Personal

Overdraft Services Disclosure and Consent Form

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:

  • Recurring Debit Card 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

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 Farmers State Bank pays my overdraft?

Under our standard overdraft practices:

A Return Overdraft Fee, Paid Overdraft Fee or OD Limit Overdraft Fee of $29.00 per item applies to overdrafts created by check, in person withdrawals, or other electronic means.  There is a maximum daily fee of $174.00 for Return Overdraft, Paid Overdraft,  or OD Limit Overdrafts.

What if I want Farmers 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, call (877) 372-1879, or complete the form below and present it at a branch, or mail it to:

Farmers State Bank
1009 Peoples Sq
Waterloo, lA, 50702-5740

Go to the next page to complete the authorization form.