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.

1.  We have standard overdraft practices that come automatically with your account.

2.  We also offer overdraft protection, such as a link to a savings account or overdraft line of credit, which may be less expensive than our standard overdraft. To learn more, ask us about these plans.
 

This notice explains our standard overdraft practices that are effective beginning May 17, 2012.

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

We do authorize and pay overdrafts for the following types of transactions at our discretion.

  • 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.

  • ATM Transactions
  • Everyday Debit Card transactions

When we pay an overdraft we do so 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 Peoples State Bank pays my overdraft?

Under our standard overdraft practices:

  • We will charge you a fee of up to $30.00 each time we pay an overdraft, excluding those overdrafts caused by ATM or Everyday Debit Card transactions.
  • Also, if your account is overdrawn for 5 or more consecutive business days, we will charge an additional $5 per day, excluding those overdrafts caused by ATM or Everyday Debit Card transactions.
  • There is no limit on the total fees we can charge you for overdrawing your account.

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

We do not offer the option for you to have us authorize and pay overdrafts on ATM and Everyday Debit Card transactions.