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:

  1. A link to a savings or money market deposit account you have with us
  2. An overdraft line of credit
  3. 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?*
Checks Yes
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)
*Overdraft coverage is discretionary, and does not guarantee that we will pay all overdrafts.

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.)
**The daily maximum limit on overdraft fees is $210.00 (six (6) items/$35.00 per item). The daily de minimis limit is $20.00 (If the account is overdrawn by less than $20.00, no fee will be assessed.)

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:

If I wish to change my decision in the future, what do I need to do?
Notify us as described above (call, visit one of our locations or complete online).

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.