Regulation E/Opt-In Frequently Asked Questions
What Federal Regulations Have Changed?
The Federal Reserve Board amended Regulation E so that financial institutions cannot pay overdrafts and charge a fee on ATM withdrawals and debit card purchases unless you Opt-In to this service.
How do I Opt-In?
To Opt-In you may call us at 256-386-0600, visit any of our convenient locations, or print this form and mail it to us at 406 West Avalon Avenue, Muscle Shoals, Alabama 35661.
What happens if I Opt-In?
If you Opt-In by August 15, 2010, nothing will change. Your card will continue to work as it does currently with no interruption in service.
What happens if I do not Opt-In?
After August 15, 2010, if you have not provided First Metro Bank with the Opt-In authorization, your ATM withdrawals and debit card purchases will no longer be approved if the funds are not available.
Do all signers on my account need to Opt-In?
No, only one account signer is required to Opt-In. All debit and ATM cards attached to that account would then be covered.
Can I change my mind?
Sure! You can change your decision at any time by contacting us at 256-386-0600 or visiting any First Metro Bank location.
Do these regulatory changes affect business accounts?
No, the amendments to Regulation E affect personal accounts only.
How does this affect my overdraft protection?
If your account qualifies for Overdraft Protection, we will continue to cover checks, recurring online bill payments, recurring debit card transactions and ACH payments that overdraw the account. Standard overdraft fees apply. By Opting-In, you will simply extend this coverage to include debit card purchases and ATM withdrawals.
