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EXPLANATION OF OVERDRAFT COVERAGE

Description of Your Coverage

Thank you for choosing Shell Lake State Bank for your financial services. We appreciate the opportunity to be of service to you.

Recently, the Federal Reserve issued a final rule under Regulation E (Electric Fund Transfer Act) that will affect how all banks are required to treat overdraft services for ATM and one-time, non-recurring debit card transactions on depository (checking) accounts. Please note that the final rule affects only ATM and one-time, non-recurring debit card transactions

Standard Overdraft Practices

We may at our discretion, and, depending on the status of your account, provide overdraft coverage for your depository account. This means that if you do not have enough money in your account for an ATM withdrawal or a one-time debit card transaction, we may still authorize the transaction and pay the overdraft. Please reference the information below including how to opt-out if you do not want us to authorize any ATM or one-time debit card overdrafts and charge a fee to your account.

Overdraft Fees

• You will incur a charge of $25.00 each time you overdraw your account and we pay an overdraft on your behalf. This amount will be deducted from the balance in your account.
• You will incur a charge of $10.00 if your account remains in an overdraft status for seven (7) continuous days and every seven (7) days thereafter.
• There is no limit on the total amount of fees we can charge you for overdrawing your account.

YOUR RIGHT TO OPT-OUT OF OVERDRAFT COVERAGE

You may opt-out of overdraft coverage for ATM withdrawals and one-time debit card transactions by telling us not to authorize these transactions when you do not have enough money in your account. This means that if you attempt to draw funds from an ATM, or, attempt to purchase goods from any source with your debit card and you do not have sufficient funds in your account, the transaction will not be authorized. Opting out may allow you to limit the overdraft fees you are charged. However, some overdrafts could still occur even if you opt-out. For example, you may have enough money in your account when you initiate a transaction, however, other transactions (such as written checks) may reduce the amount in your account before that transaction clears. If the written checks cause an overdraft, you will be charged a fee.

Please note that "opting out" will not affect whether we pay overdrafts for other types of transactions including checks that you have written. If we decide to pay these overdrafts on your behalf, we will charge you a fee as described above.

Other Ways to Cover Your Overdrafts

We offer other ways of covering your overdrafts that may be less expensive such as a link to another Shell Lake State Bank account that you have, or, an overdraft line of credit if you qualify. There may be a fee charged to you for these services. If you are interested in alternative ways to provide overdraft protection for your account(s), please contact us at the phone numbers or locations below.

How to Get More Information

To request information about this regulation and its affect on your account(s):

• Call us at 715-468-7858 (Shell Lake Office), or, 715-635-7858 (Spooner Office).
• Inquire at our Shell Lake Office at 102 5th Avenue, Shell Lake, Wisconsin.
• Inquire at our Spooner Branch Office at 219 River St., Spooner, Wisconsin.

How to Opt In, or, Opt Out of Overdraft Coverage

To "Opt-Out", or, "Opt-In" to Overdraft Coverage, please complete the form above. You may also visit the Shell Lake or Spooner Office of the Shell Lake State Bank in person or contact us by phone with your chosen option at the numbers noted above.

Please note that for joint accounts, only one option form need be returned.