Exchange Bank, a local bank with locations in Milledgeville, Gray, and Lake Oconee Georgia
Opt-In to Regulation E
What is Reg E?
Regulation E has been adopted by the Federal Reserve Board and will go into effect on August 15, 2010.This Regulation prohibits financial institutions from charging overdraft fees for ATM withdrawals and one time debit card transactions that overdraw a customer’s account unless the consumer has expressly opted-in to an overdraft program.
What action has Exchange Bank taken?
Exchange Bank will send a letter to all of our customers with debit cards the first week in June 2010. The customer is asked to return the completed opt-in/out form by June 21, 2010. A confirmation letter will be sent to each customer once Exchange Bank has received their selection.
What happens if someone doesn’t respond?
If a customer doesn’t respond by August 15th, they will be automatically opted-out and will no
longer be able to access their overdraft with their debit card unless and until the customer
chooses to opt-in.