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Overdraft Coverage Options
Account holders are advised to have sufficient funds deposited into accounts by the same-day transaction cutoff time to cover any items that may be processed in that day's work for calculating the Daily Ending Balance, including checks presented to us through other banks and the Federal Reserve clearing system. Only the account holder knows which checks and debits have been produced/authorized on any given day. With increased automation and digital transactions, clearings are taking place quicker than they used to.
Option 1: Overdraft Transfer Protection
This contractual prearrangement will transfer funds from a designated savings or checking account to prevent overdrafts of a checking account with a daily ending negative balance. Minimum transfer is $50.00. Account holder must sign and submit an authorization card. There is no charge to set up or use this service. Accounts with Overdraft Transfer Protection may receive ODP too, but the ODP amount will only be used after the Overdraft Protection has been exhausted.
Option 2: Overdraft Privilege (ODP) Standard or Extended Coverage
Overdraft Privilege is a discretionary service provided to eligible checking accounts for system-automated overdraft approvals up to a daily limit. It is designed to help guard against having items returned unpaid due to an overdraft. At its discretion, the bank may provide customers a specific ODP limit depending on the type of account. Having ODP does not prevent the overdraft from happening and the bank charging the Paid Item fee -- it automates the approval and processing of the overdraft. If ODP has been granted on an account that you own, the Terms and Conditions of the discretionary service have been disclosed to you already.
More:
Click here for more details on both types of Overdraft Coverage options.
Opt-in form for Extended Overdraft Privilege (debit card and ATM) You will need to print it, sign, and return it to the bank.
Do you need help with overdraft and debt management? We recommend these organizations and tools for help:
