New Overdraft Rules
Frequently Asked Questions

 

What is an overdraft?
What are my options if I want payments paid when there is not enough money in my account to cover them?
Why do banks pay overdrafts?
What is an everyday debit card transaction?
Does it matter if I use my debit card as debit or credit?
For joint account holders, do both parties have to opt in?
If the Bank pays a check into overdraft, is it allowed to charge a fee even if I have not opted in?
How does this affect my checks that merchants convert electronically at the time of sale?
How do I opt in?
If I have more than one checking account, do I need to submit an opt-in form for each account I have?
What happens if I do not opt in?
How do I know if the Bank has received my Opt in form?

 

What is an overdraft?
An overdraft occurs when you do not have enough money in your checking account to cover a payment you have authorized, but the bank pays it as an accommodation, trusting that you will repay the amount of the overdraft.

What are my options if I want payments paid when there is not enough money in my account to cover them?
There are a number of choices available. One choice is Overdraft Protection. If you have a WesBanco checking account, savings account or a line of credit, you may link the account to your checking account for the purpose of transferring funds to cover overdrafts when necessary. Fees or interest are assessed.

Even if you have Overdraft Protection, WesBanco’s OverdraftHonor program can be an additional safety net in the event you need it. To find out if you qualify, talk to any of our banking center representatives.

Why do banks pay overdrafts?
Banks pay overdrafts because consumers often are willing to pay a fee to have important payments, such as mortgage or rent paid even if they do not have enough money in their account to avoid the inconvenience, additional fees, and the embarrassment. Some consumers may want the Bank to pay a check or electronic or automatic payment to a store, mortgage company or landlord because if it is returned, you might have to pay a fee for the returned payment.

What is an everyday debit card transaction?
Also referred to as a one-time debit card transaction, this is any debit card transaction that is not recurring. For example: if you give your debit card to the fitness center and tell them to automatically charge your account every month to pay your membership, this is not an everyday debit card transaction. However, if you give your debit card to the fitness center each month to pay your monthly membership, this is an example of an everyday debit card transaction. Using your debit card to pay for gas, groceries, etc. is an example of an everyday debit card transaction.

Does it matter if I use my debit card as debit or credit?
No. It doesn’t matter if the card is used as debit or credit. Beginning August 15, 2010, if you have not opted in to the new overdraft rule changes, your debit card authorization will be declined if you do not have enough money in your available balance for check card authorization.

For joint account holders, do both parties have to opt in?
If two or more consumers jointly hold an account, only one’s affirmative consent is required to opt-in.

If the Bank pays a check into overdraft, is it allowed to charge a fee even if I have not opted in?
Yes. Checks are not covered by the new overdraft rule change.

How does this affect my checks that merchants convert electronically at the time of sale?
The new overdraft rule changes will have no impact on this process. When the merchant converts your check, it is converted to an ACH transaction. ACH transactions are not affected by this regulation change.

How do I opt in?
Opt in is very easy. You may do this by telephone, postal mail, email, or by visiting any of our banking centers.

If I have more than one checking account, do I need to submit an opt-in form for each account I have?
You will need to opt in for each account that you want the Bank to charge for paying overdrafts on ATM and everyday debit card transactions. A separate form/card is not necessary, but you will be required to record the account numbers on the form.

What happens if I do not opt in?
WesBanco will not be able to assess fees or charges for paying overdrafts of ATM and everyday debit card transactions beginning August 15, 2010, unless you have affirmatively consented. Also, please be aware that if you have not opted in, we will also not authorize your ATM and everyday debit card transaction if you do not have available funds in your account at time of authorization.

How do I know if the Bank has received my Opt in form?
WesBanco is required to mail you a confirmation that we have received your Opt In Form or affirmative consent to pay overdrafts on ATM and everyday debit card transactions.

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