What do I 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 as a savings account, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans
This notice explains our standard overdraft practices.
What are the standard overdraft practices that come with my account?
We 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 American Trust & Savings Bank pays my overdraft?
Under our standard overdraft practices:
- We will charge you a set fee of $28 each time we pay an overdraft
- We will not charge you this fee for overdrafts under $10
- We will charge a maximum of five overdrafts per day or a total of $140 per day in overdraft fees