We would like to take this opportunity to remind you that you should not overdraw your account. When you overdraw your account, our resulting fees and charges can be very expensive. By not overdrawing your account, you can avoid these fees. We hope to help you understand its possible impact on you. We also offer alternative products that may better serve your particular needs and could save you money. Call us at 1-800-922-8742 to inquire about our overdraft protection products.
How does Overdraft Privilege work?
After your account has been open for at least 60 days, you may be eligible for this discretionary service. If you are, an Overdraft Privilege limit will be assigned to your account. The amount of Overdraft Privilege limit assigned to your account can change (go up or down) at any time. The amount is based on several factors including your account history and deposit activity and patterns. As long as you maintain your account in “good standing”, we may in our discretion approve your overdraft transactions within the available Overdraft Privilege limit assigned to your account as a non-contractual courtesy.
We consider your account to be in “good standing” for purposes of Overdraft Privilege if you:
- make sufficient deposits to bring your account to a positive end-of-day balance within 30 calendar days after the date the account was initially overdrawn (including the payment of all bank fees and charges)
- avoid excessive overdrafts suggesting the use of Overdraft Privilege as a continuing line of credit
- have no legal orders, levies or liens against your account.
The standard fee is $29.50 for each transaction that overdraws your account up to $177 per day (which equals 6 overdraft fees).We do not charge the $29.50 fee, if after all transactions presented to your account in any given day are paid, your account balance is overdrawn $10 or less. We will promptly send you a notice when we pay a transaction that overdraws your account. You should subtract the transaction amount and the total fees from your account balance in your check register. We will also notify you when we return a transaction unpaid. You should subtract the total fees from your account balance in your check register. However, we have no obligation to notify you before we pay or return any transaction. There are no additional monthly fees associated with Overdraft Privilege and no interest or daily fee will be charged on the overdraft balance. Overdraft protection may also be available using your Linked Deposit Account or from an Automatic Cash Reserve (ACR).
For more information on all of our overdraft products, including alternative products that may be less expensive for you, refer to Overdraft Protection Products.
What are my Overdraft Privilege Options and what types of transactions are included in each?
You can choose to decline Overdraft Privilege at any time.
Limited Overdraft Privilege coverage includes discretionary overdraft coverage of the following transactions:
- Automated Clearing House (ACH) transactions including Automatic Bill Payments
- Checks and other transactions made using a checking account number
- Recurring debit card transactions
Full Overdraft Privilege coverage includes discretionary overdraft coverage of the transactions covered by Limited Overdraft Privilege coverage, if you gave us your consent (you opted in) plus:
- “Every day Debit Card Transactions” also known as “one-time” debit card or point-of-sale (POS) transactions (such as a purchase you make at a merchant).
- ATM transactions
Order of Payment: The order in which we pay your checks and other transactions is important if there is not enough money in your account to pay all of the transactions presented on one day. In the normal course of business, we generally pay checks and other transactions presented for payment from your account on a single banking day in the following order:
1. Cash paid items (checks you have written that are cashed in person at a bank branch).
2. Point-of-Sale (POS) and ATM transactions will be debited in the order we receive them.
3. Electronic debits through Online Banking, Mobile Banking, Cash Management and 24-hour Telephone Banking.
4. Electronically converted checks and Automated Clearing House (ACH) transactions, including electronic BillPay payments.
5. Checks (including paper BillPay payments) will be charged to your account in numerical sequence. This means that the check with the LOWEST check number will be paid FIRST and then paid in sequence to the highest check number presented.
We reserve the right to change the order of payment without notice to you if we suspect fraud or possible illegal activity affecting your account. Also, please be aware that the order in which we pay transactions may create multiple overdrafts during a single banking day, and we will charge your account $29.50 for each transaction that overdraws your account, up to $177 per day (which equals 6 overdraft fees).
There is no particular order of payment that is favorable to you in every instance. There are advantages and disadvantages for any order of payment. In some cases your more important transactions (which may be those with higher dollar amounts) may get paid later in this sequence or may not be paid at all depending upon your account balance and the available Overdraft Privilege limit assigned to your account. Using this sequencing method is our way of trying to be neutral.
Do I need to choose one of the above three options at account opening?
Yes, you must advise us at account opening which option best meets your needs.
What if I decide later that another option is best for me?
If you change your mind and want to:
- decline Overdraft Privilege, all you need to do is call us at 1-800-922-8742 or visit your local branch to make the desired change to your account.
- switch from Full Overdraft Privilege to Limited Overdraft Privilege all you need to do is call us at 1-800-922-8742 or visit your local branch to make the desired change to your account.
- switch from Limited Overdraft Privilege to Full Overdraft Privilege you will need to make that change in person at a branch.
How do I know when I use the overdraft limit?
If an item is presented that would overdraw your account, you will receive a Non-Sufficient Funds notice in the mail. The notice will show the check number, serial/Electronic Funds Transfer (EFT) number, transaction amount, total Non-Sufficient Funds (NSF) fee(s) and action taken (Paid/Returned). You should subtract the total of all transactions paid and fees from your check register.
What if I go beyond my Overdraft Privilege limit?
Overdraft Privilege is not a line of credit. This is a discretionary service, which means we have the right to refuse to pay any transaction that would overdraw your account, in addition, we normally we will not approve an overdraft in excess of the Overdraft Privilege limit assigned to your account. So as not to exceed your overdraft limit, please note that we will deduct the amount of each overdraft we pay plus our standard fee of $29.50 per overdraft from the Overdraft Privilege limit assigned to your account. The Overdraft Privilege limit assigned to your account will not be included in the account balance we provide when you ask for your account balance.
How quickly must I repay my Overdraft Privilege?
You should make every attempt to bring your account to a positive balance as quickly as possible. If you are not able to do so, you will receive a letter from us informing you of the situation and your options. If, after a period of time, you do not bring your account to a positive balance, we will have no option but to close your account and take other steps to recover the funds.
How do I retain my Overdraft Privilege?
To retain your Overdraft Privilege you must bring your account to a positive end-of-day balance at least once every 30 calendar days.
What’s the Difference between “Current” and “Available” Balance?
The Current Balance is the balance in your account at the close of the previous business day.
The Available Balance is the amount of funds available for withdrawal and authorizing transactions. Your Available Balance may be different than your personal Register balance (sometimes called Ledger Balance). The Available Balance is reduced by:
- the amount of pending transactions, such as a point-of-sale transaction
- funds on hold in accordance with our funds availability policy
- our receipt of notice that a transaction will be presented or returned
- our receipt of a legal process relating to your account
- your use of your account as security for a loan.
What does my Overdraft Privilege cost?
The fee is $29.50 for each transaction that overdraws your account, up to $177 per day (which equals 6 overdraft fees). We do not charge the $29.50 fee, if after all transactions presented to your account in any given day are paid, your account balance is overdrawn $10 or less.
What happens if I select no overdraft protection at all?
If you have no form of overdraft protection, we will refuse to authorize everyday debit card transactions and ATM transactions that would overdraw the account (unless you have an Automatic Cash Reserve (ACR) alternative). There is no charge by us for declining these transactions.
We will also return checks and Automated Clearing House (ACH) transactions and reject recurring debit card transactions that would overdraw your account (unless you have a Linked Deposit Account or Automatic Cash Reserve alternative). We charge a $29.50 fee for returning checks and Automated Clearing House (ACH) transactions.
When I call the Customer Service Department to get my balance, is my Overdraft Privilege limit included?
No, it will not be reflected in the "available balance."
If you have additional questions or would like more information, call our Customer Service Department at 1-800-922-8742 or visit your local branch.
Review our Service Fees Schedule and read our Overdraft Privilege Disclosure and “What You Need to Know about Overdrafts and Overdraft Fees”.