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About EDSB
What's new
| Important Branch Changes |
Important Information about our Pennsylvania Avenue Branch.
EDSB has consolidated the Pennsylvania Branch staff and services to the Cedar Cross office effective June 18, 2010. This change is strictly a relocation of staff and operations. Available services have not changed. Customers will continue to be able to access all the services the bank offers and will continue to work with the same friendly staff, just in a new location. Customers visiting and using the Cedar Cross office will gain direct access to four experienced Business Lenders with decades of experience, and Mortgage Lenders who offer some of the best home loan rates and products in the Tri-State area. Kim Adams, Branch Manager of the newly remodeled Cedar Cross office, invites you to stop in and meet the friendly and helpful staff.
East Dubuque customers, who already have direct access to a full service branch on Wall Street, also gain access to expanded services. Customers can now meet personally in the East Dubuque office with Chuck Geers for their investment needs. Chuck brings many years of investment experience to help East Dubuque and other Tri-State area residents with their investment and wealth management needs.
Visit either office and be a part of the New EDSB!
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| Important Changes Affecting your Checking Account |
AT EDSB we want you to be aware of upcoming Regulatory changes regarding Overdraft Protection Program and Overdraft Fees. Under new federal regulations that take effect August 15, 2010, EDSB will no longer be able to authorize overdrafts on your checking accounts for the following transactions, unless you give us your permission by Opting-In.
• ATM
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| Frequently asked questions and answers about Reg E |
What is Reg. E?
Regulation E, also known as the Electronic Funds Transfer (EFT) Act, is a federal regulation that affects your rights and liabilities as a banking consumer. In 2010, the U.S. federal government updated Regulation E and made some important rules that affect checking accounts with overdraft protection.
Beginning August 15, 2010, Regulation E says we must opt out all of our existing overdraft protection users from fee-based coverage on ATM and everyday debit transactions. (Note that this doesn't include checks, electronic transfers, or recurring debit transactions.)
If we receive notice from you, we can opt you in, which allows us to cover these transactions for you (if qualified).
All accounts opened on or after July 1, 2010, will require an "opt in" or "opt out" preference at the time of opening. This preference will govern how transactions are handled on your account until we receive further notice from you.
What is Priority Pay?
Priority Pay is a discretionary overdraft protection service, and is only available to customers with qualifying accounts. Priority Pay allows your checks and your ATM and debit card transactions to go through without returning the check to the merchant for insufficient funds. With these plans, you’ll still pay an overdraft fee but you will avoid the merchant’s returned-check fee and will stay in good standing with the people you do business with.
How does Reg. E affect my account?
If you have a checking account with overdraft protection, the transactions that we pay for you will be limited after August 15, 2010 unless you opt in. Your protection via automatic account transfer will remain the same, but we need your permission in order to continue paying transactions against insufficient funds.
This is of primary concern to our customers with Priority Pay overdraft protection.
Without your opt-in, you might go to the grocery store and find that your card is declined when you were used to having your transactions protected, even when you didn't have the funds in your account. To save yourself the inconvenience and embarrassment of having your card declined, we recommend that you opt in to continue your overdraft protection.
What kind of transactions does Reg.-E affect?
Regulation E only concerns your ATM and everyday debit transactions - in other words, things you do at an ATM machine or with a merchant (on a non-recurring basis), be it in person, over the phone, or online. If we do not receive notice from you stating that you'd like to "opt in" to continue overdraft protection coverage of these transactions, your card will be declined as of August 15, 2010 if insufficient funds are available. You can prevent this by opting in
Regulation E does NOT affect your written checks, electronic (ACH) transfers, or recurring debit card payments. Regardless of whether we receive an opt-in request from you, we will still cover these transactions if your account has been qualified for Priority Pay overdraft protection. Our system will automatically try any accounts you have set up for basic overdraft protection (via automatic transfer), then pay additional checks, electronic transfers, and recurring debit card payments up to your Priority Pay limit. Please note that there is a fee each time we pay one of these transactions for you.
What is the difference between “everyday/One-time” and “recurring” debit transactions?
Everyday debit transactions include things like groceries, gas, and coffee. If you go to the mall and make a few purchases, these are considered "everyday" as well, as opposed to "recurring." Recurring debit transactions are those where you have established a payment relationship with a biller, who periodically charges your debit card. If you have certain utility bills set up, for example, to automatically debit your card, these will generally be considered recurring.
Note that electronic transfer payments, whether they are recurring or individually scheduled, are not affected by Regulation E. These transactions will be handled the same way both before and after August 15, 2010, regardless of your "opt in" status with us. Written checks also fall into this category.
How are checks and electronic transfers affected by Reg. E?
These kinds of transactions, along with any debit transactions that have been designated as "recurring" (such as regular membership fees or dues that are charged to your debit card), are not affected by the recent changes to Regulation E. Even if you do not opt in to continued protection, these transactions will still go through if you have Priority Pay, and will be paid (and incur fees) if we cover them for you.
Is there a fee for opting-in?
There is no fee for opting in to this continued protection. You'll only incur fees if we actually cover an overdraft for you.
What happens if I don’t opt-in?
Beginning August 15, 2010, any ATM or everyday debit transactions you attempt when there are insufficient available funds in your account will be declined. You will still be covered by overdraft protection via automatic account transfer (if funds are available in these accounts), but beyond that, we will only be able to cover certain transactions. ATM and everyday debit transactions will be declined; recurring debit transactions, electronic (ACH) transfers, and checks will still be paid up to your Priority Pay limit.
How can I let EDSB know that I want to opt-in or opt-out?
Opting in or Opting out is easy. You can revoke your opt-in/opt-out at any time by just doing one of the following:
• Fill out our quick and easy online opt-in form at www.edsb.com
• Call us at 563-556-7700 and speak to any of our Personal Bankers
• Send a written request to us EDSB, 475 Cedar Cross Rd., Dubuque IA 52003
• Fill out an opt-in form in person at any of our branches
• Download the form from our website, fill it out, then drop it off or mail it to us.
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| Upcoming Changes |
To Our Customers,
Over the past year, EDSB, like other institutions in the area or the country, has experienced commercial real estate loan losses and additional operating expenses. This combination of losses and increased expenses has caused our board and management to take a hard look at our operations.
In order to exceed the regulatory standard of 10% capital for a well-capitalized bank, to reduce overhead expenses, improve our liquidity position, and accelerate our return to profitability in 2010, we will be selling our Pennsylvania Avenue building. We will relocate the Pennsylvania office staff to our Cedar Cross and East Dubuque offices effective June 18, 2010.
Dupaco Community Credit Union will buy the building & become the new property owner effective June 30th. Current building tenants will remain there, and become tenants of Dupaco.
This is strictly a sale of our building, and none of our accounts. All customers and accounts – and the relationships we have with you – will remain with EDSB, and we will continue to provide the convenience and personal service you need and deserve for your daily banking. You will not be required to do anything with your accounts to remain an EDSB customer. You can bank at either of our convenient locations.
Through June 18th, you will be able to bank at the Pennsylvania office with no changes in services, products or hours. We will be communicating with you regularly between now and then, to provide updates and to make this transition as smooth as possible for you.
As always, your accounts are completely safe and are insured through the FDIC.
I, the board, and our employees sincerely thank you for your loyalty and appreciate your understanding during this time of change.
Sincerely,
Steve Bonnet
President and CEO
815-747-3173
sbonnet@edsb.com
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| EZ Business Banking Services |
| Businesses of all sizes and types can benefit from our new EZ Business Banking Services. On our menu bar to the left, click on EZ Business Banking and learn more about our convenient e-Business checking account, and the time-and-money saving family of products connected to that checking account. Have questions? Call our EZ Business expert, Kim Adams, at the Pennsylvania office (563-588-9820) with your questions.
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| Refinance, Buy, Build |
| Mortgages rates are low, and we can likely save you money on your house payment. Whether you're buying or just want to talk about refinancing, see the EDSB Mortgage experts.
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