Checking

Overdraft Services

What is an overdraft?

An overdraft occurs when you do not have enough money in your account to cover a transaction. Transactions causing overdrafts can include checks, ATM cash withdrawals, online bill payments, debit card purchases, transfers to another account, etc.

What happens when I overdraw my account?

Lake City Bank will charge your account a $37 fee for each transaction causing an overdraft (up to and including six per day) unless the amount of the overdrawn balance is $5 or less. We charge a $37 Overdraft fee if the item is paid or a $37 NSF (Non Sufficient Funds) fee if the item is returned. If you don’t bring your account to a positive balance, you will be charged an additional Overdrawn fee of $25 on the fifth day of continuous negative balance (up to and including four fees per occurrence).

How can I avoid overdrafts?

The two most economical ways to avoid overdrafts are through a PATS Agreement or through a line of credit.

  • A Pre-authorized Transfer Service (PATS) agreement authorizes Lake City Bank to cover your overdraft from available funds in another checking or savings account at Lake City Bank. We make transfers in $100 increments and charge you $10 per transfer.
  • A Lake City Bank line of credit can be set up to transfer funds automatically from your line to cover the overdraft. We may assess a transfer fee depending on the terms of the line of credit agreement.

What about Overdraft Privileges? What is that?

Overdraft Privileges is a secure, convenient and confidential service that is automatically available to customers whose eligible accounts are open for at least 60 days and remain in good standing. If you overdraw your checking account, Lake City Bank may cover your shortfall up to $750 instead of returning your item unpaid. So if you overspend by mistake, Overdraft Privileges can save you the embarrassment of having an item returned unpaid, additional merchant penalty fees and the inconvenience that comes with bouncing a check.

Do I have to pay for Overdraft Privileges?

Lake City Bank doesn’t charge for Overdraft Privileges but the usual $37 Overdraft fee will apply for each transaction paid. Whether your overdrafts will be paid is discretionary and Lake City Bank reserves the right not to pay.

What does Overdraft Privileges cover?

Overdraft Privileges covers transactions such as checks, in-person withdrawals, pre-authorized electronic transactions and automatic bill payments.

What isn’t covered by Overdraft Privileges?

Overdraft Privileges does not cover ATM and one-time debit card transactions unless you authorize Lake City Bank to pay these types of transactions causing an overdraft. If you do not authorize Lake City Bank to authorize and pay overdrafts for ATM and one-time debit card transactions, then the transaction will be declined. If you authorize Lake City Bank to pay overdrafts for ATM and one-time debit card transactions, you may revoke that authorization at any time by contacting the One Call Center at (888) 522-2265.

How do I authorize Lake City Bank to pay overdrafts for ATM and one-time debit card transactions?

Complete and submit this form. You can also contact your local Lake City Bank branch or call the One Call Center at (888) 522-2265 and request an ATM and Debit Card Overdraft Coverage Opt-In form.

What’s the easiest way to keep track of my account?

Lake City Bank provides convenient round-the-clock access to your account information through Online Banking and Mobile Banking. We encourage you to enroll in these free services to help you manage your account responsibly.

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