Frequently Asked Questions
You can call us at 1-800-922-8742 to find out more information on overdraft protection. You can also stop by any local Tri Counties Bank branch.
We offer Linked Deposit Account, Automatic Cash Reserve and Overdraft Privilege.
Yes, the business's main checking account can be linked to multiple deposit accounts for overdraft protection. If the business has more than one eligible account that could serve as overdraft protection for the checking account, you will need to designate the access order for each account. You can always change the order of the linked accounts for overdraft protection by calling 1-800-922-8742 or by contacting your local Tri Counties Bank branch.
Yes. You can change the linked account for overdraft protection by calling 1-800-922-8742 or by contacting your local branch.
The Current Balance is the balance in the account at the close of the previous business day.
The Available Balance is the amount of funds available for withdrawal and authorizing transactions. The Available Balance may be different than your business 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 the account
- your use of the account as security for a loan
If the business uses a Linked Deposit Account to serve as overdraft protection, you will receive a notice when funds are pulled from this account in order to cover an overdraft. The notice will show the account number the funds were transferred to, the account number the funds were transferred from, the amount transferred and the transfer fee incurred. This information will also reflect on the statements for the accounts. If the business is also signed up for Online Banking, the Overdraft Transfer will also be listed as a line item in the account activity. Be sure to add this transfer to the check register, and any fees that also apply.
If the business has an Automatic Cash Reserve (ACR) account in place, you will receive a Transfer Notice once funds have been transferred to cover an account. Be sure to add this transfer to the check register.
If an item is presented that would overdraw the account, you will receive a Non-Sufficient Funds (NSF) notice in the mail. The notice will show the check number, serial/Electronic Funds Transfer (EFT) number, amount, and action taken (Paid/Returned). You should subtract total of all transactions paid from the check register.
Overdraft Privilege
The fee is $34.00 for each transaction that overdraws the account, up to $136 per day (which equals 4 overdraft fees). We do not charge the $34.00 fee, if after all transactions presented to the account in any given day are paid, the account balance is overdrawn $5 or less.
Yes, you must advise us at account opening which option best meets the business's needs. However you can opt out or decline Overdraft Privilege as well as opt in to Overdraft Privilege at any time.
If the business changes its mind and wants 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 the business account
- switch from decline Overdraft Privilege to Full 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 the business account
The business should make every attempt to bring its account to a positive balance as quickly as possible. If the business is not able to do so, the business will receive a letter from us informing them of the situation and their options. If, after a period of time, the business does not bring its account to a positive balance, we will have no option but to close the account and take other steps to recover funds.
To retain the Overdraft Privilege the business must bring its account to a positive end-of-day balance at least once every 30 calendar days.
No, it will not be reflected in the "available balance."
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 the account. In addition, normally we will not approve an overdraft in excess of the Overdraft Privilege limit assigned to the account. So as not to exceed the overdraft limit, please note that we will deduct the amount of each overdraft we pay plus our standard fee of $34.00 per overdraft from the Overdraft Privilege limit assigned to the account. The Overdraft Privilege limit assigned to the account will not be included in the account balance we provide when you ask for the account balance.
If the business has no form of overdraft protection, we will refuse to authorize everyday debit card transactions and ATM transactions that would overdraw the account (unless the business has 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 the business has a Linked Deposit Account or Automatic Cash Reserve alternative).
