Reg E




After August 15th, 2010, we will not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below)

 

What You Need to Know about Overdrafts and Overdraft Fees

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway.

We can cover your overdrafts in two different ways:

  • We have standard overdraft practices that come with your account.
  • We also offer overdraft protection plans, such as links to a savings account, which may be less expensive than our standard practices. The learn more, ask us about these plans.

This notice explains our standard overdraft practices.

What are the standard overdraft practices that come with my account?

We do authorize and pay overdrafts for the following types of transactions:

  • Checks and other transactions made using your checking account number
  • Automatic bill payments including preauthorized or recurring payments, includes re-presented items.

We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):

  • ATM Transactions
  • Everyday debit card transactions

We pay overdrafts at our discretion, which means, we do not guarantee that we will always authorize and pay any type of transaction.

If we do not authorize and pay an overdraft, your transaction is declined.

What fees will I be charged if West Gate Bank pays my overdraft?

Under our standard overdraft practices:

  • We will charge you a fee of up to $29.50 each time we pay an overdraft.
  • Also, if your account is overdrawn for 5 consecutive business days, we will charge an additional $5.00 each business day.
  • There is a 6 item per day limit on the fees we can charge you for overdrawing your account; However, there is no limit on the total fees we can charge you for overdrawing your account.
 

What if I want West Gate Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions?

If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions, call 402-434-3456 or complete the form below and present it at any of the West Gate Bank branches or mail it to;

West Gate Bank

PO Box 82603

Lincoln NE 68501


☐       OPT IN I want West Gate Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions

               

☐       OPT OUT I do not want West Gate Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions