Overdraft Authorization
What You Need to Know about Overdrafts and Overdraft Fees:
An overdraft occurs when you do not have enough money in your account to cover a transaction, and the bank pays the item. We can cover your overdraft in two different ways:
- The bank has standard overdraft services that come with your account.
- The bank also offers overdraft protection plans, such as a link to a savings account or a line of credit, which may be less expensive than our standard overdraft services. To learn more, ask us about these plans.
What are the standard overdraft services?
Overdraft Advantage (Personal accounts only):
- Ann add-on service that will authorize and pay most overdraft on ATM and everyday debit card transactions (separate from the bank’s standard overdraft practices on checks, electronic (ACH) and automatic bill payments) should you accidentally spend more than what’s available in your checking account.
- A $30.00 overdraft charge will apply for each overdraft with a limit of five overdraft fees charged per day.
You must OPT-IN to have the bank authorize and pay overdrafts on:
- Everyday debit card transactions (non-recurring transactions)
- ATM Withdrawals
The bank pays overdrafts at its discretion and does not guarantee that it will always authorize and pay any type of transaction. If the bank does not authorize your overdraft transaction, it will be declined.
Overdraft Protection Sweep (Personal & Non-Personal):
- Transfer sweeps allow money to be ‘swept’ from on deposit account to another deposit account to cover overdrafts.
- One transfer will occur covering multiple overdrawn items at the end of day bringing the negative balance to zero.
- A $10.00 sweep fee applies per transfer.
Cash Reserve (Personal & Non-Personal)
- A cash reserve account is an unsecured loan to fund your account in the event of an overdraft
- A transfer of funds will occur in increments of $100.00 as often as needed, until the balance of the loan is reached.
- One monthly minimun principal payment of $25.00 (plus interest) is set up as an auto transfer from your checking account to pay towards the balance of the loan, making the unused funds available to use as often as needed.
