Overdraft Privilege Means…
- Avoiding excessive charges from merchants on returned checks
- New convenience and flexibility in managing your funds
- During the first 6 months that the account is open, we will consider payment of overdrafts up to $100.00
- After 6 months, we will consider payment of overdrafts with accounts opened online of up to:
-$400 on Premier Basic and Premier e-Checking Accounts
-$700 on Premier Classic and Premier Privilege Accounts
-$900 on Premier Plus and Premier Elite Accounts
-$1,500 on all Premier Business Checking Accounts for Sole Proprietors
Premier will charge our normal insufficient funds or overdraft fees, as set forth in our fee schedules, for each item that would create an overdraft on your account. We are not guaranteeing payment of your overdrafts, not all accounts are eligible, and some restrictions apply. Overdraft consideration is exclusively for eligible Premier Banks Personal Checking Accounts and Sole Proprietorship Business Checking Accounts Customers.
Overdraft Privilege Policy Service Description (A Discretionary Overdraft Service)
Overdrafts can be created by check, in person withdrawal, or other electronic means. Premier Banks complies with applicable laws and regulations, and conducts business in accordance with applicable safety and soundness standards.
At its discretion, Premier may pay overdrafts resulting from:
A) The payment of checks, electronic funds transfers, or other withdrawal requests,
B) Payments authorized by the account holder,
C) The return unpaid, of items deposited by the account holder,
D) The imposition of applicable service fees, or
E) The deposit of items which according to the Bank’s Funds Availability Policy, are treated as not yet “available” or finally paid.
These items are processed in the order that they are received.
We are not obligated to pay any item presented for payment if your account does not contain sufficient collected funds.
We are not obligated to pay any item presented for payment if your account does not contain sufficient collected funds. The Bank may pay overdrafts up to $100 during the first six (6) months after account opening rather than automatically returning these items unpaid. After your eligible account has been open for at least six (6) months, and if you thereafter maintain your account in good standing, which includes at least:
A) Continuing to make deposits consistent with your past practices, and depositing at least $400 or more in your account within each thirty (30) day period,
B) You are not in default on any loan obligation to the Bank,
C) You bring your account to a positive balance (not overdrawn) at least once every thirty (30) days, and
D) Your account is not the subject of any legal or administrative order or levy, we will consider, without obligation on our part, approving your reasonable overdrafts.
This discretionary service is not a line of credit and will generally be limited to $400 on Premier Basic and Premier e-Checking Accounts, $700 on Premier Classic and Premier Privilege Accounts, $900 on Premier Plus and Premier Elite Accounts, and $1,500 on all Premier Business Checking Accounts for Sole Proprietors (subject to approval). If you decide that Overdraft Privilege does not meet your needs, you may apply for a Ready Reserve line of credit or Savings Overdraft Sweep.
Any and all fees, including without limitation our insufficient funds/overdrafts fees of $30 per paid or returned item, and $10 per day after 3 consecutive days overdrawn, will be included in this limit and will apply to any transaction(s) that overdraws your account by more than $10 including, but not limited to, payments authorized by checks, ACH/Electronic items and Debit Cards. The amount of insufficient funds/overdraft fees that the bank may charge is capped at $120/day.
We may refuse to pay an overdraft for you at anytime, even though your account is in good standing and/or we have previously paid overdrafts for you. You will be notified by mail of any insufficient 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 overdrafts plus our insufficient funds and/ or overdraft (NSF/OD) fee(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 that 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 overdrafts plus our insufficient funds and/or overdraft (NSF/OD) fee(s).
After a month of failure to respond to bank requests, the Bank may proceed with actions that may result in a judgment or check systems report being filed, a turn to conciliation court, or a collections agency. In extreme cases, you may negotiate a Fresh Start Plan with the Bank to help you get your account to a positive balance.
LIMITATIONS: All Savings Type Accounts, All Money Market Accounts, All Public Fund / Charitable Organization Accounts and Minor Accounts are not eligible. We may limit the number of accounts eligible for Overdraft Privilege Service to one account per household and / or one account per Tax Payer Identification Number.
The Overdraft Privilege Service does not constitute an actual or implied agreement between you and the Bank. Nor does it constitute an actual or implied obligation of or by the Bank and is not a line of credit.
This service represents a purely discretionary courtesy or privilege that the Bank may provide to you and which may be withdrawn or withheld by us at any time without prior notice, reason or cause, including excessive or abusive use of this service. Termination of the service may result in the risk of items being returned unpaid and any fees associated with their return.