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 for checks, ACH
withdrawals, ATM withdrawals and debit transactions in two different ways:
- We have standard overdraft practices that come with your account.
- We also offer overdraft protection plans, such as a link to a savings account,
which may be less expensive than our standard overdraft practices. To learn more,
ask us about these plans.
This notice explains our standard overdraft practices.
What are the standard overdraft practices that come with my account?
We do authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- Automatic bill payments
Effective August 15, 2010, we will not authorize and pay overdrafts for the following
types of transactions unless you participate in our Premium Overdraft Plus
- ATM transactions
- Everyday debit card transactions
We pay overdrafts at our discretion, which means we do not guarantee that we will
always authorize and pay any type of transaction.
If we do not authorize and pay an overdraft, your transaction will be declined.
What fees will I be charged if FAIRWINDS pays my overdraft?
Under our standard overdraft practices, we will charge you a fee of $35 each time
we pay an overdraft.
Effective August 15, 2010, FAIRWINDS will not assess fees on debit card and ATM
overdraft items that are less than $5.
There is no limit on the total fees we can charge you for overdrawing your account.