An overdraft occurs when a bank makes a payment that has been requested (such as a check), even though there are not enough funds available in the account to cover it. This type of payment is known as an “overdraft” and the account is said to have been “overdrawn.” Overdraft Services offered by NorthSide Bank include how the bank handles transactions that overdraw an account as well as ways to prevent overdrafts from occurring.
Standard Overdraft Practice
It is NorthSide Bank’s Standard Overdraft Practice to only pay a check, ATM withdrawal, everyday purchase made with a debit card, Online Bill Pay or other electronic transaction, when we determine there’s enough money available in your account at the time of transaction. When there aren’t enough funds, and you haven’t opted-in to an overdraft coverage option, the bank handles it as follows:
- For ATM withdrawals, Online Bill Pay, everyday debit card purchases, and for electronic transactions, our standard practice is to decline the transaction and not charge a fee.
- For checks written off of your account, we may return the item and charge a $20.00 per item Returned Non-sufficient Funds (NSF) Fee. A consumer account will not be charged more than $60.00 per day in NSF Fees. Also, if the account is overdrawn for $10 or less after paying an item, no fee will be assessed.
We understand that sometimes things happen. You may make an honest mistake in your check book or forget to make a deposit. Therefore, in order to help protect your account and reputation, NorthSide Bank offers Overdraft Protection Options that you may be eligible to sign up for, or Opt-in, to cover your overdrafts.
Visit any NorthSide Bank branch to sign-up for overdraft protection options or to learn more.
Compare Overdraft Protection Options
|STAR Pay Overdraft Program||STAR Pay Overdraft Program with Electronic Transactions Coverage||Overdraft Protection Plan – Linked Deposit Account||Overdraft Protection Plan – Linked Personal Line of Credit|
|Details||Offered to all customers with an eligible checking account in good standing. This service will generally pay overdrafts up to a maximum overdraft limit.||If you opt-in to STAR Pay, you will be given the additional option to opt-in to the same coverage on any electronic transactions such as, ATM withdrawals, Online Bill Pay, one-time debit card purchases and any other electronic transactions. Electronic transaction opt-in coverage excludes ACH and recurring debit card transactions.||Links your eligible NorthSide Bank checking account to another NorthSide Bank account, such as a savings account or a second checking account. Then, if the checking account doesn’t have enough money to cover any transaction, available funds will be transferred automatically from the linked account.||Links your eligible NorthSide Bank checking account to a Personal Line of Credit (loan). Then, if the checking account doesn’t have enough money to cover any transaction, available funds will be transferred automatically from the line of credit. Personal lines of credit are subject to credit approval.|
|Covers overdrafts created by:|
|Other Debit Payments|
|ATM Withdrawals and Transfers|
|Everyday Debit Card Transactions|
|Sign-up (or Opt-in) Required|
|Cost||Normal Overdraft (OD Limit) and/or NSF fees of $20.00 per item will apply. Additional fees may apply. See the Star Pay Disclosure for more detail.||Normal Overdraft (OD Limit) and/or NSF fees of $20.00 per item will apply. Additional fees may apply. See the Star Pay Disclosure for more detail.||Normal OD Limit or NSF fees are not charged and you only pay a $5.00 Overdraft Transfer Fee each time an overdraft transfer occurs.||Normal OD Limit or NSF fees are not charged and you only pay the fee associated with the transfer. Transfers may incur finance charges according to the line of credit agreement.|
There are many ways to prevent overdrafts from occurring. The best method is to keep track of your account balances.
To help prevent overdrafts:
- Use NorthSide Bank online banking or mobile banking to frequently view your account balances.
- Set balance threshold alerts to notify you daily by email or text.
- Transfer funds using your phone, no matter where you are, with NorthSide mobile banking.
- Set up automatic deposit to ensure that funds are promptly deposited into your accounts. You can also use Mobile Deposit to deposit checks with your phone. Create an email or text alert to receive confirmation of the deposit.
- Record your activity in your checkbook and review monthly account statements.
If you’re faced with a challenging financial situation:
- Review your expense and income to determine an appropriate spending plan for your current situation. www.smartaboutmoney.org has some great tools and tips you can explore.
- If you realize you cannot make expected payments or have overdrawn your account, contact your financial institutions to learn your options. By addressing the issues immediately and directly, you may be able to find alternative solutions that fit your situation.
- Seek guidance on your situation. The National Foundation for Credit Counseling is a non-profit credit counseling organization, with community-based members in every state. Search for a local credit counselor in your area and make contact. http://www.nfcc.org/
NorthSide Bank offers different overdraft protection options, including STAR Pay Overdraft Program, Overdraft Protection Plan – Linked Accounts, and Overdraft Protection Line of Credit. Not all account types are eligible for all overdraft services. Some restrictions may apply. Please see Star Pay Disclosure for more details.