What does this mean to you?

This means you must provide your overdraft consent selection by August 15th, 2010, or your account will no longer include overdraft coverage for one-time debit card and ATM transactions. Overdraft protection on these items will discontinue automatically until your opt-in consent has been provided. Your coverage for checks, ACH items and other transactions made using your checking account number will remain the same.

Of course, we can't promise to pay every overdraft and we are never obligated to pay your overdrafts, even if your account is in good standing and even though we may have previously paid overdrafts for you. Restrictions do apply, and you should read the Overdraft Privilege Service Policy.

To provide your overdraft coverage consent selection, please call any of our Customer Service Representatives or our Operations Department at (607) 324-9677. You may also complete the overdraft consent form and mail it back to us or return it to any of our branch offices.

We appreciate your business, and having you as a customer is very important to us. We hope this service will continue to be helpful to you.

Sincerely,

Jack Emrick
Senior Vice President and Branch Administrator

 

 

(Service Description)
(A Discretionary Overdraft Service)

It is the policy of Steuben Trust Company to comply with applicable laws and regulations, and to conduct business in accordance with strict safety and soundness standards. A non-sufficient funds balance may result from: A) The payment of checks, electronic funds transfers, or other withdrawal requests; B) Payments authorized by you; C) The return, unpaid, of items deposited by you; D) The imposition of applicable service charges; or E) The deposit of items which according to the Bank's Funds Availability Policy, are treated as not yet "available" or finally paid. We are not obligated to pay any item presented for payment if your account does not contain sufficient collected funds. Rather than automatically returning, unpaid, any non-sufficient funds items that you may have, if your eligible account (primarily used for personal and household purposes) has been open for at least thirty (30) days and thereafter you maintain your account in good standing, which includes at least: (A) Continuing to make deposits consistent with your past practices, and depositing at least $400 or more in your account within each thirty (30) day period; (B) You are not in default on any loan obligation to the Bank; (C) Your account is not the subject of any legal or administrative order or levy, such as bankruptcy or a tax lien, we will consider, without obligation on our part, approving your reasonable overdrafts up to your assigned Overdraft Privilege limit, including our fees. We reserve the right to require you to pay your outstanding overdraft (negative) balance, including our fees, immediately or on demand. This discretionary service will generally be limited to a $400 overdraft balance for Regular checking accounts and a $700 overdraft balance for Relationship Advantage and other interest-bearing personal checking accounts. Our normal fees and charges, including without limitation our non-sufficient funds/overdraft fees; currently $35 per non-sufficient funds or overdraft item, as set forth in our fee schedules, will be charged for each transaction initiated from your checking account that does not have sufficient collected funds. Typically, we will charge our normal NSF/OD fee whether we approve an overdraft item for payment or return it unpaid. Our NSF/OD fee may be imposed for paying, or not paying, overdrafts you create by: checks; in person (teller) withdrawal; ATM withdrawal; or other electronic means. Items are paid in order against your account by categories. The sequence of items paid by these categories begin with service fees, ATM transactions, ACH/electronic debits, POS (Point of Sale) and purchases. The next category is checks cashed by a Steuben Trust teller at any of our locations. The next category is checks deposited at Steuben Trust by an individual or company that has an account with Steuben Trust. The last category of checks are deposited or cashed at another financial institution, which we receive through the Federal Reserve. Our NSF/OD fees will be included in and count against your assigned ODP limit of $400 or $700. Whether your overdrafts will be paid or not is at our sole discretion and we reserve the right not to pay. For example, we typically do not pay overdrafts if your account is not in good standing as described above, or if you have too many overdrafts. We may refuse to pay an overdraft for you at any time, even though your account is in good standing and even though we may have previously paid overdrafts for you. You will be notified by mail of any non-sufficient funds items paid or returned that you may have; however, we have no obligation to notify you before we pay or return any item. The amount of any overdraft plus our non-sufficient funds and/or overdraft (NSF/OD) charge(s) that you owe us shall be due and payable immediately upon notice from us.* If there is an overdraft paid by us on an account with more than one (1) owner on the signature card, each owner, and agent if applicable, drawing/presenting the item creating the overdraft, shall be jointly and severally liable for such overdrafts plus our non-sufficient funds and/or overdraft (NSF/OD) charge(s). Limitations: Available only to eligible personal checking accounts primarily used for personal and household purposes. All Business Type Accounts, All Savings Type Accounts, All Money Market Accounts, All Public Fund/Charitable Organization Accounts and Minor Accounts are not eligible. We may limit the number of accounts eligible for Overdraft Privilege Service to one account per household or per taxpayer identification number. You may always opt-out: You may choose at any time not to participate in the Overdraft Privilege Service by notifying one of our Customer Service Representatives who will explain what 'opting-out' means and the potential consequences for you. We do offer additional overdraft protection services. If you apply and are approved for these optional services, you may save money on the total fees you pay us for overdraft protection services. If you need help: Overdrafts should not be used to pay ordinary or routine expense and you should not rely on overdrafts as a means to cover expenses. If at any time you feel you need help with your financial obligations, please contact one of our Customer Service Representatives.

*The Overdraft Privilege Service does not constitute an actual or implied agreement between you and the Bank. Nor does it constitute an actual or implied obligation of or by the Bank. This service represents a purely discretionary courtesy or privilege that the Bank may provide to you from time to time and which may be withdrawn or withheld by us at any time without prior notice or reason or cause.

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