There are several ways your account can become overdrawn, such as (1) the payment of checks, electronic funds transfers or other withdrawal requests: (2) payments authorized by you (i.e. signature-based point of sale transactions); (3) the return of unpaid items deposited by you; (4) bank service charges; or (5) the deposit of items which, according to the bank’s Funds Availability Policy, are treated as not yet available of finally paid.
While we are not obligated to pay any item presented for payment if your account does not contain enough money, as long as you maintain your account in “good standing,” we may approve your overdraft items within your current available Overdraft Privilege limit. The day following account opening, the available limit of $100 as a non-contractual courtesy applies; if the minimum amount to open was met. The available limit will increase to a $300 non-contractual courtesy, once the account has been open for 60 calendar days. For overdraft privilege consideration, your account is in “good standing” if you (1) deposit enough money to bring your account to a positive end-of-day balance at least once every 30 calendar days (including payment of all bank fees and charges); (2) avoid excessive overdrafts suggesting the use of Overdraft Privilege as a continuing line credit; and (3) have no legal orders, levies or liens against your account.
In the normal course of business, we generally pay electronic transactions first and then checks by serial number, per the bank’s policy. We reserve the right to change the order of payment without notice to you if we suspect fraud or possible illegal activity affecting your account. Also, please be aware that the order we pay your items in may create multiple overdraft items in a single banking day and you will be charged our OD Privilege Paid item(s) Fee of $28 for each overdraft item paid. The amount of OD Privilege Paid Item(s) Fees that will be assessed in a day has been limited to five (5) per day or currently $140.00 on personal accounts. There is no limit to the fees that may be assessed in any one day on small business or commercial accounts.
You may opt out of the privilege at any time, but you are responsible for any overdrawn balances at the time of opting out. Normally, we will not approve overdrafts for you in excess of the predetermined amount assigned to your account. So as not to exceed your limit, please note that the amount of the overdraft plus the bank’s OD Privilege Paid item(s) Fee of $28 per item will be deducted from the overdraft limit.
We may refuse to pay an overdraft item at any time even though we may have previously paid overdrafts for you. For example. We typically do not pay overdraft items if your account is not in good standing as defined above, or, if based upon review of your account management we determine that you are using Overdraft Privilege excessively or seem to be using Overdraft Privilege as a regular line of credit. You will be charged a NSF Returned Item(s) fee of $28 for each item returned.
We will notify you promptly of any non-sufficient funds items paid or returned that you may have; however, we have no obligation to notify you before we pay or return any item. The amount of any overdraft including our OD Privilege Paid Item(s) Fee of $28 and/or a NSF Returned Item(s) fee of $28 that you owe us is due and payable upon demand. Even if we do not ask you for payment, you must repay us no later than 30 calendar days after the creation of the overdraft. If there is an overdraft on an account with more than one owner on the signature card, each owner and agent, if applicable, is jointly and severally liable for all overdrafts including all fees charged.
If an item drafted by you (such as a check) or a transaction you set up (such as a preauthorized transfer) is presented for payment in an amount that is more than the amount of money available in your account, and we decide not to pay the item or transaction, you agree that we charge an NSF fee for returning the payment. Be aware that such an item or payment may be presented multiple times by the merchant or other payee until it is paid, and that we do not monitor or control the number of times a transaction is presented for payment. You agree that we may charge an NSF fee each time a payment is presented if the amount of money available in your account is not sufficient to cover the payment, regardless of the number of times the payment is presented.
Overdraft Privilege should not be viewed as an encouragement to overdraw your account. To avoid fees, we encourage you to keep track of your account balance by entering all items in your check register, reconcile your check book regularly, and manage your finances responsibly. If you would like to have this service removed from your account, please call 800-345-8081.
Please note that your Overdraft Privilege limit may be available for each item paid under the limit created by checks and other transactions made using your account number, such as a teller withdrawal, an automatic payment (ACH) transaction, or automatic bill payment and recurring debit card payment; and for business accounts1 only, ATM and everyday debit card transactions. For all other personal accounts, at your request, we may authorize and pay ATM transfers or withdrawals and everyday debit card purchases using your limit. Your available balance may be affected by authorizations which could create additional overdrafts and associated fees. When you ask for your account balance, please remember the amount we show you does not include your overdraft limit.
Limitations: Overdraft Privilege is a non-contractual courtesy that is available to individually/joint owned accounts in good standing for personal or business use. Anderson Brothers Bank reserves the right to limit participation to one account per household or business and to suspend, revoke, or discontinue this service without prior notice. If your limit is suspended, unless we notify you otherwise or you request this service be removed from your account, your limit will be made available to cover overdrafts again the first business day after you bring your account to a positive end-of-day balance.
1Business Accounts: ATM transfers or withdrawals and everyday debit card purchases are automatically authorized for business accounts. Overdraft accrual charge of $3.00 per day will apply to small business and commercial accounts starting on the second day.