What You Need to Know about Overdrafts and Overdraft Fees
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:
- We have standard overdraft practices that come with your account.
- We also offer overdraft protection plans, such as a link to a savings account, which may be less expensive than our standard overdraft practices.
To learn more, click on the Courtesy Coverage link at left, or call or stop by to ask us about these plans.
This notice explains our standard overdraft practices on and after July 1, 2010.
What are the standard overdraft practices that come with my account?
We do authorize and pay overdrafts for the following types of transactions, if your account qualifies:
- 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 Bank of Bolivar / BOB Community Financial pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee each time we pay an overdraft. Click here to see our Schedule of Fees for current pricing.
- There is no limit on the total fees we can charge you for overdrawing your account.
What if I want Bank of Bolivar / BOB Community Financial to authorize and pay overdrafts on my ATM and everyday debit card transactions?
If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions, click on the ATM & Debit Card Overdraft Privilege link at left, and then complete the Opt In form and submit it electronically. (Forms are also available in each of our branches.) Once we receive your form, it will be considered and you will receive an acknowledgement indicating whether your account is eligible for this type of overdraft privilege. ATM and everyday debit card transaction overdrafts will not be covered until this acknowledgement is delivered.
What if I want to revoke my decision to have Bank of Bolivar / BOB Community Financial authorize and pay overdrafts on my ATM and everyday debit card transactions?
You have the right to revoke your opt-in consent allowing Bank of Bolivar / BOB Community Financial to authorize and pay overdrafts on ATM and everyday debit card transactions. To revoke your consent, please either call or stop by any of our banking centers and speak with one of our helpful new accounts representatives).