Overdraft Fees Explained
We want you to avoid overdraft fees. Having a clearer understanding of overdrafts is a good place to start.
What is an overdraft?
An overdraft is when the bank allows you to spend more money than you have in your account, rather than denying a transaction. It is always at the bank’s discretion to decide whether or not to let your account be overdrawn. The bank usually makes this decision systematically based on customer factors such as tenure with the bank, deposit frequency, overdraft history, bankruptcy history, etc. When the bank does allow your account to be overdrawn, you may receive an overdraft fee. Overdraft fees can be waived with 24-Hour Grace when you bring your account balance above -$5.1 If the bank doesn’t allow your account to be overdrawn, your transaction will not go through and this can result in a Return Fee. Return fees cannot be waived by 24-Hour Grace.
Your overdraft elections will also have a direct impact on whether we will let your account be overdrawn.
The best way to protect yourself from overdraft fees and returns fees is to know your balance and be sure you don’t try to spend money you don’t have.
Avoid overdraft fees by signing up for overdraft protection.
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