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What You Need to Know about Overdrafts and Overdraft Fees

After August 15, 2010, we will not authorize payment of your ATM withdrawals and debit card purchases that may create an overdraft in your checking account, unless you choose to opt in to this program.

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:
  1. We have standard overdraft practices that come with your account, which we refer to as “Overdraft Privilege”.
  2. We also offer overdraft protection plans, such as Check Line Protection, Home Equity Line of Credit, or transfers from a savings or checking account, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.

What are the standard overdraft practices that come with my account?

We do authorize and pay overdrafts for the following types of transactions:
  • Checks and other transactions made using your checking account number
  • Automatic bill payments
We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):
  • ATM transactions
  • Everyday debit card transactions

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.

If we do not authorize and pay an overdraft, your transaction will be declined.

What fees will I be charged if the State Bank pays my overdraft?

Under our standard overdraft practices:
  • We will charge you a fee of up to $32.00 each time we pay an overdraft.
  • Also, if your account is overdrawn for 4 or more consecutive business days, we will charge an additional $5.00 per day.
  • There is no limit on the total fees we can charge you for overdrawing your account.

What if I want the State Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions?

If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, complete the form below and click submit. If you have more than one checking account, please submit confirmations for each account individually.

Customer Opt-In Form

 

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Please send my OPT-IN confirmation electronically.

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