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 you and we offer the following overdraft protection products that may serve your particular needs and could save you money.
Linked Deposit Accounts
Linked Deposit Accounts are a great method of overdraft protection for your main checking account. Link your main checking account to another Tri Counties Bank account you own, such as your savings account, and, in the event that your checking account becomes overdrawn as a result of a check or Automated Clearing House (ACH) transaction, available funds will be automatically transferred once at the end of the day from your linked account to your checking account if sufficient to cover the amount of the overdraft and the Overdraft Transfer Fee. We also charge your account a $10 Overdraft Transfer Fee per transfer. However, if the checking account is overdrawn $5 or less, we will not assess the $10 Overdraft Transfer Fee. Other restrictions apply.
Call us at 1-800-922-8742 for more information on this product.
Automatic Cash Reserve (ACR)
An Automatic Cash Reserve (ACR) is a line of credit for which you apply and is subject to credit approval. In the event your checking account becomes overdrawn as a result of an ATM transaction, everyday debit card transaction, check, Automated Clearing House (ACH) transaction, recurring debit card transaction or other transaction made using your checking account number, available funds will be automatically transferred once per day in multiples of $50 (or for the unused portion of your credit line if it is less than $50) from your Automatic Cash Reserve line of credit to your checking account if sufficient to cover the amount of the overdraft and the Cash Advance Fee. The Annual Percentage Rate (APR) is 18%. Interest is charged from the date funds are advanced until repaid. Payments to reduce the balance on the ACR can be made at any time. We also charge a $5 Cash Advance Fee per transfer, limited to one transfer per day. This is not a commitment to lend. Other restrictions apply.
Call us at 1-800-922-8742 for more information and to obtain an application.
Overdraft Protection Service - Overdraft Privilege
Overdraft Privilege is our discretionary overdraft service. Overdraft protection under our Overdraft Privilege service is expensive and may not be the best option for you. You may at any time choose to decline Overdraft Privilege
After your account has been open for at least 60 days, you may qualify for this service. If you do, an Overdraft Privilege limit will be assigned to your account. The amount of the 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 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
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 for you in excess of the limit assigned to your account. The standard fee is $32.00 for each transaction that overdraws your account up to $128 per day (which equals 4 overdraft fees). We do not charge the $32.00 fee, if after all transactions presented to your account in any given day are paid, your account balance is overdrawn $5 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 Privilege Options
You can choose to decline Overdraft Privilege at any time.
Limited Overdraft Privilege coverage includes discretionary overdraft coverage of the following transactions:
- Automatic 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:
- All credits/deposits
- Cash paid items--checks you have written that are cashed in person at a Bank branch.
- Debit card point-of-sale transactions and ATM withdrawals will be debited in the order received.
- Electronic debits through Online Banking, Mobile Banking, Cash Management or the 24 hour automated customer service.
- Electronically-converted checks and Automated Clearing House (ACH) transactions including electronic BillPay payments.
- Checks (including paper BillPay payments) will be debited in check number sequence. This means that the check with the LOWEST check number will be paid FIRST and then the remaining checks will be paid in sequence to the highest check number.
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 $32.00 for each transaction that overdraws your account, up to $128 per day (which equals 4 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.
You must advise us at account opening which option best meets your needs.
Frequently Asked Questions
Q: How do I get overdraft protection?
A: 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.
Q: Can I link to more than one account for overdraft protection?
A: Yes, your main checking account can be linked to multiple deposit accounts for overdraft protection. If you have more than one eligible account that could serve as overdraft protection for your 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.
Q: Can I change my overdraft protection linked account(s)?
A: Yes. You can change the linked account for overdraft protection by visiting your local Tri Counties Bank branch.
Q: What’s the difference between “Current” and “Available” balance?
A: Your Current Balance is the balance in your account at the close of the previous business day.
Your 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
Q: How do I know when I use an overdraft protection product?
A: If you use a Linked Deposit Account to serve as your 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 your accounts. If you are also signed up for Online Banking, the Overdraft Transfer will also be listed as a line item in your account activity. Be sure to add this transfer to your check register, and any fees that also apply.
If you have 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 your check register, and any fees that also apply.
If an item is presented that would overdraw your 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 your check register.
Q: What does my Overdraft Privilege cost?
A: The fee is $32.00 for each transaction that overdraws your account, up to $128 per day (which equals 4 overdraft fees). We do not charge the $32.00 fee, if after all transactions presented to your account in any given day are paid, your account balance is overdrawn $5 or less.
Q: What happens if I select no overdraft protection at all?
A: 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 $32.00 fee for returning checks and Automated Clearing House (ACH) transactions.
Q: If I decide on Overdraft Privilege, do I need to put this in place at account opening?
A: Yes, you must advise us at account opening which option best meets your needs. However you can opt out or decline Overdraft Privilege at any time as well as select or opt in Overdraft Privilege.
Q: What if I decide later that another overdraft protection option is best for me?
A: If you change your mind and want 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 your account
- Switch from Full Overdraft Privilege to Limited 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 your account
- Switch from Limited Overdraft Privilege to Full Overdraft Privilege you will need to make that change in person at a branch
Q: How quickly must I repay my Overdraft Privilege?
A: 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 funds.
Q: How do I retain my Overdraft Privilege?
A: To retain your Overdraft Privilege you must bring your account to a positive end-of-day balance at least once every 30 calendar days.
Q: When I call the Customer Service Department to get my balance, is my Overdraft Privilege limit included?
A: No, it will not be reflected in the "available balance."
Q: What if I go beyond my Overdraft Privilege limit?
A: 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, 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 $32.00 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.
Q: What tools do you have to help me avoid overdrafts all together?
A: We are here to help! We have compiled some additional resources that are available on our website in our Money Management Tips section.
- What You Need to Know About Overdrafts and Overdraft Fees
- Overdraft Privilege Disclosure
- Linked Deposit Account / Automated Cash Reserve Disclosure
- Consumer Fee Schedule for current service fees
- Consumer Account Agreement and Disclosures for terms and conditions
- FDIC Guide to Preventing and Managing Overdraft Fees