OVERDRAFT PRIVILEGE POLICY
(A Discretionary Overdraft Service)
OVERDRAFT PRIVILEGE SERVICE POLICY
It is TrustBank’s (“we, us, or our”) policy to comply with applicable laws, rules and regulations, and to conduct business in accordance with strict safety and soundness standards. A non-sufficient funds (overdraft/negative) balance may result from: A) The payment of checks, electronic funds transfers, or other withdrawal requests you initiate: B) Payments authorized by you; C) The return, unpaid, of items deposited by you; D) Charging your account for our applicable service charges and fees; E) The deposit of items to your account which, according to our Funds Availability Policy, are treated as not yet “available” or “finally paid”. We are not obligated to pay any item initiated for payment against your account if your account does not contain sufficient funds.
Rather than automatically returning, unpaid, any non-sufficient funds items that you may have, if your eligible account has been open for at least thirty (30) days and thereafter you maintain your account in good standing, which includes at least: (A) Continuing to make deposits consistent with your past practices, and depositing at least $400.00 or more in your account within each thirty (30) day period, (B) You are not in default on any loan obligation to us, (C) You bring your account to a positive balance (not overdrawn) as soon as possible and at least once every thirty (30) days. You have no legal right to defer payment of your outstanding overdrafts including our fees, and (D) Your account is not the subject of any legal or administrative order or levy, such as bankruptcy or a tax lien, we will consider, without obligation on our part, approving your reasonable overdrafts up to your assigned overdraft privilege limit. This discretionary* service will generally be limited to a $400 overdraft (negative) balance for Free Checking accounts and a $700 overdraft (negative) balance for other eligible personal checking accounts (subject to approval). Our normal fees and charges including, without limitation, our non-sufficient funds/overdraft privilege fees (currently $32.00 per non-sufficient fund item) as set forth in our fee schedules will be included in these limits and will be charged for each transaction presented for payment against non-sufficient funds. We will charge our normal fee of $32.00 whether we approve the item for payment or not. We will not charge an OD Limit fee on items that overdraw a customer’s account $3.00 or less. We will limit the number of OD Limit fees and paid NSF fees to a maximum of 7 per day. OD Limit fees, paid NSF fees, and returned NSF fees may be waived with officer approval.
We may refuse to pay an overdraft for you at any time, even though your account is in good standing and even though we may have previously paid overdrafts for you. You will be notified by mail of any non-sufficient funds items paid or returned that you may have; however, we have no obligation to notify you before we pay or return any item. The amount of any overdrafts including our fees that you owe us shall be due and payable immediately. If there is an overdraft paid by us on an account with more than one (1) owner on the signature card, each owner, and agent if applicable, drawing/presenting the item creating the overdraft, shall be jointly and severally liable for such overdrafts including our fees.
• Optional Overdraft Protection Services: We offer additional overdraft protection services that you may apply for. These include our TrustLine line of credit overdraft protection, and automatic transfers from a savings account of yours with us. If you apply and are qualified for these optional services, you may save money on the total fees you pay us for overdraft protection services.
• Ineligible Accounts and Limitations: Available only for eligible personal checking accounts that are maintained in good standing as defined above. Savings Type Accounts, Money Market Accounts, Public Fund/Charitable Organization Accounts, All Business/Commercial Accounts, Trust/Estate Accounts and Minor Accounts are not eligible for this service. We may, in our sole option and discretion, limit the number of your accounts eligible for the Overdraft Privilege Service to one account per household and/or one account per taxpayer identification number.
• Eligible Account Types: The account types that are eligible for the Overdraft Privilege Service are: iChecking, Free Checking, Classic Checking, Advantage Checking, Advantage Classic Checking, Advantage Plus Checking, and our VIP Checking.
• Eligible Transaction Types: NSF transactions initiated for payment against your checking account(s) may be approved/paid by us using, and up to, your assigned Overdraft Privilege Service Limit, including our fees. The eligible transaction types will include, without limitation: checks, ACH, electronic transactions, Home or Internet Banking bill payments and transfers, and Telephone Banking transfers. We will not authorize one time debit card transactions and ATM withdrawals unless you opt in to the service.
• You May Always Opt-Out: You may choose at any time to not participate in the Overdraft Privilege Service by notifying one of our Personal Bankers who will explain what this (“Opt Out”) means, and the potential consequences for you.
• If You Need Help: Of course, overdrafts should not be used to pay ordinary or routine expenses and you should not rely on overdrafts as a means to cover these expenses. If at any time you feel you need help with you financial obligations please contact one of our Personal Bankers at (800) 766-3451.
* ALWAYS A DISCRETIONARY SERVICE: Our Overdraft Privilege Service does not constitute an actual or implied agreement between you and us. Nor does it constitute an actual or implied obligation of or by us. This service represents a purely discretionary courtesy or privilege that we may provide to you from time to time and which may be withdrawn or withheld by us at any time without prior notice or reason or cause.