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Have you heard about Opt-In?
The Federal Reserve recently issued rules that affect the standard services Scott Valley Bank provides to assist you in the event of an inadvertent overdraft on your account.
As a result of these regulatory changes, your permission is now required to receive the benefit of our Standard Overdraft Coverage for everyday debit card transactions made with your Scott Valley Bank ATM Card or ATM/Check Card.
Important details about our Standard Overdraft Coverage:
We will charge a fee of $30 each time you overdraw your account or when an item is presented with insufficient funds. Overdrafts can be created by check, in-person withdrawal, ATM withdrawal, debit card transaction or other electronic means. Also, if your account is overdrawn, we will charge an additional $2 per day.
Once an overdraft has occurred, you are obligated to bring your account to a positive balance promptly.
Whether your overdraft will be paid is at Scott Valley Bank’s discretion, and we reserve the right not to pay. For example, we typically do not pay overdrafts if your account is not in good standing, or you are not making regular deposits, or you have too many overdrafts.
Scott Valley Bank’s Standard Overdraft Coverage is different from our Overdraft Protection plans in that it does not transfer money from a Ready Reserve overdraft line of credit or a savings account.
Debit card purchases that are set up to bill automatically (like a gym membership) may continue to be authorized at our discretion even if you do not Opt-In.
CLICK HERE for more FAQs on Opting In for Standard Overdraft Protection.
The form below contains important information that may affect your decision to take advantage of this account service. After reviewing the form, you can OPT-IN for overdraft protection by completing the form and returning it to SVB using one of the following options.
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SVBONLINEOPTINFORM.pdf
(711.3KB) |
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Mail the form to the address on the form.
Drop it off at your local branch.
Fax it to us at 530-842-2147.
Or. . . you may Opt-In by phone. Call 888-385-7111 during business hours. |
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The above document(s) are Adobe® Acrobat® PDF files and may be viewed using the free Adobe® Acrobat® Reader™. Most newer web browsers already contain the Adobe® Acrobat® Reader™ plug-in. However, if you need it, click on the "Get Acrobat® Reader™" icon to download it now.
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