Overdraft Protection Products
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 your business and we offer the following overdraft protection products that may serve your business's particular needs and could save the business money.
|Options||Details||What is Covered?||Cost|
|Checks||Other Debit Payments (ACH/BillPay)||Recurring Debit Card Transactions||One-time Debit Card Transactions||ATM Withdrawals|
|Linked Deposit Accounts (Optional)||If necessary, we will pay items by transferring available funds from your linked
deposit account, once at the end of the day. Transfers from Savings are subject to
Federal Regulation D limits.
|$10 per daily transfer. We do not charge the $10 fee if, after all transactions presented to your account in any given day are paid, your account balance is overdrawn $5 or less.|
|Automatic Cash Reserve Line of Credit (Optional)||If necessary, we will pay items by transferring available funds from a line of credit linked to your checking account. Advances are made in $50 increments to your checking account to cover overdraft items.||✔Available||✔Available||✔Available||✔Available||✔Available||The Annual Percentage Rate (APR) is 15%. There is also a $5 Automatic Cash Reserve Transfer Fee. Interest is charged from the date funds are advanced until repaid.
|Full Overdraft Privilege (Optional)||Included with most business checking accounts based on eligibility requirements. If your account is eligible, you will receive this included benefit. Your checking account will have a negative balance if we pay overdrafted items. You can opt out at any time.||✔Available||✔Available||✔Available||✔Available||✔Available||$34 for each item paid that overdraws your account up to
$136 per day. We do not charge the $34 fee if, after all transactions presented to your account on any given day are paid, your account balance is overdrawn $5 or less.
- Linked Deposit Account/Automatic Cash Reserve Disclosure
- Business Overdraft Privilege Disclosure
- Business Fee Schedule for current service fees
- Business Deposit Account Agreement and Disclosures
- FDIC Guide to Preventing and Managing Overdraft Fees
Tips to Avoid Overdrafts
- Sign up for Tri Counties Bank Online Banking or Mobile Banking and frequently view your account balances online or at an ATM.
- Set a balance threshold alert to notify you by email or text daily. (For example, an alert would be sent to you, once a day, if your account balance falls below whatever amount you select.)
- Use Tri Counties Bank Mobile Banking to transfer funds from one account to another using your phone, no matter where you are.
- Set up a direct deposit to ensure that funds are deposited into your accounts promptly.
- Record every deposit or withdrawal—including Debit Card transactions— in your checkbook.
- Review your monthly statements and notify the bank promptly of any errors
How to Handle a Challenging Financial Situation
- If you are faced with a difficult financial situation, review your expenses and income to determine an appropriate spending plan for your current situation. Visit the FDIC Money Smart Financial Education Program site at: https://www.fdic.gov/consumers/consumer/moneysmart/ to find great tools and tips.