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Metropolitan National Bank

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Metropolitan National Bank

Overview:

Metropolitan National Bank is committed to providing personal service to its customers. We appreciate your business. We would like to inform you about Federal Banking Reform that affects all personal accounts effective on August 15, 2010.

Due to the changes in the economy and Legislation, how banks handle inadvertent and one-time ATM/Debit Card overdraft transactions must change with the regulation/law change.

Some background information is needed to provide a frame-work for your understanding. This will allow you to make an informed decision on the action required by you.

Federal Banking Regulation E- Electronic Fund Transfers Act is changing effective August 15, 2010 for our existing customers and the change is effective for our new customers beginning July 1, 2010. Regulation E governs electronic account transactions such as ATM transactions and Debit Card transactions Regulation E rule does not govern checks you write from your account.

By August 15, 2010, the Federal Compliance implementation date, account holders must decide how they wish for their bank to handle ATM and one-time Debit Card transactions that have inadvertently over-drawn their account. Your action is required in order for the level of service we provide to you may continue. As of August 15, 2010, banks are not allowed to pay and charge for overdraft fee or allow authorizations of ATM/Debit Card transactions without the express permission of its customers- an opt-in process.

Currently, MNB has a standard of overdraft practices, including the categories of transactions for which an overdraft fee may be assessed to you/your account and amount of the overdraft fee. Previously, as a discretionary service MNB would pay an overdraft transaction and charge for processing the overdraft transaction. We also have allowed our customers to link an account such as a savings account to pay an overdraft within another account and charge an overdraft processing fee. As this practice of overdraft coverage was a discretionary service MNB did not guarantee or warrant that it would always authorize or pay an overdraft.

Please be aware this regulatory change will not change MNB check and ACH overdraft coverage practices, these practices will remain the same as the Regulation E rule change does not affect this area. The standard overdraft fee assessments will $30.00 per overdraft transaction.

History:

1/7/1983 Institution established. Original name: Metropolitan National Bank
12/5/1997 Acquired Citizens State Bank in Marshfield, Missouri.
12/9/2004 Acquired The First National Bank in Lamar, Missouri.

Toll Free: +1 800 942 2022

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