Answers to commonly asked questions:

What does it mean if I choose to continue Overdraft Privilege coverage?

It means you give Penn Security Bank permission to pay ATM and everyday debit card transactions in excess of your available balance. If paid, a fee of $30 may be assessed.

What does it mean if I choose NOT to continue Overdraft Privilege coverage?

Your coverage will be discontinued as of August 14, 2010. This means that any ATM or everyday debit card transactions in excess of your available balance that would result in an overdraft of your account will be declined at the point of sale. An example of everyday debit card transactions is when you use your card at the grocery store or at restaurants.

Does overdraft coverage apply to Penn Security Bank customers only?

NO. Every bank and every consumer bank customer is affected by the new Federal Regulation.

What’s changing?

We will no longer authorize and pay everyday debit card purchases or ATM transactions when you don’t have sufficient funds available in your account, unless you authorize us to do so before August 15, 2010. There is no change to our standard overdraft practices with regard to checks you write or recurring monthly purchases or transfers (such as gym membership dues).

Are checks or recurring debits affected by the new Federal regulations?

NO. The new rules only apply to ATM transactions and everyday purchases you make with your debit card. Checks you write, and any recurring debits you have set up are not affected by these new rules.

When do I need to make a choice?

As you may have noticed in our mailing, we need your opt-in consent before August 15, 2010. You can make your choice by phone, mail, online or at a local branch. It is important to keep in mind that if you do not opt-in by August 15, 2010, you will be considered to have opted out of our standard overdraft practices for everyday debit card and ATM transactions.

Does it cost anything?

There is no cost to opt-in or opt-out. However, if you choose to opt-in, you may be charged an overdraft fee if we pay a transaction for which you do not have sufficient available funds in your checking for everyday debit card and ATM withdrawal transactions.

Once I make a decision, can I change my opt-in/opt-out choice?

YES. You may change your choice at any time by phone or at a local branch.

Do these new rules only apply to my personal accounts?

YES. These new rules apply to any consumer deposit account that has an associated ATM or debit card.

What if I have more than one account with a debit card?

You must make a choice for each account – it is up to you to decide how you wish to have any potential overdrafts for everyday debit card purchases and ATM withdrawals handled on each account you have.