Recent Federal Reserve regulatory changes will soon affect the way we authorize your Debit Card and ATM card transactions when there are insufficient funds in your account to cover the transaction. If you want your card authorizations handled in the same way they have been in the past, you must return the enclosed form no later than August 14, 2010, with your election to “Opt-In” to our standard overdraft service.
What is the change? – After August 14, 2010, unless you give us written permission, we may decline your ATM and everyday debit card transactions if you do not have sufficient funds in your account.
What does this mean to you? – In the past, when you used your ATM or debit card to pay for purchases, if there were insufficient funds in the account, WoodTrust would provide you with a modest cushion and often approved your transaction at the point of sale. If you desire to continue to enjoy this feature, you must return the “Opt In” election form to the Bank.
If you Opt-In – Your debit card and ATM card will work as it currently does. If we authorize debit card transactions that cause your account to fall into a negative balance, you will incur our normal overdraft fee of $30 per item that overdraws the account. Opting-In may save you the embarrassment of having a transaction declined at the point of sale.
If you Opt-Out – WoodTrust will no longer be able to authorize any ATM or everyday debit card transactions that would cause your account to reach a negative balance. If there are insufficient funds in your account, the debit card or ATM transaction will be declined.
At WoodTrust Bank, our priority is to help you make financial choices that fit your needs. Frequently asked questions are listed below, or, if you would like, contact an Account Services Representative at 715-423-7600 about your Overdraft Options or visit a Personal Banker at
any of our offices. Thank you for choosing WoodTrust Bank.
Overdraft Services Frequently Asked Questions
Q: What benefit do I get from “Opting-In”?
A: Opting-In may prevent a decline of a signature based debit card transaction if you do not have sufficient funds in your account to cover the transaction at the time of authorization.
Q: What happens if I don’t respond?
A: Without your written permission for WoodTrust Bank to authorize and pay your everyday debit card purchases, after August 14, 2010 your transactions may be declined if your account balance is not sufficient to cover your transaction.
Q: Can I change my selection in the future?
A: Yes. You may Opt-In or Opt-Out at any time. If you have a joint account, either account holder may take action to Opt-In or Opt-Out for the account.
Q: If I have more than one account do I need to Opt-In for each of my accounts?
A: Yes. Each account that is linked to an ATM or Debit card will require an Opt-In authorization.
Q: How do I know if I have Opted-In?
A: You will receive a written confirmation from the Bank after you provide us with an Opt-In authorization. You may verify the Opt-In status of your accounts by calling Account Services at 715-423-7600, visiting any banking location, or viewing your Opt-In elections using Consumer Internet Banking.
Q: Will I be assessed an Overdraft Fee if I Opt-In?
A: If we authorize a transaction at the time of purchase and there are not sufficient funds in the account to cover the transaction when the transaction clears the account, the transaction will be paid and you will be assessed an Overdraft Fee in accordance with our Fee Schedule.
Q: How can I avoid an Overdraft Fee?
A: If we authorize an everyday debit card transaction when there are not sufficient funds in the account to cover the transaction, you may avoid an overdraft fee by depositing or transferring money to the account before the purchase transaction clears. When you sign for a debit card transaction, it usually takes additional time for the transaction to post to your checking account. When you use a Personal Identification Number “PIN” the transaction will post to your account the same day.
Q: I have an Overdraft Protection Transfer set up from my Savings account. Do I still need to Opt-In?
A: Yes. Your Overdraft Protection Transfer will automatically cover your overdraft when it posts to your checking account. However, we need your Opt-In to authorize the transaction when you do not have a sufficient balance in your checking account at the point of sale.
Q: I always keep enough money in my account to cover my transactions. Do I need to Opt-In?
A: The choice is yours. There is no cost to Opt-in. By Opting-In you will ensure that WoodTrust Bank can provide you with a modest cushion for card transactions in the event that your account balance is not sufficient to cover your purchase at the point of sale.
Q: Who can I speak to if I have questions?
A: You may call Account Services at 715-423-7600 or visit
any of our offices. We’ll be happy to help you review your situation and determine the best choice to meet your needs.