Due to a recent change in federal regulation regarding overdraft services, we have to make a change in the way we offer those services. An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. In the past, Bronco has made the determination of whether an item was paid or returned if the funds in your checking account were not sufficient to cover drafts.

As far as ATM and one time debit card transactions, Bronco does not pay overdrafts for these types of transactions. However, there are situations in which a debit card transaction may have been approved, and before the transaction can clear your account, another transaction clears not leaving enough money to cover the approved debit card transaction. Under the new Federal Reserve rules, Bronco must first get your permission to apply these services to already authorized debit card and ATM transactions. To grant this permission, you will need to respond to the enclosed notice and opt in. Whatever your decision, the new overdraft rules give you flexibility. If you opt in, you can cancel at any time. If you do not opt in, you can do so later.

The new rules do not cover checks or automatic bill payments that you may have set up for paying bills such as your mortgage, rent, or utilities. Bronco may still automatically enroll you in their standard overdraft services for these types of transactions. If you do not want Bronco’s standard overdraft services in these instances, talk to a member service representative.

Please click here for frequently asked questions about overdrafts and overdraft fees. Complete the bottom of the form and drop off at any of our Bronco offices or fax to 757 569-6010.