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Overdraft Services

We offer several options that can help when balances get low. 

It is best to avoid transactions that will overdraw the available funds in your account. However, we realize that it may happen from time to time. We offer overdraft services and privileges that may help you avoid declined transactions or returned items.1

 

We have several ways an overdraft can be covered.

 

Overdraft Transfer from Savings Account
We can set up an Overdraft Transfer from your Savings account, and funds will be transferred from your linked Savings account to cover the transaction that would cause a negative Available Balance in your Checking account.2 There is a fee for each Overdraft Transfer under this service. Please note that the Overdraft Transfer from you Savings account service is not automatic, and you must opt-in to receive this service.

 

Overdraft Transfer from Line of Credit 
You can use available funds from your previously approved AllSouth Line of Credit to cover your Checking account when a transaction overdrafts the Available Balance in your account.3 This is referred to as the Overdraft Transfer from Line of Credit service. If you choose this option, funds will be transferred (if available) from a linked Line of Credit you hold with AllSouth. Please note that the Overdraft Transfer from Line of Credit service is not automatic, and you must opt-in to receive this service.

 

Overdraft Privilege
We also have our Overdraft Privilege4 service in which we will strive to pay checks, ACH transactions, recurring debit card transactions, and other transfers (excluding ATM and everyday onetime debit card transactions) for you when you withdraw more money than is shown in your Available Balance. 

Please remember that the amount available for Overdraft Privilege varies and each transaction is approved at AllSouth’s discretion. You should not count on Overdraft Privilege being available and you should only make debit transactions when you have funds available in your account.
 

 

Overdraft for ATM and Everyday Debit Card Transactions

If you would like to have your ATM and everyday debit card transactions protected with overdraft services, just let us know by choosing to opt-in.  If you do choose to opt-in, your account will be charged a fee per overdraft, if you do not have available funds in your account.

To have debit card transactions covered, complete the opt-in form securely online using DocuSign. You may also go by any branch location to complete the form. 

You may choose at any time not to participate in Overdraft Privilege and Overdraft services for ATM and Everyday Debit Card Transaction by completing the opt-out form. 

 

 

 

For more information, including terms and conditions, on Overdraft Services please speak with a Member Service Representative.

 


1 Charges for each overdraft presented against your account do not obligate AllSouth to pay an overdraft, nor is AllSouth obligated to provide prior written notice of the decision to refuse payment of an overdraft.
2 AllSouth is not obligated to cover any items, defined as checks, ATM withdrawals, point of sale (POS) or debit card transactions, preauthorized debits, automated clearing house (ACH), or any other electronic transactions, presented for payment if, on any day, the available funds in your Savings account or other linked accounts are not sufficient to pay the full amount of the item.
3 When using Overdraft Transfer from a Line of Credit, it is treated just like any other draw on the Line of Credit and is subject to any Line of Credit fees plus interest.
4 When an account has insufficient funds, a fee is charged for every non-sufficient fund item presented, whether the item is paid or returned. Eligibility for Overdraft Privilege is based on criteria established by AllSouth. These criteria may be revised from time-to-time by us without notice to you. We will continually evaluate your account activity based on this criteria to determine whether we are able to continue to honor items that may cause an overdraft situation on your account. The Overdraft Privilege discretionary service is automatically applied to qualifying accounts. If you prefer that AllSouth not honor any items when there are not enough available funds in your account, you or another account owner may opt-out of the Overdraft Privilege discretionary service by contacting AllSouth and expressing this preference. You are fully aware that without this discretionary service or some other form of overdraft protection (such as the Overdraft Transfer from your Savings Account or Overdraft Transfer from Line of Credit services), any items presented that overdraft the account may be returned unpaid with the applicable non-sufficient fund fee charged to the account for each item presented. The Consumer Membership Agreement prescribes the duties, obligations, and rights of the account owner, as well as the authorized signers and AllSouth with regard to the account.
5 This protection is not automatic, you must opt-in to this service.  If you choose to opt-in, and you withdraw more money than is shown in your Available Balance, we will strive to pay those everyday debit card purchases and ATM transactions. If we cover an overdraft for you, your account will be charged a fee per overdraft. If you do not opt-in, the transactions will be denied/declined.