New Rules for Debit and ATM Cards
Effective August 15, 2010, Federal banking regulations will prohibit banks from charging you a fee for one-time debit card and ATM transactions that overdraw your account unless you opt-in to a program where you agree to be charged for it.
What Sterling National Bank Customers Need to Know
Sterling National Bank is not going to charge you. Unless beyond our control, one-time debit card and ATM transactions that would overdraw your account will not be authorized. We believe this is in your best interest and that our straightforward banking practices are why you chose to bank with us.
We strive to provide you with banking services that meet your banking needs, so we will continue our current process of often allowing your checks to clear that would overdraw your account. By covering these transactions you can be spared the expense and embarrassment of dealing with a “bounced” check. In doing this, there will be a service charge for each overdraft occurrence of $39 per item, and as of February 28, 2014, we will limit these fees to a maximum of 5 per day. You do not need to “opt-in” for this service. We provide it automatically.
Overdraft Protection Products
You should also know that you can have added peace of mind and avoid overdrafts by choosing either of these helpful products:
- Overdraft Line of Credit, a revolving line of credit that links to your Sterling National Bank checking account and covers any overdrafts up to your available credit line limit.
- Savings Auto-Transfer, This plan automatically transfers funds from your Sterling National Bank savings or money market account to your Sterling National Bank checking account.