This message includes important information about an option to consider for those situations when debit card and ATM transactions could cause your account to become overdrawn.
When it comes to managing your money, you have a choice to structure your account to best meet your needs. Avenue Bank now offers ATM/Debit Card Overdraft Coverage.
ATM/Debit Card Overdraft Coverage is a service offered by Avenue Bank to authorize everyday debit card transactions and ATM withdrawals to be paid, even if the amount causes your account balance to become negative. This new service is being offered as a convenience for our valued clients, but your written consent is required to “Opt In” for this service, which may incur fees.
This option does not address checks and online bill payments from your personal checking and money market accounts.
If you elect to “Opt In,” Avenue Bank will allow one or more items presented for payment as a result of a point of sale debit card use or ATM withdrawal, even if those items cause your account balance to become negative. You will be charged a $35 service fee for each overdraft transaction; however, there may be times when this option could be important to you.
Accounts default to “Opt Out.” This means point of sale debit card transactions or ATM withdrawals that would cause your account balance to become negative at the time of the transaction will be declined. Thus, you would experience no negative balance and no Insufficient Funds fee.
To “Opt In” for ATM/Debit Card Overdraft Coverage, simply return the Opt In Consent Form (download below and print) or contact your Avenue banker; your written consent is required to add this coverage.
Questions? Review the attached questions and information about Avenue Bank’s overdraft policies. Then contact your Avenue Banker at 615-252-2265 to discuss whether Overdraft Coverage is right for you.
Please see the information below for important terms and conditions and other information.
Frequently Asked Questions
What fees will I be charged if Avenue Bank pays my overdraft? Under our standard overdraft practices, you will be charged a fee of $35 each time an item is presented for payment from your account that would cause the account to overdraw. This fee can be charged for each item that would overdraw your account.
What if I want Avenue Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions? Complete and sign the Opt In Consent Form provided, indicating you want to “Opt In” for ATM/Debit Card Overdraft Coverage, and return to Avenue Bank. The Overdraft Coverage will begin upon processing of your request, which may be up to 5 business days from receipt of your Consent Form.
What is the difference between Everyday Debit Card Transactions and Other Debit Card Transactions? Everyday debit card transactions are point of sale, one time transactions. Other debit card transactions would include those that you have set up with a vendor or other service provider on an ongoing basis (e.g. a monthly cable television payment).
Can I change my option to “Opt In” or “Opt Out” at any time? Yes, you may change your selection at any time by notifying Avenue Bank in writing. The change will be effective upon processing of your request, which may be up to 5 business days from receipt of your communication.
What if I do not make a choice? Your account(s) will default to “Opt Out” and no ATM or debit card overdrafts will be incurred (such transactions will be declined).
Does this affect me if I have Overdraft Protection (linking another account or line of credit to prevent overdrafts?) Even if you have established Overdraft Protection on your account(s), you still have a choice to make regarding this new service. Existing Overdraft Protection services will remain in effect, but if the funds in your linked account are insufficient to cover ATM and other debit card transactions, your transaction will be declined if you have not selected to “Opt In” for Overdraft Coverage.
Avenue Bank’s FREE Online Banking and Mobile Banking services and App can be helpful tools in managing your money. Sign up today and enjoy 24/7 access to account information including:
• account balance and recent transactions
• account alerts, to be received by email or text; this service can notify you - based on parameters you set - of your account balance, transactions exceeding a designated dollar amount, account balances that fall below a predetermined minimum and more.
• Transfer funds between Avenue accounts.
• View monthly statements.
Questions? Contact your Avenue Banker at 615-252-2265 for any questions you have about your account or Avenue Bank’s overdraft practices.
Consent Form for Avenue Bank ATM/Debit Card Overdraft Coverage
Your Right to Request ATM/Debit Card Overdraft Coverage
ATM/Debit Card Overdraft Coverage is a service offered by Avenue Bank to authorize certain items (everyday debit card transactions and ATM withdrawals) to be paid, even if the amount exceeds the available balance. (Avenue Bank personal checking and money market accounts may include overdraft coverage for checks and bill payments, at the discretion of Avenue Bank.) To elect this coverage for ATM withdrawals and everyday debit card transactions, you’ll need to Opt-In by signing and returning this form.
Note: This service is available at the discretion of Avenue Bank. If we pay an item that overdraws your account, you will be charged a $35 fee for each item.
Overdraft Coverage versus Overdraft Protection
Overdraft Coverage differs from the Overdraft Protection plans we offer, such as linking your checking account to another account to cover overdrafts when they occur. Contact an Avenue Banker to learn more about these options, and whether you qualify for this service.
Avenue Bank will charge a fee of $35 each time we pay an overdraft.
How to Request Overdraft Coverage for ATM and Everyday Debit Transactions
To request Overdraft Coverage for your ATM withdrawals and everyday debit card transactions, complete the Consent Form (download below and print) and return to Avenue Bank:
• By mail to Avenue Bank, 111 Tenth Ave. South, Suite 200, Nashville TN 37203.
• In person to any branch location.
• By fax 866-559-1748
Federal regulations require that we receive your request in writing. Coverage will begin upon processing of your request, up to 5 business days after receipt of your request.
For More Information
Click here to download Consent Form. http://avenuenashville.com/images/uploads/content/Consent_Form_for_website.pdf