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To help prevent non-sufficient funds (NSF) or overdraft service fees due to unexpected expenses, a personal line of credit may be right for you.
Beginning August 19, 2020, our Overdraft Service Fee is changing. The Overdraft Service Fee, which was charged daily to overdrawn accounts, will be discontinued and replaced with a Continuing Overdraft Fee (“COF”).
A COF of $30 will be charged if your account remains overdrawn more than $5.00 for 7 consecutive calendar days. This fee will be charged for up to three consecutive 7-calendar day periods that your account is overdrawn more than $5.00.
Let’s say that on a Tuesday you overdraw your account by $10 (in other words, by more than $5.00). Tuesday will be the first calendar day we count when determining whether your account will be charged a COF. If your account remains overdrawn more than $5.00 for an additional 6 consecutive calendar days (in other words, for a total of 7 consecutive calendar days), we will charge a COF to your account following the close of business on the seventh calendar day (the following Monday).
There is an exception to this rule: if the seventh consecutive calendar day your account is overdrawn by more than $5.00 falls on a Saturday, Sunday, or bank-observed holiday, the COF will be charged only if your account remains overdrawn by more than $5.00 at the close of business on the next calendar day we are open for business. This example is illustrated in the table below.
Sunday | Monday | Tuesday | Wednesday | Thursday | Friday | Saturday |
---|---|---|---|---|---|---|
Account Balance: -$10 Days Overdrawn >$5: 1 | Account Balance: -$10 Days Overdrawn >$5: 2 | Account Balance: -$10 Days Overdrawn >$5: 2 | Account Balance: -$10 Days Overdrawn >$5: 4 | Account Balance: -$10 Days Overdrawn >$5: 5 | ||
Account Balance: -$10 Days Overdrawn >$5: 6 | Account Balance: -$10 Days Overdrawn >$5: 7 COF Charged at Close of Business: $30 |
Account Balance: -$10 Days Overdrawn >$5: 8 |
You can avoid being charged a Continuing Overdraft Fee by not allowing your account to remain overdrawn more than $5.00 for seven consecutive calendar days. You may check your account balance (and make a deposit to your account) anytime through our online and mobile banking services or by visiting a bank branch during business hours.
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.
Going over your account balance or bouncing a check can result in transactions being declined and/or returned, but also your account can be charged Insufficient Funds and daily Overdraft fees for check, in-person withdrawal, ATM withdrawal, and other electronic transactions.
Vectra Bank offers overdraft protection options to help you prevent overdrafts and avoid insufficient funds fees (NSF)[cite::72::cite] and overdraft service fees.[cite::73::cite]
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.
Apply Today!
If you would like to apply and enroll in any of our overdraft protection plans, stop in to any Vectra Bank branch, call us at: 1–800–232–8948, or log in to your Online Banking account.
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 overdraft services options. 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:
If you don’t opt in to Debit Card Overdraft Service:
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.
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.
Apply Today!
If you would like to apply and enroll in any of our overdraft protection plans, 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.
Your Vectra Bank Relationship Bankers are available to answer your questions and help with all of your financial needs. Please give us a call at: 844–210–3604 (Mon – Sat, 7am – 7pm MST), visit us at one of our branch locations or complete the form below.