Three Exciting Updates Coming Your Way!
We are pleased to share three changes related to insufficient funds and overdraft charges effective April 1, 2024.
-
Overdraft Transfer Fee- Customers who have established the option for their savings account to be utilized to pay overdrafts currently incur a $9.00 fee for each transfer to their checking account. This fee has been eliminated and transfers from savings to pay for overdrafts will be free of charge.
-
Courtesy Overdraft Threshold- Checking account customers currently have a courtesy overdraft threshold amount of $10.00 where overdrafts in the amount of $10.00 or less are paid without an insufficient funds fee. To provide customers with additional flexibility, this courtesy threshold is being increased to $25.00.
-
Insufficient Funds Representment Fees - When checks, ACH withdrawals and other items are returned unpaid due to insufficient funds in the account, these items can be subject to additional fees should the same item be submitted again and the funds are still unavailable in the account. These additional fees are being eliminated. Should an item be returned unpaid for insufficient funds, a fee will be assessed only on this first occurrence. Additional fees will not be charged should these items be presented again while funds remain unavailable.
Want to learn more about avoiding overdrafts?
