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    Regulation E Amendments & Overdraft Services

    Due to new federal regulations, effective August 15, 2010, the Bank will no longer authorize payment on overdrafts for ATM and Debit Card transactions, unless you request the Bank to do so. (See below for instructions).

    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.

    This notice explains our standard overdraft practices.

    What are the standard overdraft practices that come with my account? We do authorize and pay overdrafts for the following types of transactions

    • Checks and other transactions made using your checking account number

    • Automatic bill payments

    Effective August 15, 2010, the Bank will no longer authorize and pay overdrafts for the following types of transactions unless you ask us to (see instructions below):

    • ATM transactions

    • Everyday debit card transactions


    The Bank pays overdrafts at its discretion, meaning that we do not guarantee authorization and payment of all types of transactions. If the Bank does not authorize and pay a transaction that will cause your account to go overdrawn, the transaction will be "declined".

    What fees will I be charged if Springfield State Bank pays my overdraft?

    Under our standard overdraft practices, we charge you a fee of $25 each time we pay an overdraft. The maximum amount we may charge per day for overdrafts is $125. Items $10 or less will not be charged an overdraft fee. Accounts with an overdrawn balance of $10 or less will not be charged an overdraft fee.

    What if I want Springfield State Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions?

    If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions, you can let us know by doing one of the following:

    1. Complete the form below and return it to the bank at P 0 Box 231, Springfield KY or fax to 859-336-5920.

    If you have questions, please call us at 859-336-3939

    I want Springfield State Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions. This means that these transactions will not be denied if I am overdrawn.