What is an Overdraft?
An overdraft occurs when you don’t have enough money in your account to cover a transaction, but we pay the transaction anyway. We can cover your overdrafts in two different ways: We have standard overdraft practices that come with your account and we also offer other overdraft protection plans, such as a link to a savings account or your Family Trust credit card.
To learn more, ask us about these plans.
How to Avoid Overdrafts
- Track your spending.
- Online and Banking: Check your Available Balance before making a purchase. This could help you determine the amount of funds available for withdrawal, minus any items (preauthorized drafts or checks written, etc.) you may have outstanding that have not yet cleared.
- Text or Email Alerts: Sign up for Low Balance Alerts so you know when you’re at risk of overdrawing your account.
- Keep a buffer in your checking account to cover the unexpected.
- Use a credit card with plenty availability.1
- Transfer funds to your checking account from your savings account.2
- Enroll in No Bounce Courtesy Pay.3
Overdraft Protection Options
Family Trust offers an optional overdraft protection coverage called “No Bounce Courtesy Pay.” Review all options before signing up for these optional services. Enroll by phone 803-367-4100 or at any local branch.
| Overdraft Protection from Savings2 or Credit Card1 | No Bounce Courtesy Pay3 | |
|---|---|---|
| Overview | Funds will automatically transfer from your savings account or credit card to cover overdrafts when there isn’t enough in your checking account. |
We will generally authorize and pay your overdraft items up to $600, including fees, when there isn’t enough in your checking account. |
| What items are covered? |
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If you elect, No Bounce Courtesy Pay may also cover overdrafts for the following:
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| What are the fees? |
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1. Must be 18 to apply for a loan and qualification is required. Loan eligibility, terms, and approval are based on credit, income, and other underwriting factors. There is no fee for a credit card transfer; however, interest will accrue from the day of the transfer.
2. There is no fee to transfer from a savings account. To set up your Savings Account as an overdraft protection source, visit a branch or call 1-800-367-4100.
3.You must qualify for No Bounce Courtesy Pay. Each item paid through this service is subject to a $32.00 Overdraft Fee if the overdrawing transaction is $5.00 or more. There is a daily cap of 5 fees. Fees may be imposed for covering overdrafts created by check, ACH transactions, and other electronic transactions. You may also elect to cover overdrafts from one-time debit card transactions and ATM withdrawals. With No Bounce Courtesy Pay, we will generally pay your overdraft items when paying them would not cause your available balance to go more than $600.00 into the negative. However, payment of your overdraft items is at our discretion, and we reserve the right not to pay. For example, we typically do not pay overdrafts if your account is not in good standing, if you are not making regular deposits, or if you use the service irresponsibly. You must bring your account to a positive balance within thirty (30) days of the overdraft. To opt-out of this service, call us at (803) 367-4100 or visit one of our branches. Additional terms and conditions apply.