Franklin Community Bank News
Federal Regulation E takes effect July 1, 2010
There are many changes occurring in the banking regulatory environment and we feel it is our obligation to keep you informed when necessary.
A ruling issued under Regulation E & Electronic Funds Transfer Act will take effect July 1, 2010 for new clients and August 15, 2010 for existing clients.
The regulation states that a fee for paying an overdraft for an ATM or one-time POS transaction cannot be charged unless:
- Proper notice is provided to the client describing the bank’s overdraft service;
- The client is given a reasonable opportunity to consent (opt-in);
- The client’s affirmative consent is obtained; and
- Confirmation is provided to the client, including notice of the right to revoke.
Franklin Community Bank has not engaged in the authorization of overdrafts on ATM or one-time POS transactions and will continue to conduct business in that manner at this time. Therefore, we feel this new ruling will have no impact to our clients.
For your peace of mind Franklin Community Bank offers overdraft protection plans such as a link to a savings or money market account, or another checking account. We also offer a line of credit (credit approval required) for overdraft purposes. Call or stop by one of our 4 convenient locations for more information.
Thank you for banking with Franklin Community Bank.
*NO ACTION NECESSARY FOR FRANKLIN COMMUNITY BANK, N.A. CLIENTS*
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