Regulation E: Consent for Overdraft Services

After August 15, 2010, we will not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below).

 

What You Need to Know about Overdrafts and Overdraft Fees

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:

  • We have standard overdrafts practices that come with your account.
  • We also offer overdraft protection plans, such as a link to a savings account or a line of credit, which may be less expensive alternatives than our standard practices. To learn more, ask us about these plans.

This notice explains our standard overdraft practices.

 

What are the standard overdraft practices that come with my account? 

  • We do authorize and pay overdrafts for the following types of transactions:
    • Checks and other transactions made using your checking account number
    • Automatic bill payments
  • We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):
    • ATM transactions
    • Everyday debit card transactions

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined.

 

What fees will I be charged if Commerce Bank pays my overdraft? 

  • Under our standard overdraft practices: 
    • We will charge you a fee of $35.00 each time we pay an overdraft.
    • There is no limit on the total fees we can charge you for overdrawing your account.

What if I want Commerce Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions?

  • If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions, please call 800.698.BANK(2265) (after business hours and during weekends, please call 508.749.3676). You may also visit any of our convenient local branches or click on the link below.