Your Overdraft Protection Options
We understand that the unexpected can happen or that math mistakes can occur, and you may not have enough money in your checking account to cover a transaction. So, when you open your checking account we ask whether you would like to establish some automatic overdraft protection services to have the Bank to automatically pay any overdraft items. By setting up overdraft protection, you can avoid the Bank’s insufficient funds fee, and you can also avoid any collection charges from the merchant, for returning your check or payment. You can also choose not to have any automatic overdraft protection, but we recommend you do to reduce insufficient funds charges from the Bank.
Available automatic protection services include:
Automatic Overdraft Transfers from a Savings Account (Overdraft Sweep)
This occurs when you link your WSB savings account to your checking account for overdraft protection. If items presenting against your checking account causes an overdraft, our system will automatically transfer funds from your savings to your checking to pay any presenting items and keep your checking account positive.
- This overdraft sweep occurs on a per day basis. This means all overdraft items will be combined for a day and that total must be available in your savings for the transfer to occur.
- You will be charged a per day use fee of $5, whenever the overdraft sweep occurs. This sweep could pay 5 items or just 1 item, but the per day transfer fee will remain as $5.
- If no overdraft sweep occurs, there is no transfer fee.
- Federal regulations limits the amount of preauthorized transfers from a savings account to a maximum of 6 per month.
Automatic Overdraft Transfers from a Line of Credit
This is a revolving credit line from the bank that requires a formal credit application to be approved. The maximum credit limit granted is $2,500. If items presenting against your checking account causes an overdraft, our system will automatically transfer funds from your line of credit to your checking account to pay any presenting items and keep your checking account positive.
- This overdraft transfer occurs on a per day basis. This means all overdraft items will be combined for a day and that total must be available in your line of credit for the transfer to occur.
- You will be charged the agreed upon interest charge for the line of credit and receive a monthly bill for any minimum payments required on an outstanding LOC balance.
- This loan is subject to credit qualification.
$10 Overdraft Pass
The bank offers $10 Overdraft Pass where you do not incur an overdraft or non-sufficent funds (NSF) fee if the item amount or resulting overdraft is $10 or less. This applies to any item being paid, causing an overdraft, or any item being returned, a NSF return. It's one more way WSB Gives You More!
Overdraft Protection and Payment Service (OPPS)
If you choose not to establish an automatic protection service, we also have an Overdraft Protection and Payment Service (OPPS) option that is automatically applied to all checking accounts that qualify. We recommend that you establish an Overdraft Sweep from your savings account or an Overdraft LOC as your first line of protection, as the costs for using these funds may be less than the costs involved in using our OPPS feature. If you have an Overdraft Sweep or Overdraft Line of Credit established, those services will be used before our OPPS service.
The OPPS program may pay your overdrafts up to $500, as long as your account has been open for at least 30 days and has regular deposits of at least $500 each month.
The Bank’s normal insufficient funds fee will apply, but you may avoid the problems and additional fees incurred from the merchant than if we had returned the payment as insufficient funds.
The following types of payments may be paid using OPPS.
- Teller transactions:
- Preauthorized debits
- Other electronic transfers
- Recurring debit card purchases
OPPS does NOT apply to ATM transactions or Point of Sale debit card transactions, unless you opt-in to the feature.
How Does the Program Work?
- If qualified, OPPS payments will bring your account negative and the Bank’s normal insufficient funds applies
- You must bring the account current within 30 days, either through a direct deposit, transfer of funds, or a deposit mailed to or made at one of our branch offices.
- The OPPS option is only applied only after your other automatic overdraft protection options have been exhausted.
- OPPS is not a loan or line of credit and applied at the Bank’s sole discretion.
- You will receive the normal overdraft notice by mail whenever OPPS is used to pay an overdraft.
As with any service program, certain limitations may apply, as described below (+/-)
- The OPPS program is a discretionary, non-contractual courtesy. It is not an obligation of the Bank and the Bank may refuse to provide the courtesy on any checking account at any time and from time to time.
- The primary customer must be 18 years or over.
- The customer must have a valid address.
- There cannot be a permanent hold such as a garnishment, levy or large returned item.
- The customer cannot have any charged-off loans or be a party in a bankruptcy proceeding.
- The account cannot be classified as dormant (no activity for six months).
- The loans on the account cannot exceed 15 days delinquent.
- The limit is $500 and if you are negative for more than 10 days, you will become disqualified until you bring your account positive for at least 24 hours
- You may be disqualified from OPPS if you overdraw your checking account 4 or more days in a given month or if you overdraw your account repeatedly during a consecutive 6-month period
What Happens when I have Insufficient Funds?
First, we’ll try to make an automatic overdraft transfer from your savings or Line of Credit accounts, if you established those services. If those accounts cannot cover the insufficient funds, then any discretionary OPPS service may be applied.
If you don’t qualify for any overdraft service or none apply.
- You will pay the normal Insufficient Funds fee for your account type
- We will return the item as insufficient funds to your merchant
- You may also have to pay additional payment return fees to the merchant.
- The item may be presented again, and if there still isn’t sufficient funds in your account again, another Insufficient Funds fee could apply.
- You will receive an overdraft notice in the mail