Frequently Asked Questions
How does the business get overdraft protection?
You can call us at 1-800-982-2660 to find out more information on overdraft protection. Our Customer Service Department hours are Monday-Friday 7:00am-8:00pm, Saturday 9am-7:00pm, and Sunday 11:00am-5:00pm. You can also stop by any local Tri Counties Bank branch.
What forms of overdraft protection does the Bank offer?
We offer Linked Deposit Account, Automatic Cash Reserve and Overdraft Privilege.
Can more than one account be linked for overdraft protection?
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 contacting our Customer Service Department at 1-800-982-2660, or by visiting your local Tri Counties Bank branch.
Can the business change their overdraft protection linked account(s)?
Yes. You can change the linked account for overdraft protection by visiting your local Tri Counties Bank branch.
What’s the difference between “Current” and “Available” balance?
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
How do I know when the business uses an overdraft protection product?
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, and any fees that also apply.
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, total Non-sufficient Funds (NSF) fee(s) and action taken (Paid/Returned). You should subtract total of all transactions paid and fees from the check register.
What does Overdraft Privilege cost?
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.
If the business decides on Overdraft Privilege, do we need to put this in place at account opening?
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 at any time as well as select or opt in Overdraft Privilege.
What if the business decides later that another overdraft protection option is best for them?
If the business changes its mind and wants to:
- decline Overdraft Privilege, all you need to do is call us at 1-800-982-2660 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 1-800-982-2660 or visit your local branch to make the desired change to the business account
How quickly must the business repay its Overdraft Privilege?
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.
How does the business retain its Overdraft Privilege?
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.
When an authorized signer calls the Customer Service Department to get the business account balance, is the Overdraft Privilege limit included?
No, it will not be reflected in the "available balance."
What if the business goes beyond its 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 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.
What happens if the business selects no overdraft protection at all?
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). We charge a $34.00 fee for returning checks and Automated Clearing House (ACH) transactions.