WHAT ARE MY OVERDRAFT COVERAGE OPTIONS?
Life happens! Gibsland Bank & Trust Bank understands that unexpected overdrafts occur from time to time – Overdraft Coverage can help.
The choice is yours. Consider these ways to cover overdrafts:
WHAT IS OVERDRAFT PROTECTION?
Overdraft Protection services apply to all types of transactions and may help protect your account from being overdrawn by automatically transferring funds to your checking account from another account you may have at Gibsland Bank & Trust Bank, for a fee.
WHAT IS OVERDRAFT PRIVILEGE?
Overdraft Privilege allows you to overdraw your account up to the disclosed limit for a fee in order to pay a transaction.
Gibsland Bank & Trust Bank may provide you a specific Overdraft Privilege limit depending on the type of account you have. New consumer and business checking accounts will receive a $100 Introductory Overdraft Privilege limit at account opening that will be increased to $750 after 35 days in good standing for consumer accounts or up to $1,000 after 60 in good standing for business accounts.
Even if you have Overdraft Protection, such as a transfer from another account, Overdraft Privilege is still available as secondary coverage if the other protection sources are exhausted.
Please be aware that the Overdraft Privilege amount is not included in your available balance displayed through internet banking, mobile banking, telephone banking, or Gibsland Bank & Trust Bank ATMs.
HOW MUCH DOES OVERDRAFT PRIVILEGE COST?
When Overdraft Privilege is used, the Overdraft Fee of $35.95 will be imposed for overdrafts created by checks, ACH, point-of-sale, ATM withdrawals, in-person withdrawals, or by other electronic means if your account is overdrawn more than $10. If your account is overdrawn $10 or less, an Overdraft Fee of $10 will be charged. If multiple items overdraw your account on the same day, each item will be assessed the appropriate fee. This is the same fee that Gibsland Bank & Trust Bank charges for items returned to the payee due to insufficient funds.
All fees and charges will be included as part of the Overdraft Privilege limit amount. Your account may become overdrawn in excess of the Overdraft Privilege limit amount as a result of the assessment of a fee. The total negative balance, including all fees and charges, is due and payable upon demand. Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all such amounts, as described in the Deposit Account Agreement and Disclosure.
WHAT IF I DON’T WANT OVERDRAFT PRIVILEGE?
You can request to discontinue the Overdraft Privilege service in its entirety at any time by contacting us at (318) 843-1136 or sending us an email at [email protected]. Without Overdraft Privilege, your insufficient funds items will be returned to the payee and/or declined at the point of purchase, unless you have Overdraft Protection available to cover the item(s). You will be charged the standard Return Item Fee of $35.95 for all returned items.
WHAT IF I WANT GIBSLAND BANK & TRUST BANK TO PAY MY ATM AND EVERYDAY DEBIT CARD OVERDRAFTS (EXTENDED COVERAGE)?
If you want us to authorize and pay overdrafts caused by ATM and everyday debit card transactions (Extended Coverage), tell us by using one of the methods below.
- Call us at (318) 843-1136
- Visit one of our convenient branch locations
- Complete the Consent Form, which is also available at any branch, and mail it to us at P.O. Box 180 Gibsland, LA 71028
- Email us at [email protected]
NOTE: Business accounts automatically have access to Overdraft Privilege for ATM and everyday debit card transactions (Extended Coverage).
WHAT ELSE DO I NEED TO KNOW?
- Our general policy is to post items throughout the day and to post credits before debits. We post items in the following order: Force-paid items from prior day processing (time-stamp order), Outgoing wire transfers, Cash withdrawals through a branch, Over-the-counter items (serial number order), Cash withdrawals through an ATM, PIN Point-of-Sale transactions (time-stamp order), Non-PIN Point-of-Sale transactions (time-stamp order), Recurring debit card transactions (time-stamp order), ACH Debits in order of presentment, In-clearing checks (serial number order), Automatic Debit Transactions, Fees and other miscellaneous items. Holds on funds (described herein) and the order in which transactions are posted may impact the total amount of Overdraft Fees or Return Item Fees assessed.
- Holds on funds (described herein) and the order in which transactions are posted may impact the total amount of Overdraft Fees or Return Item Fees assessed.
- A single larger overdraft will result in just one fee, as opposed to multiple smaller overdrafts.
- Although under payment system rules, Gibsland Bank & Trust Bank may be obligated to pay some unauthorized debit card transactions, Gibsland Bank & Trust Bank will not authorize debit card or ATM transactions unless there are sufficient available funds (including overdraft coverage options) to cover the transactions and the amount of any fee(s).
- Giving us your consent to pay everyday debit card and ATM overdrafts on your consumer account (Extended Coverage) may result in you incurring Overdraft Fees for transactions that we would otherwise be required to pay without assessing an Overdraft Fee. However, this would allow us to authorize transactions up to the amount of your Overdraft Privilege limit and may also help you avoid overdrafts in excess of your available balance that could result in suspension of your debit card. If you consent to Extended Coverage on your consumer account, it will remain on your account until you otherwise withdraw it.
- Gibsland Bank & Trust Co. authorizes and pays transactions using the available balance in your account. Gibsland Bank & Trust Co. may place a hold on deposited funds in accordance with our Deposit Account Agreement and Disclosure, which will reduce the amount in your available balance. The available balance for checks, ACH items, and recurring debit card transactions is comprised of the ledger balance, less any holds on deposited funds and any debit card holds, plus the amount of the Overdraft Privilege limit and any available overdraft protection. The available balance for ATM and everyday debit card transactions on accounts with Standard Coverage is the ledger balance, less any holds on deposited funds and any debit card holds, plus any available overdraft protection, but does NOT include the Overdraft Privilege Limit. For accounts with Extended Coverage, the Overdraft Privilege Limit is included in the available balance for authorizing ATM and everyday debit card transactions.
- Gibsland Bank & Trust Bank will place a hold on your account for any authorized debit card transaction until the transaction settles (usually within two business days) or as permitted by payment system rules. In some cases, the hold may exceed the amount of the transaction. When the hold ends the funds will be added to the available balance in your account. If your account is overdrawn after the held funds are added to the available balance and the transaction is posted to the available balance, an Overdraft Fee may be assessed.
- Except as described in this brochure, Gibsland Bank & Trust Bank will not pay items if your account does not contain available funds (including the Overdraft Privilege limit) to cover the item(s) and the amount of any fee(s).
We may suspend your debit card use if you incur overdrafts in excess of the available funds in your account including any Overdraft Privilege limit (as described in this brochure). Debit cards on your account will remain suspended until you make sufficient deposits so that your available balance, taking into account any Overdraft Privilege limit, is positive and then you contact us.
- We may also suspend your debit card if your account is overdrawn more than thirty-two (32) consecutive calendar days. Debit cards on your account will remain suspended until you make sufficient deposits so that your account balance is positive.
- We may also suspend your debit card if we are unable to contact you due to an incorrect mailing address or phone number(s).
- You must contact us with your correct mailing address and/or phone number(s) to have your debit card reinstated.
- We will charge a fee of $5 to reactivate your debit card if we suspend your Debit Card.
- If your debit card is suspended, you will be unable to use your debit card for purchases or to access your account at the ATM, and if you use your debit card for recurring payments, e.g., utilities, you are responsible to make other arrangements for your recurring debit payment(s).
- Overdraft Privilege is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any time without prior notice.
- Overdraft Privilege may be discontinued or reduced to $100 if you default on any loan or other obligation to us, your account becomes subject to any legal or administrative order or levy, or if you fail to maintain your account in good standing by not bringing your account to a positive balance within 32 consecutive calendar days for a minimum of one business day. You must bring your account balance positive for at least one business day to have the full Overdraft Privilege limit reinstated.
OVERDRAFT PROTECTION AND OVERDRAFT PRIVILEGE SUMMARY
- Overdraft Protection services allow you to link other sources you have with Gibsland Bank & Trust Bank to your checking account in order to prevent overdrafts and may be less expensive options than an overdraft.
- Overdraft Privilege allows you to overdraw your account for a fee of $35.95 in order to pay a transaction if your balance is overdrawn by more than $10. If your balance is overdrawn by $10 or less, a fee of $10 is charged.
- New consumer and business checking accounts will receive a $100 Introductory Overdraft Privilege limit at account opening.
- Overdraft Privilege limits of up to the full limit of $750 are available for eligible Consumer accounts opened at least 35 days in good standing.
- Overdraft Privilege limits of up to the full limit of $1,000 are available for eligible Business accounts opened at least 60 days in good standing.
- Standard Overdraft Privilege covers checks, online bill payments, ACH transactions, or automatic/pre-authorized debits that you establish (insurance premiums, utility bills, etc.).
- Extended Overdraft Privilege covers ATM withdrawals and everyday debit card transactions on your personal accounts with your prior consent, in addition to those transactions covered by Standard Overdraft Privilege. Business accounts automatically have Overdraft Privilege Extended Coverage.
- Both Overdraft Protection and Overdraft Privilege may enable you to avoid expensive merchant returned-check charges.
- Both Overdraft Protection and Overdraft Privilege may enable you to avoid having your ATM or debit card transactions declined due to insufficient funds.
- You must deposit the full amount of the overdraft within 32 consecutive calendar days, including any fees assessed, and maintain a positive balance for at least one business day to continue to receive the full Overdraft Privilege limit.
- Good account management is the best way to avoid overdrafts. Use our mobile banking, internet banking, or telephone banking services to help keep track of your balance.
- For additional financial education resources, please visit www.mymoney.gov
If you have questions about Overdraft Protection or Overdraft Privilege, please call us at (318) 843-1136.