Q: What is Hamilton Federal Bank’s standard overdraft review process?
A: Hamilton Federal Bank has a standard Overdraft Review process that applies to all personal checking and money market accounts. This process allows us to consider authorizing and paying items when sufficient funds are not available in your account. While there is a fee for each overdraft item we pay, this process helps you avoid additional returned check fees from merchants or dealing with a “bounced” check.

Q: How does the standard review process work?
A: Our standard review process initially takes three factors into consideration when deciding whether or not to authorize and pay a transaction that will overdraw your account. We consider how long your account has been open, the “rolling” average collected balance (how much money you normally keep in your account) and the schedule/frequency of deposits made to your account (by direct deposit and/or at the branch or ATM in checks and cash). These criteria are also used to determine the amount by which we will allow your account to be overdrawn.

Q: Will Hamilton Federal Bank always authorize and pay items that overdraw my account?
A: No. Hamilton Federal Bank pays 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.

Q: What fees apply to the Overdraft Review process?
A: We will charge you a fee of $25 each time we pay an overdraft. Hamilton Federal Bank limits the total overdraft fees that we will change your account to four (4) per day.

Q: What can I do to avoid overdraft fees?
A: The best way to avoid overdraft fees is to keep accurate records of your account transactions -- both deposits and withdrawals. Use your check register to log all your deposits (including the deposit date) and withdrawals including checks, bill payments, account transfers, and other withdrawals such as ATM transactions and debit card purchases. You can also monitor your account balance and transaction activity by using Hamilton Federal’s online banking program. If you’re not already enrolled in online banking, it’s easy to get started. Just click here to set up your account access or go to the Online Banking tab, click About Online Banking then “click here to set up your account access.”

Q: Does Hamilton Federal Bank offer an overdraft protection option?
A: Yes. Hamilton Federal Bank also offers an overdraft protection plan, our Overdraft Line of Credit, which may be less expensive than our standard Overdraft Review process. If you overdraw your account, your Hamilton Federal Bank Overdraft Line of Credit makes an automatic transfer in increments of $100 to cover your transaction (up to your credit limit.) This product has a $25 annual fee and is subject to credit approval. For more information or to apply, Click here, go to the Loans/Lines of Credit tab, visit your branch, or call our Customer Service Representatives at 1-877-254-4048.

Q: What kinds of transactions are included in the new federal overdraft regulations?
A: The new federal overdraft regulations apply to everyday or one-time debit card transactions and withdrawals made at an automated teller machine (ATM) only. Under the new regulations, we cannot consider authorizing and paying ATM withdrawals and everyday or one-time debit card transactions that overdraw your account unless you instruct us to do so.

Q: What is an everyday or one-time debit card transaction?
A: An everyday or one-time debit card transaction is a one-time, non-recurring purchase or payment made with your debit card – such as a purchase of gas, groceries, or food and beverages.

Q: Does this new regulation affect overdraft coverage for checks and automatic payments from my checking or money market account?
A: No. This new regulation only affects everyday or one-time debt transactions and ATM withdrawals that overdraw your account. Hamilton Federal Bank will continue to use our standard Overdraft Review process (described above) for all personal accounts and consider authorizing and paying items such as checks, bill payments, recurring automatic payments using your debit card (such as monthly membership fees or utility payments), and other transactions made using your account number (such as an ACH payment) when sufficient funds are not available in your account.

Q: If I want the Overdraft Review process extended to my ATM withdrawals and everyday debit card transactions, what should I do?
A: The option to have Hamilton Federal Bank’s Overdraft Review process extended to ATM withdrawals and everyday debit card transactions is available – but only if you specifically tell us to include this feature for your account. To participate, you must complete and return the Hamilton Federal Bank ATM/Everyday Debit Card Overdraft Consent Form. Your consent decision will become effective for ATM withdrawals and everyday debit card transactions xx business days from our receipt of the Consent (opt-in) form. You will also receive written notification from us that your Consent from was received and that this feature will be activated for the account(s) you instruct us to include.

Q: What if I do not want Hamilton Federal Bank’s Overdraft Review process extended to my account for everyday debit card transactions and ATM withdrawals?
A: You don’t need to do anything. We will continue to use our standard Overdraft Review process for all personal accounts and consider authorizing and paying items (such as checks) when sufficient funds are not available in your account. Overdraft Review for everyday debit card transactions and ATM withdrawals will not be extended to your account unless we receive an authorization form from you.

Q: Where can I get the Hamilton Federal Bank ATM/Everyday Debit Card Overdraft Consent Form and where do I return it?
A: Copies of the Hamilton Federal Bank ATM/Everyday Debit Card Overdraft Consent Form (also known as an “opt-in” form) are available at any Hamilton Federal Bank branch or online. Just click here or go to the Resources Tab, and click on Applications and Forms. You can take your completed Consent form to any Hamilton Federal Bank branch or mail it to us: Hamilton Federal Bank, 5600 Harford Road, Baltimore, MD 21214.

Q: What if I change my mind later and no longer want to have Hamilton Federal Bank’s Overdraft Review process extended to my account for everyday debit card transactions and ATM withdrawals?
A: If you longer wish to have Hamilton Federal Bank’s Overdraft Review process extended to your account for everyday debit card transactions and ATM withdrawals, just complete and return the Discontinue Hamilton Federal Bank ATM/Everyday Debit Card Overdraft Review Process Form (also known as an “opt-out” form). After we receive and process your form, these transactions will be declined if you do not have sufficient funds in your account and/or available overdraft protection, and you will not be able to complete your debit card transaction or ATM withdrawal.

Copies of the Discontinue Hamilton Federal Bank ATM/Everyday Debit Card Overdraft Form are available at any Hamilton Federal Bank branch or online. Just click here or go to the Resources Tab, and click on Applications and Forms.

Q: How do I return my Discontinue Hamilton Federal Bank ATM/Everyday Debit Card Overdraft Review Process Form?
A: You can take your completed Discontinue form to any Hamilton Federal Bank branch or mail it to us: Hamilton Federal Bank, 5600 Harford Road, Baltimore, MD 21214. Your decision to discontinue will become effective for ATM withdrawals and everyday debit card transactions xx business days from our receipt of the Discontinue (opt-out) form.

Q: Who can make the decision to Consent to or Discontinue the Hamilton Federal Bank ATM/Everyday Debit Card Overdraft Review Process for an account?
A: The decision must be made by an authorized signer on the account, but any one authorized signer may complete either the Consent (opt-in) or Discontinue (opt-out) form.