As you might be aware, new regulatory requirements have changed how overdrafts are handled by financial institutions for consumer accounts. Customers who wish to have their ATM and everyday debit card overdrafts authorized for payment must give consent (opt in). Checks, ACH and other types of transactions are not affected by Regulation E.
As of August 15, 2010, Sherwood State Bank can no longer authorize insufficient ATM or everyday debit card transactions for customers who have not opted in. We are also no longer be able to charge an overdraft fee for “incidental” overdrafts, such as when a debit card hold falls off before the transaction posts, creating an overdraft.