Overdrafts – What they are and options to help protect yourself.
What Is an Overdraft?
An overdraft happens when you don’t have enough money in your account to pay for a transaction you’ve already made–essentially, you go over your account balance or bounce a check. Not only can this result in transactions being declined and/or returned, but your account can be charged insufficient funds and daily overdraft fees for check, in–person withdrawal, ATM withdrawal and other electronic transactions. See Personal Account Terms for all fees, conditions and terms.
Overdraft Protection Options
- Account Overdraft Protection Service3 – Link a coverage account (savings, money market, or secondary checking account) to your primary checking account and available funds are automatically transferred to prevent overdrafts if the balance on your primary checking account is too low1.
- Check Reserve Credit Line4 – Apply for an overdraft line of credit, and the line of credit automatically transfers available funds to cover overdrafts on your primary checking account.
Debit Card Overdraft Service5 (formerly Courtesy Approval)
Debit Card Overdraft Service is a service that allows Vectra Bank to consider paying ATM and one–time debit card transactions that may cause an overdraft due to lack of funds in your account. This service is separate from Vectra Bank Account Overdraft Protection Service and Check Reserve Credit Line. If you opt–in to Debit Card Overdraft Service, these transactions may be paid at Vectra’s discretion, which means Vectra Bank does not guarantee to always authorize and pay these transactions and fees may apply.
If you opt in to Debit Card Overdraft Service:
- Vectra Bank may pay, at its discretion, ATM and one–time debit card transactions that cause an overdraft on your account.
- If Vectra Bank pays the overdraft; you’ll be charged fees including an insufficient funds fee (NSF)1 and overdraft service fees2. Fees are taken from your account.
If you don’t opt in to Debit Card Overdraft Service:
- Vectra Bank will decline to authorize any ATM or one–time debit card transactions that cause an overdraft on your account, and you won’t be charged fees.
You have the right to revoke Debit Card Overdraft Service authorization at any time by stopping into any Vectra Bank branch or calling us at 1–800–232–8948.
The payment of transactions into overdraft is discretionary, and Vectra Bank reserves the right not to pay. For example, Vectra Bank typically does not pay overdrafts if your account is not in good standing or you’ve had excessive overdrafts. If your account goes into the overdraft, Vectra Bank requests you immediately bring your account to a positive balance.
You Have Flexibility
Whatever your decision, Vectra Bank provides you with options and flexibility. You can choose to have one of these plans, or a combination for added protection. And you are able to cancel at any time.
Enroll or Apply Today!
If you would like to enroll in Overdraft Protection Service, apply for a Check Reserve Credit Line or opt into Debit Card Overdraft Service, stop in to any Vectra Bank branch, call us at: 1–800–232–8948, or log in to your Online Banking account.For consumer information about the Federal Reserve’s overdraft rules, you may visit their website at www.federalreserve.gov/bankinforeg/default.htm.
1. Insufficient Funds Fee: A $35 fee will be charged for each charge posted against insufficient funds whether paid or unpaid. A maximum of five fees will be charged per account per business day. No fees will be charged if the account is overdrawn $5 or less after all transactions post following the close of business. In the event that your account overdraft exceeds $5 after all transactions post following the close of business, fees will be charged. Additional fees may apply. See Personal Account Schedule of Fees for more information.
2. Overdraft Service Fee: An Overdraft Service Fee of $8 will be charged every day beginning the fifth consecutive calendar day the account is overdrawn more than $5, for a maximum of 30 calendar days.
3. Account Overdraft Protection Fee: An $8 fee per overdraft covered by transfer from linked deposit account. Additional fees may apply. See Personal Account Schedule of Fees for more information.
4. Check Reserve: Check Reserve Credit Line is subject to credit approval for all account signers. Terms and conditions apply. A transfer fee of $8 will be charged each time an advance over $10 is made from the Check Reserve Account. Additional fees may apply. See Personal Account Schedule of Fees for more information.
5. Debit Card Over Draft Service: There is no fee for debit card overdraft service however an insufficient funds fee of $35 will be charged per ATM or one-time debit transaction paid against insufficient funds. For multi-use debit card transactions, the fee will apply per use. Additional fees may apply. See Personal Account Schedule of Fees for more information.