What You Need to Know about Overdrafts and Overdraft Fees
An overdraft occurs when you do not have enough money in your account to cover a transaction, but First State Bank pays your item anyway. We can cover your overdrafts in two different ways:
- We offer standard overdraft practices that come with your account.
- We also offer an additional overdraft protection plan, which may be less expensive than our standard overdraft practices, called Courtesy Transfer which automatically transfers funds to your checking account from another deposit account. Email us or call 305-296-8535 to learn more.
This notice explains our standard overdraft practices.
What are the standard overdraft practices that come with my account?
First State Bank does authorize and pay overdrafts for the following types of transactions under our Courtesy Coverage service:
- Checks and other transactions made using your checking account number
- Automatic bill payments
First State Bank does not authorize and pay overdrafts for the following types of transactions unless you ask us to by opting-in to our Courtesy Coverage Plus service (see below):
- ATM transactions
- Everyday debit card transactions
Overdrafts are paid at our discretion, which means First State Bank does not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined.
What fees will I be charged if First State Bank pays my overdraft?
Under our standard overdraft practices:
- You will be charged $33 per overdraft whether the item is paid or returned.
- First State Bank limits the total fees you can be charged for overdrawing your account to a maximum of 5 items.
- If your account remains overdrawn for five or more consecutive business days, on the sixth day a $5 continuous overdraft fee will be assessed until the overdraft is paid in full.
- The maximum we will charge you is $170 each business day (5x$33 Overdraft/Return Item Fee)+ $5 continuous overdraft fee = $170) to process your transaction that exceed your account balance.
What if I want First State Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions with Courtesy Coverage Plus?
If you would like us to authorize and pay overdrafts on ATM and everyday debit card transactions, complete the form below and press the submit button.