Overdraft Coverage. The choice is yours.
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts two different ways:
- Overdraft Protection: Link to Another Deposit Account you have at Chambers Bank.
Service Cost $8.00 fee per transfer
Overdraft Protection services apply to all transactions and may help prevent overdrafts by automatically transferring funds to your checking account from another account you may have at Chambers Bank for a fee.
- Overdraft Privilege: Allows you to overdraw your account up to the disclosed limit for a fee in order to pay a transaction.
Service Cost $30.00 Overdraft Fee per item.
Call us at (479) 394-5161, email us at firstname.lastname@example.org, or come by a branch to sign up for this service. To receive information on Extended Overdraft Privilege to authorize and pay overdrafts on your ATM and everyday debit card transaction, log into your Chambers Bank Internet Banking account and request the Extended Coverage Online Consent Form, visit any branch, or call (479)-394-5161.
If you already have Extended Overdraft Privilege coverage, it is not necessary to request it again. Business accounts automatically have Extended Coverage.
You can discontinue the Overdraft Privilege in its entirety by contacting us at (479)-394-5161 or sending us an e mail at email@example.com or stop by any branch.
What Else You Should Know
· A link to another account is a less expensive option than an overdraft. A single larger overdraft will result in just one fee, as opposed to multiple smaller overdrafts.
· Even if you have overdraft protection, Overdraft Privilege is still available as secondary coverage if the other protection source is exhausted.
· Good account management is the best way to avoid overdrafts. Use our mobile banking, Internet banking, and telephone banking services to keep track of your balance.
· The $30.00 Overdraft Fee is the same fee amount that would be charged if a check was returned as unpaid. If multiple items would overdraw your account on the same day, each item would be assessed an appropriate Overdraft Fee or an Insufficient Fee of $30.00. All fees and charges will be included as part of the Overdraft Privilege limit amount. Your account may become overdrawn in excess of the Overdraft Privilege limit amount as a result of a fee.
· For consumer accounts, there is a limit of 6 Overdraft Fees ($180.00) per day we will charge. We will not charge an Overdraft Fee if a consumer account is overdrawn less than $5.00. These exceptions do not apply to business accounts.
· We post items in the following order: 1) credits, 2) ATM and debit card transactions (in the order received), 3) checks (check number order), 4) ACH debits (order received). The order in which transactions are posted may impact the total amount of Overdraft Fees or Insufficient Fees assessed.
· Although under payment system rules, Chambers Bank may be obligated to pay some unauthorized debit card transactions, Chambers Bank will not authorize debit card or ATM transactions unless there are available funds (including Overdraft Coverage Options) to cover the transactions and any fee(s).
· Giving us your consent on your consumer account to pay every day debit card and ATM overdrafts may result in you incurring Overdraft Fees for transactions that we would otherwise be required to pay without assessing an Overdraft Fee. However, this would allow us to authorize transactions up to the amount of your Overdraft Privilege limit and may also help you avoid overdrafts in excess of your available funds that could result in restriction of your debit card.
· Except as described in this letter, Chambers Bank will not pay items if your account does not contain available funds (including the Overdraft Privilege limit) to cover the item(s) and the amount of any fee(s).
· We may restrict your debit card use if you incur overdrafts in excess of the available funds in your account, including any Overdraft Privilege limit.
· Chambers Bank will place a hold on your account for any authorized debit card transaction until the transaction settles (usually within two business days) or as permitted by payment system rules. In some cases, the hold may exceed the amount of the transaction. When the hold ends the funds will be added to the available balance in your account. If your account is overdrawn after the held funds are added to the available balance and the transaction is posted to the available balance, an Overdraft Fee may be assessed.
· An Overdraft Privilege limit of $100.00 is available for eligible Personal and Business Checking accounts at account opening.
· Overdraft Privilege limits of up to $500.00 are available for eligible Personal Checking accounts opened at least 35 days in good standing and $750.00 for eligible Personal Checking accounts opened for over three years.
· Overdraft Privilege limits of up to $1,000.00 are available for eligible Business Checking accounts opened at least 60 days in good standing.
· Overdraft Privilege is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any time without prior notice.
· Overdraft Privilege may be discontinued if you default on any loan or other obligation to us, your account becomes subject to any legal or administrative order or levy, or if you fail to maintain your account in good standing by not bringing your account to a positive balance within thirty-two (32) days for a minimum of one business day.
· Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in the Deposit Account and Disclosure Agreement. The total (negative) balance, including all fees and charges, is due and payable upon demand.
If you have any questions about Overdraft Protection or Overdraft Privilege, please call us at (479) 394-5161 or visit a branch.