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Overdraft Protection Demystified.

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Overdrafts occur when you don’t have enough available funds in your deposit account to cover a transaction but the transaction is still processed by your bank. Items presented for processing may be paid or returned and fees may be charged. Overdraft fees can add up, but they don’t have to. Here is information designed to help you understand:

Overdraft Fees:1 Types and amount charged.

Types of Overdraft Fees


Description of Fee

Insufficient Funds Fee – Item Paid


If a transaction causes your account’s balance to be overdrawn by one-hundred dollars ($100.00) or less, we will not assess any Insufficient Funds – Item Paid Fee(s) for that item. A maximum of three (3) item paid fees may be charged per Business Day.

Unavailable Funds Fee – Item Paid


No charge for Unavailable Funds Fee-Item Paid

Insufficient or Unavailable Funds Item Returned


No charge for Insufficient or Unavailable Funds Item Returned

Sustained Overdraft Fee


Applies to accounts overdrawn by any amount (negative balance) for five (5) consecutive Business Days when the overdrawn balance at the end of the first day is more than $100, and is assessed to the account on the sixth (6th) Business Day.

Overdraft Protection Transfer Fee


No charge for Overdraft Protection Transfers.

Daily Fee Limits

  • A maximum of three (3) Item Paid overdraft fees may be charged to a customer’s account per business day.
  • Introducing Santander Safety Net: Fees for paid overdraft items will apply only when a transaction posts and the resulting account balance is overdrawn by more than $100.


Account Balance

Overdraft Fees applied

Account balance starting at $60



Debit transaction of $150



No Overdraft Fee
(Account balance is overdrawn less than $100)



ACH payment $15



Overdraft Fee
(Account balance is overdrawn more than $100)


$15 – 1st time

Recurring debit card payment for $18



Overdraft Fee
(Account balance is overdrawn more than $100)


$15 – 2nd time

Check payment $20



Overdraft Fee
(Account balance is overdrawn more than $100)


$15 – 3rd time

ACH payment $20



No Overdraft Fee
(Account balance is overdrawn more than $100)


Max 3 times (no fee)

Overdraft Protection

How can I protect my business account and reduce overdraft and associated overdraft fees1?

  • At Santander, we offer Overdraft Protection to cover shortfalls in your business checking account.

  • Overdraft Protection works by transferring available funds from your linked deposit account.

  • If you enroll, shortfalls in your checking account are covered by automated transfers of available funds from the linked account.

Here's how it works:

You may link up to three (3) Santander accounts as Overdraft Protection. Linked accounts can be a combination of checking, personal savings,2 or money market savings.2

  • We will make one (1) transfer as of the close of business to cover only the total of your overdrawn balance. The transfer will be based on the destination Accounts’ Current Balances so items paid against unavailable funds may still be returned, although no additional overdraft fees will be incurred. Transfers will not occur in the following situations and thus we may still charge insufficient or unavailable funds fees: 

  1. If, after all payment orders have been posted to your Checking Account, the amount of your overdraft exceeds the Available Balance in your linked Accounts (i.e., there will be no partial coverage of an overdrawn balance). 

  2. If any linked account is overdrawn and there is not enough available funds strictly in higher ordered accounts (i.e., the transfer process will not advance to the next linked source account to check for funds if a higher ordered linked account is overdrawn). 


The following chart illustrates how linking your Savings2 or Money Market Savings2 account to your Checking Account works to provide Overdraft Protection.

Example: Your checking account balance is $450 and on the same day you have two transactions post to your account, one debit card transaction for $600 and an ACH payment for $700:


Balance in Business Checking Account

Balanced in Linked Savings Account

Initial Balance



Debit Card transaction of $600 is approved, overdrawing the account by $150



ACH payment of $700 is taken from the business checking Account



Available funds transferred from Linked Savings account



Quick Summary:

The balance in the linked savings account was sufficient to cover the overdrawn balance in the business checking account. No insufficient overdraft fees were charged. Hence, no fees were charged instead of $30 in Overdraft fees that would have been charged had there been no Overdraft Protection.

1Refer to the Business Deposit Fee Schedule for which accounts apply fees and their dollar amounts. Any overdrafts that we pay must be promptly repaid by you. We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.

2You can withdraw or transfer funds from a savings or money market savings account a total of six (6) times per Service Fee Period (such as by automatic or pre-authorized transfers using telephone, Online Banking, Mobile Banking, Overdraft Protection, Payments to third parties, Wire Transfers, Checks, and Drafts). If you repeatedly exceed these limits, we will convert your account to a checking account, which may be a non-interest-bearing checking account. If we elect to close or convert your Account, we will notify you via letter.

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