Click here to download your opt-in form

The Federal Reserve has enacted a change to the “Reg E” law. It states overdrafts created on ATM and one-time debit card transactions, will be declined, unless consumers “opt-in” to overdraft services for these types of transactions.

Have you ever had a flat tire or sick child in need of a prescription? Have a cart full of groceries? You use your debit card and are told that is has been declined! Iowa State Bank wants to help make sure this doesn’t happen to you.

We are deeply committed to ensuring your finances are managed in a way that benefits you and when you need funds, they are available to you. We never want you in the middle of an embarrassing situation when it comes to your debit card and the amount of money in your account. With this in mind, we want to talk with you about our overdraft coverage and action we encourage you to take.

What is overdraft coverage?
Currently, your checking account comes with our standard overdraft protection. That means that we may authorize and pay ATM and everyday debit card transactions even though you do not have enough money in your account to cover the transaction.

Due to recent changes in banking regulations by the federal government regarding overdraft protection and your checking account: Beginning on August 15, 2010, the overdraft protection currently made available to you for ATM or everyday debit card transactions will only be available if you agree or “opt-in” to this protection.

What you need to do.
To keep your debit card working as it currently does and ensure you remain enrolled in this service, please complete the included form and return by June 30, 2010. If we do not hear from you, your overdraft coverage will no longer be available for debit card and ATM transactions beginning August 15, 2010. This means transactions for those unexpected emergencies and expenses will not be authorized if you do not have sufficient funds in your account.

Do NOT lose this safety net; ensure you are protected!