New Rules for Debit and ATM Cards

New Federal Reserve rules give debit and ATM card users additional options regarding overdrafts.

The New Rules:

  • You choose. In the past, some banks automatically enrolled you in their standard overdraft services for all types of transactions when you opened an account. Under the new rules, your bank must first get your permission to apply these services to everyday debit card and ATM transactions before you can be charged overdraft fees. To grant this permission, you will need to respond to the notice and opt-in (agree).
  • Existing accounts. If you do not opt-in (agree), beginning August 15, 2010, your bank's standard overdraft services won't apply to your everyday debit card and ATM transactions. These transactions typically will be declined at the point-of-sale when you don't have enough money in your account.
  • New accounts. If you open a new account on or after July 1, 2010, your bank cannot charge you overdraft fees for everyday debit card and ATM transactions unless you opt-in. If you open a new account before July 1, 2010, your bank will treat you as an existing account holder: you will receive a notice about your bank's overdraft services and will have to decide if you want them for everyday debit card and ATM transactions.
  • Flexibility. Whatever your decision, the new overdraft rules give you flexibility. If you opt-in, you can cancel at any time. If you do not opt-in, you can do so later.
  • Checks and automatic bill payments. The new rules do not cover checks or automatic bill payments that you may have set up for paying bills such as your mortgage, rent, or utilities. Your bank may still automatically enroll you in their standard overdraft services for these types of transactions. If you do not want your bank's standard overdraft services in these instances, talk to your bank; you may or may not have the option to cancel.

To submit your request to allow or deny Coulee Bank to authorize and pay overdrafts on ATM and everyday debit card transactions, please complete one of the following applications:

* Please mail your Printable Overdraft Option Application to: Coulee Bank, Attn: Bookkeeping/Operations, 1516 Losey Boulevard South, La Crosse, WI 54601

FAQs Quick Links

Secure Overdraft Option Application

Fill out the form below, sign by typing your full name, and click "Submit".

Coulee Bank ensures your information is submitted via a secure connection. This connection is protected using a "Secure Sockets Layer", or SSL to prevent eavesdropping, tampering, or message forgery over the internet. We offer additional protection to our online users with our firewall technology. Our firewalls monitor all data traffic submitted online. The full SSL specification can be reviewed here.

If you have any questions, please contact us.

Note: All fields are required.

Secure Overdraft Option Application
Account Number(s):
Signature:
E-Mail:
Date:
Verification code:
If the words/letters in the verification box are difficult for you to read, click the refresh button in the verification window (the first blue button). If you do type in the verification code wrong and come back to this page, all of your information will be gone, you will then have to re-enter all of your information. This is done for your security.


FAQs

What are the standard overdraft practices that come with my account?

We may authorize and pay overdrafts for the following types of transactions:
  • Checks and other transactions made using your checking account number.
  • Automatic bill payments.
  • ACH transactions.

We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):

  • ATM transactions.
  • Everyday debit card transactions (non-recurring).

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.

If we do not authorize and pay an overdraft, your transaction will be declined.

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

Under our standard overdraft practices:
  • We will charge you a fee of $30 each time we pay an overdraft.
  • There is no limit on the total fees we can charge you for overdrawing your account.

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

If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, complete the form above.

What if I don't make a choice at this time or don't let you know what my choice is?

If you don't inform us, ATM and everyday debit card transactions will be declined if there are not enough funds in your account.

What happens if I choose to opt-in?

If you choose to opt-in, ATM transactions and everyday debit card transactions will be authorized up to your Bounce limit. You will be charged an overdraft fee of $30 for each transaction that causes an overdraft.

Can I change my choice at a later date?

Yes, you can opt-in at any time.

What if there are multiple owners on my account, such as my spouse. Do we each need to make a choice at this time?

No, only one person on the account needs to give consent to opt-in to the overdraft charges.

Can the other owner(s) change the choice I made?

Yes, any owner of the account can make a change at any time.

Can I opt-in on a case-by-case basis, for example if I run into a situation where I need money?

No, it is either all or none on a given day.

Can I opt-in to allow overdrafts through ATM withdrawals but not through debit card purchases? Or vice versa – allow debit card purchases to overdraw my account but not ATM withdrawals?

No, it is either all or none on a given day.

If I choose to opt-in and later had transactions post that caused several overdraft fees, can I revoke the opt-in and get those fees reversed?

No, however you can choose to opt-out the following day and not have bounce available.
 


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