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!