What you need to Know about Overdrafts and Overdraft Fees

An overdraft occurs when you do not have enough sufficient available balance 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.
2. We also offer overdraft protection plans, such as a link to a savings account or line of credit, which may be less expensive than our standard overdraft practices.  To learn more, please ask us.

This notice explains our standard overdraft practices.

• 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 Washington Savings Bank pays my overdraft?

Under our standard overdraft practices:

• • We will charge you a fee up to $30 each time we pay an overdraft over $10.00
  • We do not charge a fee for paying an overdraft of $10 or less
  • There is a limit on the total fees we can charge you for overdrawing your account.  We will charge only for the first five items that overdraw your account on any one day.

Please reference your deposit account contract concerning payment order of items and important definitions.

What if I want Washington Savings Bank to authorize and pay overdrafts on my ATM and every day debit card transactions?

If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions, call 978-458-7999 visit washingtonsavings.com, or complete the form below and present it at a branch or mail it to: 30 Middlesex Street, Lowell, MA 01852

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Washington Savings Bank’s Overdraft Privilege Program and Service (OPPS!) Policy 03/2020

(A discretionary overdraft service)

It is the policy of Washington Savings Bank (“the Bank, we, us, or our”) to comply with applicable laws and regulations, and to conduct business in accordance with applicable safety and soundness standards.

A non-sufficient funds/ overdraft (negative) balance may result from: A) The payment of checks, electronic funds transfers, or other withdrawal requests; B) Payments authorized by you; C) The return, unpaid, of items deposited by you; D) The imposition of applicable service charges; or E) The deposit of items which according to the Bank’s Funds Availability Policy, are treated as not yet “available” or finally paid.  Please reference your deposit account contract concerning payment order of items and important definitions.

We are not obligated to pay any item presented for payment if your account does not contain sufficient collected funds.  Rather than automatically returning, unpaid, any non-sufficient funds items you may have, if your eligible account has been open for at least thirty (30) days and thereafter you maintain your account in good standing, which includes at least: (A) Continuing to make deposits consistent with your best practices, and depositing at least $500 or more in your account within each thirty (30) day period, (B) You are not in default on any loan obligation to the Bank, (C) You bring your account to a positive balance (not overdrawn) at least once every thirty (30) days, and (D) Your account is not the subject of any legal or administrative order or levy, we will consider, without obligation on our part, approving your reasonable overdrafts.  This discretionary service* will generally be limited to a $500 overdraft (negative) balance for eligible checking accounts.  Of course, any and all fees and charges, including without limitation our non-sufficient funds/ overdraft fee (as set forth in our fee schedule) will be included in this limit.

Types of Transactions that can Overdraft Your Account

We do authorize and pay overdrafts for the following types of transactions: 1.Checks and other transactions made using your checking account number 2. Automatic Bill Payments

We do not authorize and pay overdrafts for the following types of transactions, effective unless you return an “opt in” form. 1. ATM Transactions 2. Everyday debit card transactions (Effective July 1, 2010 for accounts opened on or after that date, effective August 15. 2010 for accounts opened before July 1, 2010).

Transactions may not be processed in the order that they occur or appear in your statement.  This is particularly true of Debit Card transactions (if you have opted in) that create a negative available balance on an account, but may not clear the account until days later.  You must elect to have this feature on your account by completing an opt in form. POS Debits are processed in date and time order, but can be settled with the bank on a different day than the actual transaction - but any overdraft/ nsf fees will  depend if the account had an available balance at the time of the transaction and if you opted into the bank’s overdraft courtesy program.

The Bank’s normal NSF / Overdraft fee applies to all overdraft items, whether they are paid by the bank or not. If you opt in to include this service on your ATM or debit card, the Bank’s normal overdraft/ NSF applies to all such items, the bank does not charge for small overdrafts of $10 or less.  If you do not opt in for the service to be included on your ATM or Debit Card, you will not be charged an overdraft fee if a transaction is attempted that exceeds your available balance.  The transaction will simply be declined.

We may refuse to pay an overdraft for you at any time, even though your account is in good standing and even though we may have previously paid overdrafts for you.  There is also a maximum of 5 daily overdraft fees.  You will be notified by mail of any non-sufficient items paid or returned greater than $10.00  Non-sufficient/ Overdrafts funds less than $10.00 that we pay or return will not receive an overdraft fee; however, we have no obligation to notify you before we pay or return any item.  The amount of any overdrafts plus our Non-Sufficient Funds and / or Overdraft (NSF/ OD) Charge(s) that you owe us shall be payable upon demand.  If there is an overdraft paid by us on an account with more than one (1) owner on the signature card, each owner, or agent if applicable, drawing/presenting the item creating the overdraft, shall be jointly and severally liable for such overdrafts plus our Non-Sufficient Funds and/ or Overdraft (NSF/OD) Charge(s).

Currently, there are alternative programs available for customers that incur non-sufficient funds/ overdraft fees on their checking account, such as an Overdraft Line of Credit, which requires an application and approval, and or the Overdraft Sweep, which is connected to a savings account. 

LIMIITATIONS:  Available only to eligible checking accounts.  All Savings Type accounts, All Money Market Accounts, and All Public Fund / Charitable Organization Accounts are not eligible.  We may limit the number of accounts eligible for the Overdraft Privilege Program and  *Service (OPPS!) to one account per household.

*The Overdraft Privilege Program and Service (OPPS!) does not constitute an actual or implied agreement between you and the Bank.  Nor does it constitute and actual or implied obligation of the bank.  This service represents a purely discretionary courtesy or privilege that the bank may provide to you from time to time and which may be withdrawn or withheld by us at any time without prior notice, reason or cause.  If you have any questions, please contact us at 1-978-458-7999.