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Sunday, April 20, 2014

Happy State Bank - Est. 1908

Opt-In or Out

Overdraft Protection

Happy State Bank encourages responsible account management.  To prevent overdraft fees, we recommend that you maintain all account activity in a check register and routinely reconcile your account to the balance reported by the bank. Using our automated telephone banking system at 806-359-7737, Happy-eBank Online Banking, Email Notifications, Mobile Banking and Text Banking to monitor your account balance and account activity can assist you in managing your account.  You may always call or visit any of our Happy State Bank locations to assist you with managing your account. 

It is the policy of Happy State Bank (HSB) to return unpaid checks drawn on an account with insufficient funds.   However, HSB does have overdraft protection which is subject to the following terms and conditions.

Participation in the Overdraft Protection Program is OPTIONAL.  A credit reporting agency may be used to assist in the Overdraft Protection Program approval.   You may not qualify for an overdraft protection limit.

Fees

Multiple fees can be charged against an overdraft protection limit if multiple items are presented against an account on a given day. The current overdraft fee is $27 per item. However, you will not be charged for more than seven (7) overdraft items per day.  No overdraft fee will be charged for any amount that overdraws your account by less than $10.  Overdraft charges will remain subject to change at all times.

Fees can be incurred by accessing the Overdraft Protection Program by several different methods, including but not limited to: debit card transactions, ATM transactions, preauthorized automatic debits, telephone initiated transfers, other electronic transfers, checks, withdrawals, as well as payment of an item under the Overdraft Protection Program.

Fees incurred under the Overdraft Protection Program will count against the overdraft protection limit. 

Items presented on the account are paid in check number order; however, any auto transfers, ATM cash withdrawals, preauthorized automatic debits and POS/debit card transactions will pay before checks.  Lower check numbers are paid first. The order in which checks are paid is important if there is not enough money in your account to pay all of the checks that are presented. There is no policy that is favorable in every instance. By paying checks in numerical sequence, we believe our policy attains a reasonable balance between minimizing additional cost to the consumer and paying your more important checks.

Program Rules

Payment of overdraft items is discretionary.  The bank is not obligated to honor any overdraft on your account if the overdraft, either alone or when aggregated with other overdrafts and related overdraft charges, exceeds your overdraft limit.

Overdrafts may not be paid if your account is not in good standing, you are not making regular deposits, or you have too many overdrafts.  Good Standing means: making regular deposits consistent with your past practices; depositing an amount equal to or more than the amount of your overdraft limit within each 30 day period; not in default on any loan or other obligation to the bank; or not subject to any legal or administrative order or levy.

The bank reserves the right to terminate the Overdraft Protection Program from your account in the event any overdraft plus any related charges are not paid within 5 business days of incurring the overdraft.

The bank reserves the right to terminate your account in the event an overdraft on your account remains outstanding for a period of 30 consecutive days or longer.  Additionally, the bank has the right to notify a collection agency of such termination for a debt owed to the bank. Any account with an overdraft outstanding for 60 consecutive days will be charged off. HSB also reserves the right to add the collection agency’s fee to the amount of the charge off and you will also be responsible for payment of the fee.

The bank reserves the right to terminate the Overdraft Protection Program from an account at any time for failure to comply with terms and conditions set forth in the Deposit Account Agreement & Disclosure. Additionally, the termination of the Overdraft Protection Program may be triggered by several different situations, including but not limited to: unusual account activity, disputed account, bankruptcy, delinquency on other bank loans, as well as a reasonable belief that repayment of the overdraft is questionable.

Balances reflected at ATMs will not include your overdraft limit.  However, you will be able to use your overdraft limit at the ATM or with your debit card if you have opted in to ATM and one-time debit card transactions.

Opting Out

At any time, you may opt-in or opt-out of ATM and one-time debit card transactions by calling us at 806-358-5100 or 800-447-2265, or by visiting us at online form or by visiting any Happy State Bank location.

Overdraft protection will continue to be available for checks, ACH, and recurring debits unless you elect to opt-out at any time of the Overdraft Protection Program in its entirety by calling us at 806-358-5100 or 800-447-2265, by filling out our online form or by visiting any Happy State Bank location. Be aware that all items presented against insufficient funds on your account, besides those that we are legally obligated to pay, will be returned or denied whenever possible, regardless of the type of transaction (preauthorized debits, ATM withdrawals, transfers, point of sale (POS) in-person withdrawals, and checks).  You will be charged an NSF of $27 per returned item.  There is no limit to the number of NSF fees we may charge.

If you have Opted-in to ATM and one-time debit card transactions and have an overdrawn balance in excess of $2,000, the bank has the right to immediately remove your debit card privileges. 

If you have Opted-out of ATM and one-time debit card transactions and you have an overdrawn balance caused by an ATM or one-time debit card transaction, the bank reserves the right to immediately remove your debit card privileges.

Alternatives

Alternatives to the Overdraft Protection Program that may be cheaper include:

  1. Line of credit (subject to approval) – a line of credit that would be tied to your primary checking account.
  2. Linked accounts – an automatic transfer between your primary checking account and another account with HSB.

Linked accounts – an automatic transfer between your primary checking account and another account with HSB.

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