What is an overdraft?
An overdraft occurs when you don’t have enough money available in your account to cover a transaction, but we approve it anyway.
Why should I opt in for overdraft service on everyday debit card transactions and ATM withdrawals?*
Overdraft service is a service we provide that could approve a transaction, even if you don’t have enough money in your account at that moment. Many of our customers appreciate the ability to overdraft in certain instances, instead of having their debit card purchase declined at the store register. When you need to buy something or get cash immediately, having the overdraft service means that we will consider approving those transactions when you don’t have the money in your account.
If I opt in, does that guarantee you'll approve an overdraft?
We approve overdrafts at our discretion, so we can't guarantee that we’ll authorize and pay every transaction.
What happens if I don't do anything?
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. Due to operational limitations, we may sometimes approve these transactions, but will not assess a fee if you have not opted in. Also, 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. We will continue to consider other types of transactions like checks, other payments using your checking account number, and recurring debit card transactions.
How is my overdraft service changing?
This chart shows the types of transactions that are currently considered for overdraft service and how that will change depending on your choice. When you do opt in, you'll have the same service you have today and gain overdraft service on ATM withdrawals.*
| Type of Transaction Considered for Overdraft | Today | At conversion to Capital One Bank system | |
| If you don't opt in | If you do opt in | ||
| Checks and other payments using your checking account number (like ACH) |  | | |
| Recurring debit card transactions | | | |
| ATM Withdrawals† | | ||
| Everyday debit card transactions§ | | | |
Can I opt out of the overdraft service for all types of transactions?
Of course! Just call us at 301-987-BANK (2265) or 1-800-987-BANK (out of area) or visit your local branch to let us know.
If I don't opt in, when will this change take effect?
If you don't opt in to the overdraft service for everyday debit card transactions and ATM withdrawals*, you will lose your overdraft service on all of your everyday debit card transactions when your account converts to the Capital One system later in 2010§.
If I have other accounts with Chevy Chase Bank®, do I have to opt in to overdraft service for those too?
For now, opting in to overdraft service for ATM withdrawals* and everyday debit card transactions is only required for consumer accounts — not other types of accounts, like business accounts. If you have an account that links to a savings account or a line of credit (called overdraft protection), you don't need to opt in to continue that service. If you have multiple consumer accounts with Chevy Chase Bank, you'll receive an opt in form for each account.
If I have a Personal Line of Credit attached to my checking account, can I also opt-in to everyday debit card transactions and ATM withdrawals?*
Accounts linked to a personal line of credit that have opted in to overdraft service will not be eligible for the supplemental overdraft service until your account is converted into the Capital One Bank system. After conversion, the overdraft service will be considered after the Personal Line of Credit has been exhausted.
† ATM withdrawals not considered for overdraft service until your account is converted into the Capital One Bank system later in 2010.
§ 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 - just as we would if you opted in - but we will not charge an overdraft fee for any transactions we approve.
Branch bank products and services offered by Chevy Chase Bank, a division of Capital One, N.A., Member FDIC. © 2010 Capital One. All rights reserved.