What You Need to Know About Overdrafts and Overdraft Fees
How does Bank of Granite treat overdrafts on my account?
Even if you do not have enough money in your account to cover a transaction, we may authorize and pay it anyway depending on the type of transaction you make. If we do, we will charge you fees (see below). This service, which comes with your account, is called "overdraft coverage."
As an alternative to overdraft coverage, we also offer overdraft protection plans that may be less expensive. Ask us about these plans. Our overdraft protection plans include:
- A link to a savings or money market deposit account you have with us
- An overdraft line of credit
- Bounce Protection
How does overdraft coverage apply to my account?
Overdraft coverage applies as shown in the table below.
|Type of Transaction||Do I have overdraft coverage?*|
|Automatic bill payments||Yes|
|Transaction using your checking account numbers||Yes|
|ATM transactions||No, unless you sign up for it (see below)|
|Every day debit card transactions||No, unless you sign up for it (see below)|
What happens if I don’t have overdraft coverage for a transaction?
If you do not have overdraft coverage, in most cases your transaction will be declined or returned. Applicable fees would be associated with that transaction. However, there may be instances when you can still overdraw your account. For example, you may have enough money in your account when we authorize a debit card transaction, but other transactions may reduce the funds in your account before the transaction clears. This may cause you to overdraw your account, and you will be charged fees.
What are the fees for overdraft coverage?
|Type of fee||Fee**|
|Overdraft fee||$35 for each overdraft item|
|Savings/Money Market Deposit Account transfer fee||
$1 charge for each transfer due to overdraft
(All other Savings & Money Market Deposit Account terms apply.)
How can I sign up for overdraft coverage for ATM and every day debit card transactions?
To sign up for overdraft coverage for ATM and every day debit card transactions for every account you own, or for information about overdraft protection plans:
- Enroll online at www.bankofgranite.com/overdrafts
- Call us at 800-844-3549 or
- Visit one of our 18 convenient Bank of Granite locations
Requests initiated before 3:00 p.m. will be processed the same business day.
Requests initiated after 3:00 p.m. and on non-business days will be processed the next business day.