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Changes in our Debit and ATM overdraft policies |
Unless you request it, as of August 15, 2010, Bangor Savings Bank can no longer provide automatic payment of overdrafts for Debit MasterCard purchase transactions. Following is more information about our policy changes. If you have questions that are not addressed here, please contact us at 1.877.226.4671.
What is an overdraft?
An overdraft is when you do not have sufficient funds in your account to cover a debit card or check purchase or an ATM withdrawal.
What does Bangor Savings Bank do if I have an overdraft on my checking account?
In general, we may:
1. Pay your check amount or honor the debit card purchase amount — this is known as our No Return Benefit (NRB) service.
2. Move funds into your checking account if you have an overdraft line of credit or savings overdraft protection.
Are there fees involved in these processes?
Yes. Our standard charges are in the Personal Deposit Account booklet and Bangor Savings Bank Common Fees insert, available on our web site or at any of our branches. For debits paid under our No Return Benefit service, the fee is $32 for each overdrawn item.
How does the No Return Benefit work if I have a debit card overdraft?
Suppose you go to the grocery and use your Bangor Savings Bank Debit MasterCard to pay. You swipe your card, and the Bank determines that you do not have enough funds in your checking account. Your NRB service kicks in, the transaction will go through and you’ll get your groceries.
Is this policy changing?
As of August 15, this automatic service will end for ATM withdrawals and everyday debit transactions, unless you “opt in” and let us know you would like to continue to enjoy the benefits of NRB service. Please note that your NRB service for all other checking account transactions, including recurring debit card payments, such as your rent or gym bill, will still be provided, with the fees mentioned earlier.
What about my ATM card?
It is the same as with your everyday debit card transactions. Unless you ask us to continue your No Return Benefit service, it will end as of August 15 for ATM withdrawals.
Why is this change happening?
It is part of new banking regulations and a change we endorse. For us, customer satisfaction includes making sure our policies and fees are clearly stated and that you always have a choice of products and services.
If I opt in, how much will it cost?
Like now, there will be no fees unless you need the service — then $32 per overdrawn item.
I never have overdrafts on my debit card. Why should I opt in?
It’s a good precaution. Suppose you haven’t balanced your checkbook in a while, or forgot to note a withdrawal. NRB service is there to relieve any worry about a declined card or provide peace of mind in the event of an emergency need for funds from an ATM. And, there is no fee if you never use it.
My spouse and I have a joint checking account, and we each have a debit card. How will that be treated?
NRB service is applied to an account, not to specific account holders. Any decision to opt in or opt out will apply to all cards associated with the account that has NRB service privileges. The most recent decision we receive from any account holder will apply.
What happens if I don’t opt in? Or, opt out?
If we do not hear from you by August 15, 2010, or if you opt out at any time, we will discontinue your automatic NRB service for everyday debit transactions and ATM withdrawals. If you make a debit card purchase and your account is overdrawn, your transaction will be declined.
Is this change happening at all banks?
Yes, although it is being handled in different ways at different banks. For example, one large national bank announced that it is immediately cancelling all of its courtesy overdraft services for everyday debit transactions for all customers. At Bangor Savings Bank, we believe that you should be the one making decisions about your accounts. That’s why we are giving you a choice instead of making a blanket decision for all our customers.
Can I change my mind later?
Absolutely. Whether you opt in to NRB or opt out, you can change at any time simply by contacting us.
If I want to keep my NRB service, what should I do?
To continue your automatic No Return Benefit service, please let us know as soon as possible, but no later then August 14.  Register Online. Please see the customer letter you'll receive in the mail for your personalized web page address.
 Call 1.877.226.4671 to request that we continue your NRB service.
 Mail the form enclosed in your customer letter in the reply envelope provided.
 Or you can visit your local branch and ask a customer service representative to assist you.
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