Adjustable Rate Residential Mortgages

First Time Home Buyer Programs

Fixed Rate Residential Mortgages

Manufactured and Mobile Home Loans

Mass Housing Finance Authority Loan Programs

Overdraft Protection Opt-In

 

On August 15, 2010 the STANDARD OVERDRAFT PROTECTION that may be associated with your checking account will change. The following notification letter was sent to all participants in the Bank’s STANDARD OVERDRAFT PROTECTION plan on May 3, 2010. The notification letter explains in detail the changes that will occur on August 15, 2010. If you would like more information regarding this upcoming change and how it may affect your account, please contact a Weymouth Bank customer service representative at 781-337-8000. Thank you.

 

IMPORTANT INFORMATION ABOUT OVERDRAFT PROTECTION AND FEES
ACTION IS REQUIRED ON YOUR PART

 

Dear Valued Customer,

Recent changes concerning overdraft protection programs have required us to notify you that you must issue your consent to allow Weymouth Bank to pay certain types of overdrafts on your checking account. The following information describes the overdraft practices of Weymouth Bank and the action you must take related to the overdraft protection associated with your account.

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:

 

This notice explains our standard overdraft practices that currently cover your account.

What are the standard overdraft practices that come with my account?
We do authorize and pay overdrafts for the following types of transactions:

 

We do not authorize and pay overdrafts for the following types of transactions unless you ask us to:

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. Please see the enclosed Courtesy Overdraft Protection Policy and Customer Disclosure for a full explanation of the Courtesy Overdraft Program. If we do not authorize and pay an overdraft, your transaction will be declined and you may be charged a non-sufficient funds (NSF) fee on transactions involving checks, ACH and bill payment. A fee will not be charged to your account if a point of sale debit card transaction or in person over the counter check withdrawal is denied.


What fees will I be charged if Weymouth Bank pays my overdraft?
Under our standard overdraft practices:

 

What action must I take concerning my Overdraft Protection?
Please indicate on the form below your preference regarding the payment of everyday Debit Card Overdrafts and return it to us in the enclosed envelope. If you have multiple checking accounts with us that are covered by the Courtesy Overdraft Program, we must receive a consent form for each account or you may list multiple account numbers on one form.  Please remember, there is no charge for this service unless you use it. Many of our customers have chosen to retain this service on their Courtesy Overdraft Protection Plan as a safeguard against an occasional inadvertent overdraft that may occur. We must receive your reply no later than August 15, 2010.If you have questions regarding this information or you wish to opt out of this portion of the Courtesy Overdraft Protection plan or opt out of the entire Courtesy Overdraft Protection plan at any time please contact one of our Customer Service Representatives at 781-337-8000.   

Notice to Joint Account Holders
If two or more customers jointly hold title to an account, the affirmative consent (opt in) of any one of the joint account holders is affirmative consent for all account holders. For example, if one account holder opts in to the overdraft service for everyday debit card purchases, all everyday debit card purchases of all account holders will be covered by the overdraft protection service.

------------------------------------------------------------------------------------------------------------
            Tear here and return in the enclosed envelope    

COURTESY OVERDRAFT PROTECTION DEBIT CARD TRANSACTION CONSENT FORM

____ I want Weymouth Bank to authorize and pay overdrafts on my everyday debit card transactions. I
understand that I will be charged $25 for each point of sale debit card overdraft transaction that may
occur on my account.

____ I do not want Weymouth Bank to authorize and pay overdrafts on my everyday debit card
transactions. I understand that my point of sale debit card transactions will be denied if I do not
have sufficient funds to cover the transaction amount. A fee will not be charged to your account if your
transaction is denied.

Print Name: _______________________________________________________________________

Account Number: _______________________________________________________________________
Signature: _______________________________________________________________________

Date: _______________________________________________________________________

 

Bank Use Only:
Date Received: _________________________          OD Flag: _______________________ OD Flag Entered By: _____________________          Verified By:______________________

 

WEYMOUTH BANK Courtesy Overdraft Protection Policy and Customer Disclosure
It is Weymouth Bank’s (“we, us, or our”) policy to comply with applicable laws, rules and regulations, and to conduct business in accordance with strict safety and soundness standards concerning account overdrafts or non-sufficient funds situations. A non-sufficient funds (overdraft/negative balance) may result from: A) The payment of checks, electronic funds transfers, or other withdrawal requests you initiate; B) Payments authorized by you; C) The return, unpaid, of items deposited by you; D) Charging your account for our applicable service charges and fees; E) The deposit of items to your account which, according to our Funds Availability Policy, are treated as not yet “available” or “finally paid”. We are not obligated to pay any item initiated for payment against your account if your account does not contain sufficient collected funds. Rather than automatically returning, unpaid, all non-sufficient funds items that you may have, if your “eligible account type” has been open for at least sixty (60) days and thereafter you maintain your account in good standing, which includes at least: (A) Continuing to make deposits consistent with your past practices, and depositing at least $500 (personal accounts) or $1,500 (business accounts) or more in your account within each forty five (45) day period, (B) You are not in default on any loan obligation to us, (C) You agree to pay your outstanding overdraft (negative) balance, including our fees, immediately or on demand, and (D) Your account is not the subject of any legal or administrative order or levy, such as bankruptcy or a tax lien, we will consider, without obligation on our part, approving your reasonable overdrafts up to your assigned Courtesy Overdraft Protection limit, including our fees for the following withdrawal transactions: a) Checks, b) In Person (teller) Over the Counter Check Withdrawal, c) ACH, d) Internet Banking Bill Payment and Transfers, and e) Telephone Banking Transfers. POS overdraft transactions initiated by you through the use of your Debit Card will only be paid if you have authorized us to pay these overdrafts. The COURTESY OVERDRAFT PROTECTION DEBIT CARD TRANSACTION CONSENT FORM must be completed by you to authorize us to cover these transactions.

 

This discretionary service will generally be limited to a $500 overdraft (negative) balance for eligible personal checking account types or a $1,500 overdraft (negative) balance for eligible business checking account types. Our normal fees and charges including, without limitation, our non-sufficient funds (NSF) or overdraft (OD) fees; currently $25.00 ($5.00 for registered 18/65 account types) per non-sufficient funds or overdraft item, as set forth in our fee schedule, will be charged for each transaction initiated for payment from your checking account that does not have sufficient collected funds. Typically, we will charge our normal NSF/OD fee whether we approve an overdraft item for payment or return it unpaid.

 

Our NSF/OD and daily overdraft fees will be included in and count against your assigned Courtesy Overdraft Protection Limit of $500, or $1,500. Whether your overdrafts will be paid or not is at our sole discretion and we reserve the right not to pay. For example, we typically do not pay overdrafts if your account is not in good standing as described above, or if you have too many overdrafts. We may refuse to pay an overdraft for you at any time, even though your account is in good standing and even though we may have previously paid overdrafts for you. You will be notified by mail of any non-sufficient funds items paid or returned that you may have; however, we have no obligation to notify you before we pay or return any item. The amount of any overdrafts including our fees that you owe us shall be due and payable immediately. If there is an overdraft paid by us on an account with more than one (1) owner on the signature card, each owner, and agent if applicable, drawing/presenting the item creating the overdraft, shall be jointly and severally liable for such overdrafts including our fees.

 

Eligible Account Types: The account types that are eligible for Courtesy Overdraft Protection are: No Frills Checking; NOW Checking; Right Wey Checking; Gold Retail Checking; VIP Retail Checking; Student Checking; Basic Business Checking; Gold Business Checking; VIP Business Checking.

 

Optional Overdraft Protection Services: We offer additional overdraft protection services that you may apply for. These include Line-of-Credit Overdraft Protection and “Transfer” (from another account of yours with us) Overdraft Protection. If you apply and are approved for these optional services, you may save money on the total fees you pay us for overdraft protection services.

 

Ineligible Accounts and Limitations:  Courtesy Overdraft Protection is available only for eligible checking accounts that are maintained in good standing as defined above. Savings Type Accounts (including Money Market Accounts), Public Fund/Charitable Organization Accounts, and Youth Accounts not of legal age are not eligible for this service. We may, in our sole option and discretion, limit the number of your accounts eligible for Courtesy Overdraft Protection to one account per household and/or one account per taxpayer identification number.


You May Always Opt-Out: You may choose at any time to not participate in Courtesy Overdraft Protection by notifying one of our Customer Service Representatives at (781) 337-8000 who will explain what this (“Opt Out”) means, and the potential consequences, for you.

 

If You Need Help: Of course, overdrafts should not be used to pay ordinary or routine expenses and you should not rely on overdrafts as a means to cover these expenses. If at any time you feel you need help with your financial obligations please contact one of our Customer Service Representatives at (781) 337-8000.


ALWAYS A DISCRETIONARY SERVICE: Our Courtesy Overdraft Protection Service does not constitute an actual or implied agreement between you and us. Nor does it constitute an actual or implied obligation of or by us. Our Courtesy Overdraft Protection service represents a purely discretionary courtesy or privilege that we may provide to you from time to time and which may be withdrawn or withheld by us at any time without prior notice or reason or cause.

 

 

Click here
to learn more
about
Relationship
Banking

Check our rates