Understanding Your Overdraft Elections

Every time you open a checking or money market savings account with us, you can choose from two options – Some Overdrafts and All Overdrafts – for payment of your overdrafts.

If you choose to have us pay Some Overdrafts, we may cover and pay all transactions except for:

  • ATM transactions
  • One-time Debit Card Purchases

When you choose this option, we generally decline ATM transactions and one-time Debit Card purchases and we will not charge you a fee. For all other transactions that result in an overdraft, you will be charged a fee for each paid item, up to six (6) per business day, when you do not have sufficient funds. These fees are added to the amount by which your account is overdrawn.

If you choose to have us pay All Overdrafts, we may pay any transaction that occurs and will charge you a $35 fee for each paid item, up to six (6) per business day, when you have insufficient or unavailable funds.

Regardless of your overdraft election we pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. If we choose not to pay a transaction, we will charge you a fee for each item we return unpaid, up to six (6) per business day, due to insufficient or unavailable funds on your account. Any overdrafts that we pay must be promptly repaid by you.

 
 
 
 

An Example Of How Some Overdrafts Work:

Meet Emily.

$50 Checking Account Balance for Emily

With a big event coming up, Emily decided to splurge on some nice new shoes that cost $60. When she went to pay, using her debit card, the transaction was declined since it would have overdrawn her account by $10.

The same day, the $75 check she wrote for her utilities came in for processing. The bank paid that transaction, overdrawing Emily's account by $25.

Emily's account is now:

negative $60 icon

Here's how:

$25 from her check payment

+

$35 overdraft fee

If Emily’s account balance remains negative for five (5) consecutive business days, on the sixth (6th) business day she will incur a $35 sustained overdraft fee.

An Example Of How All Overdrafts Work:

Here's Emily again.

$50 Checking Account Balance for Emily

When Emily went to buy $60 shoes with her debit card, the $60 transaction was approved, overdrawing her account by $10.

When the $75 check for her utilities came in, it was also paid by the bank.

Emily's account is now:

negative $155 icon

Here's how:

$10 from her debit card purchase

+

$75 check

+

$70 from two overdraft fees ($35 x 2)

If Emily’s account balance remains negative for five (5) consecutive business days, on the sixth (6th) business day she will incur a $35 sustained overdraft fee.

 
 
 
 
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