Overdrafts and Overdraft Fees
Revision of Federal Regulation E Effective August 15, 2010
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 practices that may come with your account.
- We also offer overdraft protection plans, such as a link to a savings account or line of credit, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans. This notice explains our standard overdraft practices.
- First Reserve Line of Credit. This line of credit is a personal, unsecured loan subject to credit approval. It can cover your account should it become overdrawn. Please talk to your Personal Loan Officer to find out more.
- Sweep/Automatic Transfer. "Link" your main checking account to a secondary account where you keep extra funds available. If you overdraw your main account, the Bank transfers funds from a secondary account that you have with us. A small fee is charged, but it will help avoid a Return/Overdraft Item Fee. See any Personal Banker or call Customer Service to set up this convenient service.
What are the standard overdraft practices that may come with my account?
We do authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- Automatic bill payments
We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):
- ATM transactions
- Everyday debit card transactions
We pay overdrafts at our discretion, which means we do not guarantee we will always authorize and pay any type of transaction.
If we do not authorize and pay any overdraft, your transaction will be declined.
What fees will I be charged if First Financial Bank pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee of $27.50 each time we pay an overdraft.
- There is no limit on the total fees we can charge you for overdrawing your account.
Please refer to the Discretionary Overdraft Privilege Program section in the Depository Agreement for further terms and conditions