Overdraft Coverages

Overdrafts

Peoples State Bank can cover your overdrafts in two different ways:

  • Standard overdraft practices that come with your account, OR
  • Overdraft protection plan, which may be less costly than our standard practices.

Overdraft Protection

Overdraft Protection is a service that prevents your account from going negative by transferring funds from another account. There is no charge for this service, but it must be added to your account.

 

Overdraft Privilege

Overdraft Privilege is a service that comes with your account, if eligible. It covers overdrafts up to a disclosed limit and when used, there will be a fee of $30 per overdraft item paid (or $15 per item when the resulting negative balance is $10 or less) or $30 per item returned. It is the last form of coverage once you have exhausted any Overdraft Protection on your account. Overdraft Privilege will only cover debit card or ATM overdrafts on your consumer account if you gave consented to Extended Coverage. Business accounts automatically have Extended Coverage. Overdraft Privilege may pay overdrafts created by check, ACH, Point-of-Sale, ATM withdrawal, in-person withdrawal or other electronic items.

An overdrawn balance must be repaid within 32 days. We may not pay items under your Overdraft Privilege if you do not maintain your account in good standing by bringing your account to a positive balance within every 32 say period for a minimum of 24 hours, if you default on any loan or other obligation to Peoples State Bank of Hallettsville or if your account is subject to any legal or administrative order or levy.

For additional information about Overdraft Privilege, click here: What Else You Should Know.

To select Extended Coverage on your consumer account, click here: Extended Coverage Consent Form.

 

For additional information on preventing and managing overdraft fees, please see this helpful guide from the FDIC:

Your Guide to Preventing and Managing Overdraft Fees

 

 

 

 

 

 

 
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