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Try as you might to avoid it, sometimes due to an unexpected expense or a record keeping error, an accidental overdraft can happen.
Online, mobile banking and account alerts offer numerous ways to monitor your account and reduce the risk of overdrafts, but should you accidentally overdraw your account, First State Bank offers a range of overdraft options so you can choose one that works for you.
Overdraft Privilege is available with most checking accounts and covers checks, ACH (Automated Clearing House) and bill pay items.
There are additional options that may be less expensive than Overdraft Privilege. Visit a branch or contact us to learn more or request one of the following options:
Transfer from Savings allows you to link another deposit account to your checking account to help pay any overdraft transactions that may occur. A transfer is made generally in $25 increments (if available) to cover the overdraft and a $10 Overdraft Protection Transfer fee (per day not per item) is accessed.1
Overdraft Line of Credit allows you to link a credit line to your checking account to pay for overdraft transactions. A transfer from the line is made generally in $100 increments to cover the overdraft. The Annual Percentage Rate for the Line of Credit can range from 12% to 14% and qualifying standards apply.
No Protection – if you do not have enough money in your account, checks, ACH and bill pay items are returned for Non-Sufficient Funds (NSF) and a fee is assessed. Everyday debit card and ATM transactions are declined.
1. Transfers made from savings are limited to six per month, per federal regulations. Transfer from Savings Fee is waived for Premium Checking Accounts.
Overdraft Privilege is not a contract or obligation of the bank to pay overdrafts but rather a discretionary customer service which allows customers to overdraw an account. Any items presented that overdraw the account may be returned unpaid with the applicable non-sufficient fund fee charged for each item.
If a check is submitted or a transaction is made for funds exceeding what is available in the account, the customer is immediately responsible for the amount of any overdraft and applicable fees. It is the obligation of the customer to keep the account in good standing with the Bank and, should an overdraft situation occur, to bring the account to a positive balance immediately without notice or demand from the Bank.