Overdraft Opt-In

Information About Changes To Your Account
That Require Attention From You

There are new federal regulations going into effect soon, and we want to be sure that our customers know what’s happening. These changes will affect the overdraft service on your your personal checking account - unless you contact us.

How overdraft service works today
Right now, your account has overdraft service. If you make any type of transaction without enough money in your account, we may, at our discretion, approve that transaction and charge you an overdraft fee.

New overdraft regulations and your options
New regulations may affect the way banks handle overdrafts. Effective August 14, 2010, you must opt in to the overdraft service for everyday debit card transactions if you want us to continue to approve, for a fee, any everyday debit card transaction that would overdraw your account. By opting in, you will also gain the ability to have ATM withdrawals† considered for this overdraft service once your account converts to the Capital One Bank system later in 2010. 

If you do not opt in by August 14, 2010, we will provide a "grace period" where we will continue to consider approving everyday debit card transactions that would overdraw your account - just as we would if you opted in - but we will not charge an overdraft fee for any transactions we approve. When your account converts to the Capital One Bank system later in 2010, the grace period will end and you will lose your overdraft service on all of your everyday debit card transactions, unless you opt-in.

Opting in is free and easy
There’s no fee to keep your overdraft service - you’ll only pay a fee if we approve a transaction that overdraws your account. And you can always change your mind, either way, whenever you want. It’s your choice! 

We’ve made some improvements -for your benefit
To help better manage your banking costs, we changed our overdraft policy for all consumer checking accounts beginning March 26, 2010:

  • We do not charge more than four overdraft fees in a single business day
  • We do not charge an overdraft fee if your checking account is overdrawn $5 or less at the end of each business day

How you can avoid overdrafts altogether
As always, we want to help you effectively manage your account. That’s why we offer a number of free, easy-to-use tools to keep you in control of your account, including:

  • Access to your account balances anytime via Online Banking or Automated Telephone Banking
  • Balance alerts by email and/or when you log in to Online Banking
  • Instant, no-fee transfers to and from Chevy Chase Bank® checking and savings accounts through Online Banking, Automated Telephone Banking or at Chevy Chase Bank ATMs

All of these tools are available 24 hours a day, 7 days a week for your convenience.*

You can opt in to overdraft service starting now
To opt in, please review, complete and return the Overdraft Opt-In form, visit your local branch, or log in to Online Banking and go to "Preferences - Overdraft Options." Remember, to keep your overdraft service on everyday debit card transactions and gain this service on ATM withdrawals†, we must hear from you.

Or, for more information, see our Frequently Asked Questions.

† Important Additional Details About Chevy Chase Bank Overdraft Service:
   • ATM withdrawals not considered for overdraft service until your account is converted into the Capital One Bank system later in 2010.
   • We charge a fee of up to $35 each time an overdraft is created by check, in-person withdrawal, debit card transaction or other means.
   • Starting with the conversion of your account to the Capital One Bank system, any everyday debit card transaction or ATM withdrawal that exceeds the available funds in your account will generally be declined, unless you opt-in. (Due to operational limitations, we may sometimes approve these transactions, but will not assess a fee if you have not opted in.) If you do not opt in, we will provide a "grace period," from August 14, 2010, until your account is converted to the Capital One Bank system, where we will continue to consider approving everyday debit card transactions that would overdraw your account, but we will not charge a fee for any transactions we approve.
   • If we elect to pay an overdraft item, you have no right to defer payment and you must deposit additional funds into your account promptly in an amount sufficient to cover the overdraft and any related fees.
   • Whether your overdrafts will be paid is discretionary and we reserve the right not to pay. In making a payment decision, we typically consider a variety of factors, including the size of the transaction and whether your account is in good standing, you are making regular deposits and/or you have too many overdrafts.

* Routine or unscheduled maintenance may impact accessibility.

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