New Federal Regulations require our customers to notify the bank if they wish to participate in our discretionary overdraft protection program for debit card purchases and ATM withdrawals. For years, Pilgrim Bank has been providing this overdraft protection as a courtesy to our qualified customers.

If we do not receive your response by July 1, 2010, we are required to remove this service from your account.

This requirement pertains to debit card purchases and ATM transactions. You may still qualify for our standard discretionary overdraft program, which authorizes payment on checks, automatic bill payments, and any other transaction using your checking account number. Our standard overdraft fee is charged when this courtesy is used.

Unless you opt-in for discretionary overdraft protection on debit card purchases or ATM withdrawals, we will not authorize overdrafts for those transactions. This means that those transactions will be declined unless funds are available in your account. No charges will be assessed.

If you choose to have your ATM and debit card transactions covered:
• We will charge $25 each time we pay an overdraft.
• A maximum of four (4) overdrafts can be charged per day.