Overdraft Opt-In

As of August 15, 2010, due to new federal regulations, we can no longer automatically  provide Courtesy Overdraft coverage on your everyday debit card and ATM transactions if funds are not available in your account. In order to take advantage of this service, you will now need to "opt-in" to the program if you want this form of overdraft protection. 

Q:  How do I opt-in?
A:  You may notify us by:

1. Calling your local branch or one of our Service Center Representatives at 502/968.3681 or 800/626.2870
2. Stop by one of our branches and complete a form
3. Send us a message through the message board in online banking. To do this simply log in to online banking and select messages in the top right hand corner of the screen and tell us that you wish to opt-in to have your everyday debit and ATM transactions covered. If you have more than one account you will need to tell us which account/s that you want to have covered.  You will receive a confirmation in the mail.

Q:  What changes have been made to Courtesy Overdraft?
A:  Any overdrafts caused by an everyday debit card or ATM transaction are no longer paid by Courtesy Overdraft unless you complete an opt-in form.  Overdrafts as a result of a check, ACH transaction, or bill payment are paid, at our discretion, by Courtesy Overdraft if you have not exhausted your overdraft limit. Standard Courtesy Overdraft fees will apply.

Q:  Why have these changes been made?  
A:  The government mandated these changes.

Q:  When did these changes take place?
A:  Courtesy Overdraft has excluded everyday debit card and ATM transactions for checking accounts since August 15, 2010

Q:  What if I want to resume having my everyday debit card and ATM transactions covered by Courtesy Overdraft?
A:  To have the Courtesy Overdraft service plus your everyday debit and ATM transactions covered, you will need to opt-in to Courtesy Plus. Refer to the “How do I opt-in” section above for a variety of ways to opt-in.  

Q: I have more than one account/share with Courtesy Overdraft; do I need to opt-in to have my everyday debit card and ATM transactions paid on each one? 
A:  Yes, if you wish to have everyday debit and ATM transactions covered on each of your accounts, you will need to opt-in to Courtesy PLUS for each checking account/share separately. 

Q:  Do I have to opt-in to have my checks paid?
A:  No, checks, ACH transactions, and bill payments are considered “recurring” and will be paid as they normally would, if you have not exhausted your available overdraft limit.  Standard Courtesy Overdraft fees will apply.

Q:  What will happen if I do not sign the opt-in agreement (Courtesy PLUS)?
A:  As of August 15, 2010, all everyday debit card and ATM transactions that overdraw your account are declined at the time the card is presented. All checks, ACH transactions, and bill payments will be paid through Courtesy Overdraft as they would normally.  Standard Courtesy Overdraft fees will apply.  

Q:  If my account is joint, do both of us have to opt-in to have our everyday debit and ATM transactions paid?
A:  No, only one owner of the account/share must sign.

Q:  What is an everyday debit card transaction?
A:  Any transaction that is not scheduled to reoccur.  Examples include going to a gasoline station and purchasing gas for your car, going to the grocery store to purchase food, buying lunch at a fast food restaurant, and making a purchase at a retail store.  These are considered everyday debit card transactions since they are not scheduled to take place on a regular basis (monthly, weekly, etc.) for the same amount of money or on the same date. 

Q:  I pay my electric bill monthly with my debit card. Is that considered reoccurring?
A:  If you enter the information monthly and it is not set up to occur automatically, it is considered an every day debit card transaction and will not be paid unless you opt-in for Courtesy PLUS.

Q:  I use my debit card to have my monthly telephone bill automatically deducted from my provider, is that considered an everyday debit card transaction?
A:  No, that is a recurring charge and would continue to be paid if your account was overdrawn due to that transaction, providing you have not reached your overdraft limit. Standard Courtesy Overdraft fees apply.

Q:  Does Park Community always authorize and pay items that overdraw my account?
A:  No, Park Community authorizes and pays items that overdraw your account at Park’s discretion and retains the right not to pay any overdrawn item.  Park will authorize and pay these items based on your account history, spending patterns, and other factors.  

Q:  What fees apply to Park Community’s overdraft program?
A:  There is no fee for overdraft protection unless you overdraw your account.  A $26 overdraft fee will apply for each item that Park authorizes and pays when you do not have sufficient funds in the account at the end of processing. In addition, if you have exhausted your available Courtesy Overdraft protection, your transaction will be declined and you will be charged standard NSF fees.

Q:  Does Park Community limit overdraft fees?
A:  Yes, Park Community limits overdraft charges for checks, recurring debits, debit card and ATM withdrawals to a maximum of 6 Courtesy Overdraft occurrences in a calendar day.  At that time, if you have not exhausted the available Courtesy Overdraft dollar tolerance, we will continue to pay your overdrafts and no additional fees will be assessed until you have reached the maximum Courtesy Overdraft limit.  If you have exhausted your available Courtesy Overdraft protection, your transaction will be declined and you will be charged standard NSF fees.

Q:  How can I avoid overdraft fee?
A:  The best way to avoid overdraft fees is to closely monitor your account and keep accurate records of you transactions.  You can do this by keeping a check register and listing all of your deposits and withdrawals.  We also offer other resources to monitor your spending including free Online Banking, (Direct Information Access Line (DIAL) and eAlerts.

Q:  Does Park offer overdraft protection options?
A:  In addition to Courtesy Overdraft, Park offers Courtesy Overdraft from your Regular Savings account and from an Overdraft Line of Credit.