Overdraft

OVERDRAFT SERVICES

Standard & extended coverage options available.

OVERDRAFTS & OVERDRAFT FEES

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways: 

  • We have standard overdraft privilege that comes with your account.
  • We also offer overdraft protection plans, such as a link to a savings account, which may be less expensive than our standard overdraft practices.

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OVERDRAFT SWEEPS

Overdraft Sweeps are an alternative and less expensive option to our Overdraft Privilege plans by linking your Independent Financial savings or checking account. It applies to all transactions and may help prevent return items by automatically transferring funds to your checking account.

OVERDRAFT PRIVILEGE

  • Our Standard Overdraft Privilege does not require you to opt-in and comes with your account. Standard Overdraft Privilege authorizes and pays overdrafts for the following types of transactions:
    •  Checks and other transactions made using your checking account number
    •  Automatic bill payments
  • Our Extended Overdraft Privilege which requires you to opt-in authorizes and pays overdrafts for the following types of transactions:
    • Checks and other transactions made using your checking account number
    • Automatic bill payments
    • ATM transactions
    • Everyday debit card transactions

If your account has been opened for 30 days and is in “good standing,” we may approve your overdraft items within your current available Overdraft Privilege limit as a courtesy. We do not guarantee we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined.

OVERDRAFT FEES

If we pay your overdraft:  

  • We will charge you a fee of $35.00 for each overdraft item we pay.
  • We will not charge you a fee for more than 5 items ($175.00) per day.
  • The bank will not charge a fee for items that overdraw your account by $10.00 or less. 

UN-ENROLL

UN-ENROLL: If you wish to remove all Overdraft Privilege coverage from your account, please make your request:

  • Call Customer Care at 800.460.6634.
  • Login to Online Banking and send a secure message.
  • Visit a Financial Center near you.

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