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What are Overdraft Privileges?
Overdraft Privileges is a benefit of your personal checking account. The service will provide up to $1,000.00 in Overdraft Privileges on qualified checking accounts open at least 60 days and maintained in good standing.
How will Overdraft Privileges benefit me?
Overdraft Privileges will save you the embarrassment and expense of returned check when you make an honest mistake in your checkbook, have unplanned expenses, or run short on cash between paydays. Instead of returning checks unpaid, we will automatically pay them for you, up to $1,000.
How does Overdraft Privileges work?
When we receive an item for payment that causes that balance in your account to go below zero, we will pay the check or debit up to $1,000 including the overdraft fee. Your checking account is worry free knowing that Overdraft Privileges will cover you. Please, always manage your finances responsibly, but when you need it, Overdraft Privileges is there.
Is Overdraft Privileges a loan?
No. It is a service provided by the bank to help you manage your money. This service can be withdrawn at any time by the bank.
Do I have to apply for this service?
No. Overdraft Privileges is automatically added to your account as long as it meets the requirements of our Overdraft Privileges Policy.
How do I use my Overdraft Privileges?
This is automatic, too. Overdrafts are approved on your account for checks, you cash at our banking centers, withdrawals, checks, presented for payment, ATM withdrawals, or purchases.
How will I know when I'm overdrawn?
We will mail a letter notifying your when your account is overdrawn. We'll send reminder letter advising you of your overdraft until you bring your account up to a positive balance. We may even give you a call.
What if I go over my Overdraft Privileges limit?
When you exceed the Overdraft Privileges limit, any additional items will be returned or declined when presented for payment.
Is there a charge for Overdraft Privileges?
There is no annual fee or other for Overdraft Privileges. However, there are standard overdraft fees and per day charges which are described in our Overdraft Privileges Policy. The schedule of charges is also listed in the Schedule of Bank Service Fees given to you when you opened your account.
How long do I have to bring my account into balance?
Generally speaking, you should bring your checking account to a positive balance as soon as possible and certainly within 10 days. You have 30 days maximum to pay any overdraft and associated fees. However, depending on the situation, we can ask for repayment at any time. Any deposit you make or is made automatically will first be applied to any overdrawn balance and associated fees.
What happens if I can't bring my account to a positive balance?
With Overdraft Privileges you have 10 days to bring your account to a positive balance. If you still have a negative balance at that time, your Overdraft Privileges will be suspended or revoked until the account is returned to good standing, regardless if you've reached the $1,000 limit or not. If your account balance is negative for 30 days, you could lose checking privileges at Lake City Bank.
To learn more about Overdraft Privileges visit any our banking centers or call (888) 522-2265, or (574) 267-6144.
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