Normal SizeLarge Size
Overdraft Privilege

Overdraft Privilege

New regulations require your consent to keep overdraft privileges. Opt-in today!

You've probably made a math error in your life, or lost track of expenses one month. Chances are you've bounced a check -- hey, everybody's done it.

It's great to know you've got Incommons Bank. With OOPS! Occasional Overdraft Privilege Service, you can rest easy knowing if you make that mistake again, we've got your back.

Rather than automatically returning any insufficient funds items unpaid, we will consider, without obligation on our part, payment of your reasonable overdrafts.

Opt-in for ATM and debit card transactions

SharePrint
Summary
  • Get increased peace of mind
  • Eliminate returned check fees
  • Added convenience and flexibility
  • Overdrafts up to $700* considered
  • Based on credit

Some restrictions do apply. Our normal non-sufficient funds or overdraft charge of $27.00 will apply to each item (with a maximum of three in any one day) that would create an overdraft on your account.

*$400 on free checking accounts

FAQ

Why offer overdraft privilege?

Occasionally, unforeseen problems or unanticipated expenses can leave your account short of funds. Having a check returned due to non-sufficient funds can be embarrassing and expensive. That is why we offer overdraft protection.

How do I obtain overdraft privilege?

You must sign up at account opening.

How does it work?

As long as your account is kept in good standing by making regular deposits of at least $400 per month and bringing your account to a positive balance at least once every 30 days, Incommons Bank will honor overdrafts up to the overdraft privilege limit on your account. Remember, the Bank's standard non-sufficient funds fee, also called "OD" or "overdraft" fee, will be deducted from your account for each transaction.

How do I know when I use the overdraft limit?

You will receive an overdraft notice in the mail each time items are paid. The notice will show the check number, amount, and the OD Fee. You should subtract the total of the fees from your account.

Is overdraft privilege available on more than one account?

No,We may in our sole discretion limit the number of accounts eligible for OOPS! to one account per taxpayer identification number

What if I go over my overdraft privilege limit?

Overdrafts above our established overdraft privilege limit may result in a check or checks being returned to the payee. The normal OD fee will be charged per check and assessed to your account. An OD notice will be sent to notify you of our actions.

How may I access my overdraft privilege?

Checks, ACH, POS, Internet Banking Bill Payment and Transfers, and Telephone Banking, and Transfers.

How quickly must I repay my overdraft privilege?

You should make every attempt to bring your account to a positive balance as quickly as possible. If you are unable to do so, you will receive a letter from Incommons Bank informing you of the situation and your options. If, after 60 days, your account has not been brought to a positive balance, we will have no option but to close your account and take other steps to recover funds.

What is the difference between "current balance" and "available balance" when I access my account?

Current Balance -- the balance in your account at the close of the previous business day.

Available Balance -- Funds available to you, including your overdraft privilege limit, any deposits, withdrawals, or Automatic Cash Reserve (ACR) that have been posted to your account. Items may continue to post to your account throughout the day.

NOTE: Currently Incommons Bank ATM receipts and our 24-hour Telephone Banking Center do not include your overdraft privilege limit.

How much does overdraft privilege cost?

There is no cost for this privilege. However, you should keep in mind that you will be charged an OD fee for each item paid under the limit.

How soon can I use overdraft privilege?

All personal checking account holders that have been opened for at least 30 days will be assigned the Overdraft Privilege if you have deposited $400 or more to your account and have previously signed up for the privilege.