It's not hard to accidentally overdraw your checking account. We've all done it; a deposit got credited late, a check cleared a little early—it happens to the best of us. So isn't it nice to know that your account is protected in case such an accident occurs?
As a Security Bank customer, you get protection on your checks and automatic bill payments. That means if you go over, we can cover it* anyway for a fee, so you can rest easy knowing your checks aren't bouncing and your credit is fine.
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 our accounts. Includes fee of $29 per item - maximum 6 per day.
- We also offer overdraft protection plans, such as a link to a savings account or an overdraft line of credit which may be less expensive than our standard overdraft practices. There is no charge to link a savings account for overdraft protection. Certain accounts have transaction limitations; please speak to a Customer Service Representative or our Customer Care Department to see if transaction limitations apply. The overdraft line of credit is subject to approval and includes finance charges.
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 Security Bank pays my overdraft?
Under our standard overdraft practices:
- There is a $29 charge per item each time we pay an overdraft.
What if I want Security 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, contact us or call us at 888.303.8298.
The amount of any overdraft, including fees that you owe us shall be due and payable within 30 days.
If you have previously opted-in to our overdraft services to pay overdrafts on your ATM and debit card transactions and would like to opt-out of that now, please call our Customer Care Department at 888.303.8298.
What are lower-cost alternatives to the overdraft protection plan?
Review these products or services for lower-cost alternatives:
Personal Savings - ask about a sweep from another Security Bank account to cover overdrafts (certain account types have transaction limitations; speak to a Customer Service Representative to determine where transaction limitations apply).