Overdraft Protection - Business Deposit Account Coverage
Your checking account can be linked to your small business savings account or to another of your small business checking accounts. Only one account may be linked to your checking account as part of our Overdraft Protection Plan.
Each processing day after all transactions have posted to your checking account, if the available balance in the checking account isn’t sufficient to cover all of the transactions, a transfer is automatically made from your linked account to your checking account to cover the overdrawn amount.
Transfers are made in the exact amount needed to cover the overdraft.
If the linked savings or checking does not have sufficient funds to cover all the overdraft items, we will transfer the amount needed to fully cover as many of the items as possible based on the posting order of each item. Any item(s) in your checking account that cannot be fully covered under this Overdraft Protection Plan will result in an overdraft, if paid, or may be returned for Non-Sufficient Funds.
Beneficial to you if
- You occasionally overdraw your checking account.
- You have another small business savings or checking account that you want to use to cover your overdrafts.
- $10 Transfer Fee Per Day – assessed when a transfer is automatically made to cover an overdraft in your checking account. Your account will only be charged one $10 Transfer Fee on any given processing day and only when an overdraft protection transfer occurs.
- No Transfer Fee is assessed when you proactively transfer funds yourself from the linked savings or checking account to your covered checking account online, in-branch, at the ATM or by phone.
- We allow up to three (3) withdrawals/transfers from your savings account per month at no additional cost. There is a $3.00 fee for each transfer or withdrawal from your savings account in excess of three (3) per month. Transfers made from your savings accounts as part of this Overdraft Protection Plan or proactively by you count towards this monthly limit.
- There may be other costs associated with our savings or checking accounts – call or visit your local branch for details.
Combine with Standard Overdraft Services1
- If the money in your linked account does not cover all your overdraft items, our Standard Overdraft Services allows us to consider paying the remaining item(s) into overdraft subject to the following:
- This service is automatically provided with your check, ACH, automatic bill payment, ATM and debit card transactions.
- Each overdraft item may be assessed a $36 Overdraft Fee, if paid into overdraft, or a $36 NSF Fee, if returned.
- Overdrawn accounts may be subject to a Sustained Overdraft Fee of $36 if the balance is not brought positive within nine (9) calendar days 2.
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. Even if we pay your account into overdraft, we maintain the right not to do so at any other time. If we do not authorize your transaction, it will be declined and will not be paid into overdraft. Once you have overdrawn your account, you must bring it to a positive balance as soon as possible to avoid additional fees.
- There is no limit to the number of overdraft transfers that can be made from the linked account daily or monthly. However, federal regulations do limit the number of certain types of withdrawals from a savings account to no more than six (6) per calendar month. Transfers made from your savings account as part of our Overdraft Protection Plan are included in the six withdrawals permitted.
- If you exceed these limits three (3) or more times during any 12-month period, we will change your savings account to a non-interest bearing account that does not have withdrawal limits. If your account is changed to a non-interest bearing account based on excessive transaction activity, the use of the account to provide overdraft protection will continue uninterrupted. Please refer to the bank’s Deposit Account Agreement for more details.
- Although the funds in the linked Savings or Checking account can be used to cover any overdrafts created by ATM or debit card transactions that post to your account during our nightly processing, the authorization of such transactions throughout the day is based upon the available balance in the covered checking account only; the available balance in the linked Savings or Checking account is not used to authorize ATM and debit card transactions on the covered checking account. However as part of our Standard Overdraft services, we may, at our discretion, authorize such transactions into overdraft even when the available balance in the covered checking account is less than the amount of the transaction(s).
A minimum opening deposit may be required to open a small business savings or checking account; other criteria may apply. Call or visit your local branch for details.