Consider these ways to cover overdrafts:
|Overdraft Protection Link to Another Deposit Account you have at Chartway1||$6 fee per automatic transfer made on your behalf|
|Overdraft Protection Line-of-Credit1, 2||Subject to interest|
|Overdraft Privilege||$30 fee per item|
Overdraft Protection services apply to all types of transactions and may help protect your account from being overdrawn by automatically transferring funds to your checking account from another account or line-of-credit you may have at Chartway, for a fee and/or finance charge. Please note that overdraft lines-of-credit are subject to credit approval. We also have mobile, online, and telephone banking services to help you keep track of your balance.
Overdraft Privilege allows you to overdraw your account up to the disclosed limit for a $30 fee per item in order to pay a transaction.
Chartway may provide you a specific Overdraft Privilege limit depending on whether you have direct deposit. You will receive a letter approximately sixty (60) days after account opening for consumer accounts, informing you that Overdraft Privilege has been activated on your account. You do not have Overdraft Privilege until you receive this notification.
Even if you have Overdraft Protection, such as a transfer from another account, Overdraft Privilege is still available as secondary coverage if the other protection sources are exhausted.
Please be aware that the Overdraft Privilege amount is not included in your available balance displayed through online banking, mobile banking, telephone banking or Chartway ATMs.
When Overdraft Privilege is used, the Overdraft Privilege Fee of $30 will be imposed for overdrafts created by checks, ACH, point-of-sale, in-person withdrawals, or by other electronic means. If multiple items overdraw your account on the same day, each item will be assessed the $30 fee. This is the same fee that Chartway charges for items returned to the payee due to insufficient funds.
If an item is returned because the available balance in your account is not sufficient to cover the item and the item is presented for payment again, Chartway will charge a Non-sufficient Funds Fee each time it returns the item because it exceeds the available balance in your account. If, on representment of the item, the available balance in your account is sufficient to cover the item Chartway may pay the item, and, if payment causes an overdraft, charge an overdraft fee.
There is no limit to the number of Overdraft Privilege Fees that we will charge your consumer account per day. We will not charge an Overdraft Privilege Fee if your consumer account is overdrawn by $10 or less.
All fees and charges will be included as part of the Overdraft Privilege limit amount. Your account may become overdrawn in excess of the Overdraft Privilege limit amount as a result of the assessment of a fee. The total negative balance, including all fees and charges, is due and payable upon demand. Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all such amounts, as described in the Deposit Account and Disclosure Agreement.
If you have any questions about Overdraft Protection or Overdraft Privilege, please call us at (800)-678-8765 or visit a branch.
If you want us to authorize and pay overdrafts caused by everyday debit card transactions (Extended Coverage), tell us by using one of the methods below:
You can request to discontinue the Overdraft Privilege service in its entirety at any time — call (800) 678-8765 or visit one of our convenient branch locations. Without Overdraft Privilege, your insufficient funds items will be returned to the payee and/or declined at the point of purchase, unless you have Overdraft Protection available to cover the item(s). You will be charged the standard Non-Sufficient Funds Fee of $30 for all returned items.
Use our mobile, online, and telephone banking services, along with low balance alerts, to help you keep track of your balance. Call us at (800) 678-8765 to learn more.
The types of transactions covered by Overdraft Privilege depend on the coverage selected. See the chart below for more information.
If you choose Extended Coverage, all the transaction types listed in Standard Coverage are included, along with ATM and everyday debit card transactions. Chartway will not authorize overdrafts for ATM and everyday debit card transactions on consumer accounts unless you give us your consent to pay these overdrafts by electing Extended Coverage.
(No action required)
(Your consent required*)
|Recurring Debit Card Transactions||X||X|
|Online Bill Payments||X||X|
|Internet Banking Transactions||X||X|
|At the Teller Window||X||X|
|Everyday Debit Card Transactions||X*|