Martha's Vineyard Savings Bank - Martha's Vineyard Banks, Financial Services

Standard Courtesy Overdraft Protection Program

Regulation Change August 15, 2010

On August 15, 2010 a new federal regulation is taking effect that will impact ATM and debit card overdraft transactions. An overdraft occurs when there are not enough funds in your account to cover a transaction and Martha's Vineyard Savings Bank may still pay the transaction on your behalf. With our current Standard Courtesy Overdraft Protection Program, Martha's Vineyard Savings Bank, at our discretion, may authorize and pay transactions that cause overdrafts including ATM and everyday debit card transactions. But effective August 15th, ATM and everyday debit card transactions that result in overdrafts will be declined unless you ask us to include them in the Standard Courtesy Overdraft Protection Program. As a Martha's Vineyard Savings Bank customer you have a choice. If you want your account to continue to work as it does today you will need to let us know and authorize us to consider paying these overdrafts.

Advantages of opting in to the Standard Overdraft Protection Program

     • It may provide additional funds when an unexpected expense comes up and there are not 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.

Let us know how you prefer to have your ATM and debit card transactions handled.

    • If you prefer to keep your account working as it does now, let us know today to avoid any gaps in our ability to pay overdrafts.
    • If you no longer wish to participate in the Standard Overdraft Protection Program, please notify us. Note: Beginning August 15, 2010 if you use your debit card for everyday purchases or ATM transactions, but do not have sufficient funds available in your account, your transaction will be declined even if you plan to make a deposit later that business day.

How do I notify Martha's Vineyard Savings Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions?

It's simple! Complete the authorization instruction form and bring it in to any of our branch locations, or
• mail the completed form to PO Box 668, Vineyard Haven, MA 02568
• fax completed form to 508-627-7588
• call us toll free at 1-800-490-BANK (2265) or 508-627-4266

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Can I change my mind later?

If you tell us that we are permitted to pay any overdrafts caused by ATM or one-time debit card transactions, you can always change your mind and tell us you no longer want us to do this. You can visit any branch location or give us a call and tell us you no longer want us to pay these types of overdrafts.

Questions about overdraft services?

If you have questions about overdraft services or the change in the federal regulation, please email or call our Customer Service Center at 1-800-490-BANK (2265) during the hours of 8:00am to 5:00pm, Monday thru Friday and 8:00am to 12:00pm on Saturday.