.

This notice explains our standard overdraft practices effective August 15, 2010.

 

What are the standard overdraft practices that come with my account?

We may authorize and pay overdrafts for the following types of transactions:

• Checks and other transactions made using your checking account 

   number

• Automatic bill payments

• Recurring debit card transactions (example: monthly membership dues)

We do not authorize and pay overdrafts for the following types of transactions unless you give us permission(see below):

• ATM transactions

• Everyday debit card transactions

What fees will I be charged if Bank of the San Juans pays my overdrafts?

 • We will charge you a fee of up to $27.00 each time we pay an overdraft.

• Also, if your account is overdrawn for 5 or more consecutive days, we will

   charge an additional $5 per day.

• There is no limit on the total fees we can charge you for overdrawing your

   account.

What if I want Bank of the San Juans to authorize and pay overdrafts on my ATM and everyday debit card transactions?

If you  want us to authorize and pay overdrafts on ATM and everyday debit card transactions you may do so by the following means:

 • Stop by any branch location 

• Call (970) 247-1818 or 1.866.618.BOSJ (2675)

 

What if I want to revoke my authorization?

You may revoke your authorization at any time via the following means:

 • Stop by any branch location 

• Call (970) 247-1818 or 1.866.618.BOSJ (2675)

Please do not hesistate to contact us if you have any further questions.  We are happy to assist you.