OVERDRAFT PRIVILEGE On Personal Checking Accounts We’ve Got
You Covered! Overdraft Privilege Means…
- Avoid
additional merchant charges for redeeming returned checks.
- Additional
convenience and flexibility in managing your funds!
- Peace of mind,
knowing your checks will be honored!
Overdraft
Privilege will provide the ability to overdraw your account up
to $300 for the Ultimate Freedom Account, up to $500 for other
personal checking accounts and $700 for personal checking
accounts with regular recurring direct deposit (excluding
Ultimate Freedom Accounts).
Overdraft
Privilege is not available with the OOP’s Checking Account.
As long as your
account has been open 30 days and maintained in good standing,
which is defined as, but not limited to:
- Making regular
deposits sufficient to cover your transactions,
- Bringing your
account to a positive balance – not overdrawn for more than 30
consecutive days and
- Having no legal
orders outstanding on your account
We will normally
honor (pay) your overdrafts up to the limits set for your type
of account. These limits include normal Non-Sufficient Funds
(NSF) charges on each overdrawn item.
Overdraft
Privilege is extended as a non-contractual courtesy to our Union
State Bank personal checking customers. There are no additional
papers to sign and no action is required on your part. This
service costs you nothing unless you use the privilege.
If you write a
check, other payment or withdrawal request for more than the
funds on deposit in your account, we will cover them and save
you time, money and inconvenience. Our normal non-sufficient
funds or overdraft charge will apply to each item overdrawing
your account.
Union State Bank
Overdraft Privilegesm Policy and Funds
Availability Disclosure Addendum
It
is the policy of our bank to comply with applicable laws and
regulations, and to conduct business in accordance with
applicable safety and soundness standards. An insufficient
balance may result from:
The
payment of checks, or withdrawal requests;
-
Payments authorized
by you;
-
The return of
unpaid items deposited by you;
-
The imposition of
bank service charges; or
-
The deposit of
items which according to the Bank’s Funds Availability Policy,
are treated as not yet “available” or finally paid.
We
are not obligated to pay any item presented for repayment if
your account does not contain sufficient collected funds.
However if you maintain your account in good standing, defined
as: A) Making regular deposits; B) Bringing the account to a
positive balance every thirty days or less; and C) No legal
orders outstanding, we will approve your reasonable overdrafts
as a non-contractual courtesy. Generally we will not approve an
overdraft for you in excess of: $300 for the Ultimate Freedom
account open more than thirty (30) days, and $500 for other
personal checking accounts open more than thirty (30) days, and
$700 on personal checking accounts with regular reoccurring
direct deposit open more than thirty (30)days (excluding the
Ultimate Freedom Account). These limits include our
Non-Sufficient Funds and/or Overdraft (NSF/OD) Charge(s). We may
refuse to pay an overdraft for you at any time, even though we
may have previously paid overdrafts for you. You will be
notified by mail of any non-sufficient funds items paid or
returned that you may have; however, we have no obligation to
notify you before we pay or return any item. The amount of any
overdrafts plus our Non-sufficient funds and/or Overdraft
(NSF/OD) charge(s) that you owe us shall be due and payable upon
demand. If there is an overdraft paid by us on an account with
more than one (1) owner on the signature card, each owner, and
agent if applicable, drawing or presenting the item creating the
overdraft, shall jointly and severally be liable for such
overdrafts plus our Non-sufficient Funds and/or Overdraft
(NSF/OD) charge(s).
"Opt Out": You may chose at any time not to participate in
Overdraft Privilege by notifying one of our customer service
representatives in writing. You may mail or deliver this written
"opt out" request to Union State Bank. P.O. Box 600, Florence,
Texas 76527, attention Bookkeeping Department.
LIMITATIONS: Available only to consumer accounts (excluding
Oop’s Checking, Money Markets, and Savings Accounts) for
personal and household use and we may limit the number of
accounts eligible for Overdraft Privilegesm to
one account per household. Additionally we reserve the right not
to approve any overdrafts against your account until we can
verify that your account is being maintained in good standing,
as defined above. ACCOUNT FEES: Whether we pay or return
a Non-Sufficient funds item, a flat per-item handling fee of
$30.00 will be charged to your account as a Non-Sufficient Funds
or Overdraft (NSF/OD) charge, as set forth in our common fees
schedule.
Thank you for choosing Union State Bank!
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