Opt-In Overdraft Coverage

At Progress Bank, we value our customers and see them as people, not accounts. That’s why we take the time to get to know you and your banking needs so that we can offer the right banking solutions for you. In addition, we want to be sure that you understand the products and services we offer and that you are comfortable with the choices you make.

The purpose of this webpage is to explain the overdraft protection options available to you at Progress Bank and to explain the changes in federal laws that are coming on August 15, 2010.

First, it is important that you understand what is meant by the term "overdraft." An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway.

Currently, Progress Bank offers two different ways to cover occasional overdrafts because we recognize that no single form of overdraft protection fits every customer’s needs.

  • Standard overdraft practices automatically apply to your checking account. This service permits Progress Bank and Trust to authorize and pay overdrafts at its discretion for: checks and other transactions made using your checking account number (so called ACH transactions); automatic or electronic bill payments; ATM transactions; and everyday debit card transactions. This service permits us to help you cover an unexpected expense or avoid the embarrassment that may be caused by a recordkeeping error.
  • Overdraft protection plans are available options to our checking accounts. These options include linking a checking account to a savings account or a credit card or attaching an overdraft line of credit to a checking account, and these may be less expensive than our standard overdraft practices.

Recent regulatory changes adopted by the Board of Governors of the Federal Reserve require us to change the standard overdraft practices that apply to all checking accounts. These changes will require Progress Bank to discontinue your overdraft protection for ATM and everyday debit card transactions unless you affirmatively agree, or "Opt-In," to overdraft protection for these transactions. This means that unless you tell us that you want us to continue to apply our standard overdraft services to your ATM and everyday debit card transactions, we will decline any transaction that overdraws the account. However, your overdraft protection for checks, automatic bill payments and other transactions made using your checking account number will remain unchanged. This change goes into effect for existing customers on August 15, 2010.

We know that many of our customers appreciate the convenience, flexibility, and peace of mind provided by having our standard overdraft practices in place to cover all of their banking transactions. The service provides a fast and discrete way to bridge a temporary gap. By "Opting In", you can assure that this protection continues to remain available to you.  You are free to change your mind at any time.

As stated above, at Progress Bank, we want you to make an informed decision on the type of overdraft protection that best suits your banking needs. Please click on the link below to fill out the "Opt-In" form to submit by e-mail, fax, or deliver. 

  • E-mail - OptIn@myprogressbank.com
    • Please include your name and account number(s) in your e-mail
  • Fax - (256) 280-9194
  • Deliver to our Huntsville or Decatur Branches

Visit any branch or call one of our  service specialists at 256-319-3600 (Huntsville) or 256-280-9150 (Decatur).