What exactly are we asking you to “opt in” to?
Currently, Old Second will automatically authorize and pay overdrafts incurred on checks—and other transactions using your checking account number—as well as on automatic bill payments. What we can no longer automatically authorize (due to a regulatory change that took effect in 2010) are ATM transactions and everyday debit card transactions that result in an overdraft. To authorize those transactions, your prior permission is required. In other words, you need to opt in.
Why opt in?
Old Second Bank’s discretionary ATM/debit card overdraft protection service is designed with your convenience in mind. After all, its key advantage is providing a safety net in the rare case that you find yourself in an overdrawn position and in need of emergency funds to complete a transaction. The majority of our customers do not overdraw their accounts, and even those who do generally do not do so intentionally or frequently. But on occasion, any customer may find they have made an error in balancing their checkbook or keeping track of their account balance, accidentally putting themselves in an overdraft situation. By opting in and allowing us to authorize transactions despite the overdrawn status of the account—and agreeing to incur any fees that may arise—you gain the peace of mind that you can conduct your personal business and transactions without disruption.
This online program will provide you with some general information to help you better understand how checking accounts work, how to better manage a checking account and how to avoid overdraft fees. Click here to get started.