Important Information
Overdraft Rules for Consumer
Debit & ATM Cards
The Basic Facts
An overdraft occurs when you don't have enough money in your account to pay for a transaction but we pay it anyway. For a fee, Firstrust may in its discretion, pay a transaction that overdraws your account. This fee applies each time you overdraw your account.
Firstrust covers overdrafts in one of two different ways:
Standard overdraft practices. Firstrust may cover your transaction for a flat fee of $36 per item each time you overdraw your eligible account. For example, if you make a purchase with your debit card for $150 but only have $100 in your account, your account will be overdrawn by $50 plus the amount of the fee. If you then make an ATM withdrawal for $50, your account will be overdrawn by $100 plus the amount of an additional fee. In this example, based on the fee of $36, you will pay a total of $72 in fees. There is a five item daily limit on the total fees we can charge you for overdrawing your account.
Overdraft Protection plans. Firstrust also offers Overdraft Protection, which can cover overdrafts through a link to your line of credit or savings account. Firstrust typically charges a fee each time you overdraw your account, but these Overdraft Protection plans may be less expensive than standard overdraft practices.
The new rules for consumer accounts
It’s your choice. In the past, some banks automatically applied their standard overdraft practice to accounts for all types of transactions that covered checks, in-branch withdrawals, ACH transactions, automatic payments, ATM withdrawals and purchases using a debit card. Under the new rules for consumer accounts, Firstrust must receive your consent (opt in) to authorize and pay overdrafts for everyday debit card and ATM transactions before you can be charged overdraft fees.
To request this service, call 800-220-BANK, drop by any branch, or return the linked opt in form, to Firstrust Bank, ATTN: Account Services, 1931 Cottman Avenue, Philadelphia, PA 19111-3897.
Existing accounts. If you do not opt in, Firstrust’s standard overdraft practices will not apply to your everyday debit card and ATM transactions. If you do not opt in to authorize payment of ATM and everyday debit card transactions that would overdraw your account, these transactions will be declined.
New accounts. If you open a new account on or after July 1, 2010, Firstrust will not authorize and pay overdrafts for everyday debit card and ATM transactions unless you opt in.
Flexibility. Whatever your decision, the new overdraft rules give you flexibility. If you opt in, you can cancel at any time. If you do not opt in, you can do so later.
Checks and automatic bill payments. The new rules do not apply to checks, in-person withdrawals, ACH transactions or automatic bill payments that you may have set up for paying recurring bills such as your mortgage, rent, or utilities. Firstrust may still automatically apply its standard overdraft practices to your eligible account for these types of transactions. If you do not want standard overdraft practices in these instances, talk to a Banking Specialist about your ability to decline these services.