You have choices when it comes to protecting your accounts. Review our Overdraft Protection options or speak with a representative to find the solution that's best for you.
Good Account Management
To prevent overdraft fees, we recommend that you maintain all account activity in a check register and routinely reconcile your account to the balance reported by the bank. Using our automated telephone information system, Online Banking, and Online Banking Alerts to monitor your account balance and account activity can assist you in managing your account. As an example, Online Banking Alerts can be set to e-mail you when your balance drops below an amount you set.
Managing your finances responsibly is the best way to avoid overdrafts and fees. However, if a mistake occurs, Peoples Exchange Bank offers the following alternatives to cover overdrafts.
1. Overdraft Transfer from a Deposit AccountThis product allows you to protect your account against overdraft and insufficient item fees by transferring funds from another account when needed. By creating a link between your primary checking account to a secondary checking or savings account with our bank, any presented items that would cause an overdraft in the primary account will be paid by available funds that are automatically transferred from the secondary account. Regardless of the number of insufficient items, only one Overdraft Sweep Fee of $5 will be assessed per day.
Certain account types have transaction limitations; please speak to a Customer Service Representative to determine whether transaction limitations apply.
2. Overdraft Transfer from a Line of Credit
Upon credit approval you could qualify for a revolving Overdraft Line of Credit that would be tied to your checking account and protect you against overdraft and insufficient funds fees. Any presented items that would cause an overdraft in the account will be paid by funds that are transferred from the line of credit (up to the available limit). This Line of Credit is a loan that you pay back with interest. Other fees may apply. Please see a Peoples Exchange Bank loan officer to apply or for more information about this product.
3. Optional Overdraft Protection Services (Bounce Protection)
When you do not have enough available funds in your account to cover an item, we may allow you to overdraw your account. At the bank's discretion, we may pay and permit transactions for items, including checks, pre-authorized automatic debits, telephone-initiated transfers or other electronic transfers, when there are not sufficient available funds. We cannot authorize or pay overdrafts for ATM or point-of-sale debit card transactions unless the account holder authorizes us to do so. If the account holder does not authorize us to pay an overdraft on ATM and everyday debit card transactions, the transaction will be declined.
For an account to be eligible for Bounce Protection it must meet the following criteria:
- Account has been open for at least 30 days
- Deposits totaling two times the Bounce Protection limit within the first 60 days of account opening
- Only applies to specific checking account products
The bank reserves the right to suspend Bounce Protection from any account. We offer this service as a courtesy in anticipation that you will be making a deposit as soon as possible to bring your account to a positive balance, but no later than 30 days after the account balance was first negative. We are under no obligation to pay items when your account has insufficient funds, even if previous transactions were paid.
Fees: One NSF Returned Item(s) Charge of $32.00 is charged to your account for each transaction item that is returned unpaid. An NSF or Bounce Paid Item(s) Charge of $32.00 is charged to your account for each overdraft transaction item that is paid.
Opting Out: If you decide you no longer want this service, you can request to “opt out” of our Overdraft Protection Services by visiting one of our branches or by calling us at 800-364-3631. If you choose not to participate in our Overdraft Protection Services be aware that any item presented against insufficient funds on your account may be returned or denied whenever possible, regardless of the type of transaction (pre-authorized debits, ATM withdrawals, transfers, point of sale (POS), in-branch withdrawals, and checks).
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