WHAT'S NEW - SPECIALS AND NEWS
NOTICE: Beware of Overdraft Fee Traps
Overdrafts and Regulation E (Electronic Funds Transfer) Changes
New Regulation E Rules from the Federal Reserve affect how banks handle consumer account overdrafts related to two very specific types of transactions –one time debit card transactions and ATM card transactions. The new rules have been implemented partly in response to consumer concerns about excessive overdraft fees charged by some banks and require banks to get your written permission (i.e. to “Opt In”) prior to charging overdraft fees for these specific transactions.
Tomahawk Community Bank does not participate in the types of overdraft privilege programs that we have seen become a financial trap for some unsuspecting consumers. “Overdraft Privilege Programs” is a concept we have wrestled with off and on for several years. As their popularity gained momentum, along with the PayDay Lending concept, we couldn’t help but see it as a “fee income” engine for financial institutions without true regard for their customers’ financial best interests in mind. Tomahawk Community Bank chose instead to implement a low cost, financially responsible alternative for our customers and, in addition, have set up our transaction processing to minimize the financial impact of an occurring overdraft.
(For more information click here or call 715-453-2144)
UNLAWFUL INTERNET GAMBLING NOTICE
"In accordance with the requirements of the Unlawful Internet Gambling Enforcement Act of 2006 and Regulation GG, this notification is to inform you that restricted transactions are prohibited from being processed through your account or relationship with our institution. Restricted transactions are transactions in which a person accepts credit, funds, instruments or other proceeds from other persons in connection with unlawful Internet gambling."