Life happens! Gibsland Bank & Trust Bank understands that unexpected overdrafts occur from time to time – Overdraft Coverage can help.
Contact us at (318) 843-1136, [email protected], or come by a branch to sign up or apply for these services.
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.
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?
OVERDRAFT PROTECTION AND OVERDRAFT PRIVILEGE SUMMARY
If you have questions about Overdraft Protection or Overdraft Privilege, please call us at (318) 843-1136.