Standard Overdraft Practices
At Citizens Bank you have a choice.
Regulation Change August 15, 2010.
On August 15, 2010 a new federal regulation took effect that impacts ATM and debit card overdraft transactions. An overdraft occurs when there are not enough funds in your account to cover a transaction and Citizens Bank still pays the transaction on your behalf.
With our Standard Overdraft Practices, Citizens Bank, may at our discretion, authorize and pay overdrafts for the following types of transactions when you do not have adequate funds in your account:
- Checks and other transactions made using your checking account number.
- Automatic bill payments.
As of August 15th, we may not authorize and pay overdrafts for the following types of transactions unless you authorize us to do so by "opting in":
- ATM Transactions
- Everyday debit card transactions
Advantages of opting in to Standard Overdraft Practices on ATM and debit card transactions.
- It may provide additional funds when an unexpected expense comes up and there are no funds available in your account.
- It may allow you access to your funds in advance of a deposit becoming available later the same business day.
- Overdraft fees only apply when the bank pays an overdraft on your behalf.
Make Sure that Your ATM and Debit Card Transactions are Handled the Way You Prefer.
The choice is yours. If you wish to include your ATM and everyday debit card transactions in the Standard Overdraft Practices on your account you can opt in by using one of the four easy ways noted above. If you prefer that the bank does not pay ATM and debit card overdrafts there is no action you need to take. If you use your debit card for everyday purchases (for example, buying groceries) or ATM transactions, but do not have sufficient funds available in your account, your transaction will be declined.
If you have more questions please speak with a banker or refer to our frequently asked questions about Standard Overdraft Practices.
Helpful ways to manage your overdrafts:
Citizens Bank offers a number of ways to manage unexpected overdrafts, and help you get the
funds you need. Learn more about Overdraft Solutions.
Helpful tools to manage your finances:
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MoneyHelpSM: Overdraft Management
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MoneyHelp allows you to gain control of your life's
finances including:
- Smart banking tips
- Saving for retirement
- Financial advice for families
- Investment help
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Online Banking
and Bill Pay
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Take control of your banking and bill payments by doing
them online:
- Internet access 24/7
- Real-time balances
- Money transfers between eligible accounts
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Online Alerts
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Alerts make it easy to stay on top of your accounts:
- We'll contact you when your balance falls below a
specific amount
- Set alerts for checking and savings accounts
- Have alerts sent to your email or cell phone
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