ATM and Debit Card Overdraft Coverage Opt-In

What You Need to Know about Overdrafts and Overdraft Fees

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:

  1. Overdraft Privileges program, as described below;
  2. Overdraft Protection Plans, such as a link to a savings account or line of credit, which may be less expensive than our standard overdraft service.

What is Overdraft Privileges?

We may authorize and pay overdrafts for the following types of transactions:

  • Checks and other transactions made using your checking account
  • Automatic bill payments.

We do not authorize and pay overdrafts for the following types of transactions unless you Opt-In (see below):

  • ATM transactions
  • One-time debit card transactions (i.e. non-recurring transactions)

We pay overdrafts at our discretion and do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize your transaction, it will be declined.

What fees will Lake City Bank charge if I use the Overdraft Privileges program?

  • We will charge a fee of $37 each time you overdraw your account and we pay the overdraft.
  • We will charge $25 on the fifth day of continuous negative balance and then $25 every additional five days of continuous negative balance (up to and including four fees per occurrence).
  • Accounts are limited to six Overdraft fees per business day.

If you want Lake City Bank to authorize and pay overdrafts on your ATM and one-time debit card transactions, please complete the secure form below.

Note: A separate opt-in form must be completed for each account you wish to cover.

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