Overdraft Protection/Fees
An insufficient balance could result in several ways, such as (1) the payment of checks, electronic funds transfers, or other withdrawal requests; (2) payments authorized by you; (3) the return of unpaid items deposited by you; (4) the imposition of bank service charges; or (5) the deposit of items which, according to the bank's Funds Availability Policy, are treated as not yet available or finally paid. We are not obligated to pay any item presented for payment if your account does not contain sufficient funds. However, if you maintain your account in good standing (defined as making regular deposits and bringing your account to a positive balance at least once every 30 days) and there are no legal orders outstanding, we may approve your reasonable overdrafts as a non-contractual courtesy. Normally, we will not approve an overdraft for you in excess of the pre-determined amount assigned to your account type, including our non-sufficient funds handling fee charge(s). We may refuse to pay an overdraft for you at any time, 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 overdraft plus our non-sufficient funds handling fee charge(s) that you owe us shall be due and payable upon demand. 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 overdraft plus our non-sufficient funds handling fee charge(s).
You should note that your We Got You Covered protection limit will be included in your available balance provided at our proprietary ATM machines.
Other Important Disclosures or Clarifications Regarding We Got You Covered Protection
- Whether your overdrafts will be paid is discretionary and we reserve the right not to pay. For example, we typically do not pay overdrafts if your account is not in good standing, or you are not making regular deposits, or you have too many overdrafts.
- Your use of the program may be expensive. Multiple overdraft charges of $30.00 per item may be charged against the account per day, depending on the number of checks presented on, and other withdrawals made from, the account.
- Impact of Transaction Clearing Policies: Transactions may not be processed in the order in which they are received. Currently the bank posts the largest items first, which may result in greater NSF fees (it may also eliminate the bank’s return of larger items that may be more embarrassing to our customer).
- Disclosed Overdraft Protection Dollar Limit: Fees charged ($30.00) for each overdraft item, as well as the amount of the overdraft item, will be subtracted from any available overdraft protection limit ($500.00).
- Free Accounts: These accounts will also be charged the bank’s regular non-sufficient funds (NSF) fee of $30.00 for each NSF item.
- Opt-Out: If you decide that you no longer wish to participate in the We Got You Covered protection program, you may opt-out at any time. Please contact a customer service representative.
LIMITATIONS: We Got You Covered protection is a non-contractual courtesy which is available to individually/jointly owned accounts in good standing for personal or household use. Bank of South Texas reserves the right to limit participation to one account per household and to discontinue this product with 30 days prior notice.
