Overdraft Privilege

Having a check returned due to insufficient funds can be a costly experience. With Overdraft Privilege, you’ll have peace of mind knowing you have an extra level of protection against account reconciliation errors, unanticipated cash flow emergencies or other unintended overdrafts. Other overdraft protection options include having funds transferred from a line of credit or other designated account to your Checking Account to cover payment when an unexpected overdraft occurs.

Please be aware of the following:

• Overdrafts can be created by: Checks, ACH Transactions, In-Person Withdrawals, Internet Banking, Preauthorized Automatic Transfers, Telephone Banking, ATM activity or Debit Card transactions, and will result in a fee of $37 per item paid or returned. Accounts will be charged an overdraft per day fee of $5 after the account has been negative for 4 days.
• Planters Bank does not encourage overdrawing your checking account. Overdraft Privilege is a non-contractual courtesy available to Personal Checking Account holders in good standing and is subject to approval.
• Overdraft Privilege is subject to approval. When Planters Bank pays overdraft items, customers will be charged normal NSF-item paid fee for each item presented. You must bring your account to a positive balance within a 30-day period. Whether overdrafts will be paid is discretionary and Planters Bank reserves the right not to pay. For example, the bank typically does not pay overdrafts if the account is not in good standing, if the customer is not making regular deposits or if the customer has too many overdrafts.
• Overdraft Privilege will only be available for ATM and everyday Debit Card transactions if you authorize the Bank to pay those transaction types (see ATM/Debit Card Consent Form). If you authorized Overdraft Privilege for ATM transactions, please verify your balance before initiating an ATM withdrawal.
  
  Tips on Avoiding Overdrafts – The following tips can help you manage your account wisely to avoid overdraft situations.
   
  • Keep an eye on your account balance prior to writing a check or using your debit card. Prevention is your best medicine.
    • Review your transactions on an ongoing basis.
    • Use services, such as Online Banking, to help you keep up-to-date with your balance.
    • Remember to record and deduct Checks, Automatic Recurring Payments and Debit Card transactions and to add any deposits that have not yet been posted to your account.
    • Do not use your Debit Card like you use your Credit Card. Your Debit Card is like an electronic check and the funds are automatically deducted from your account.
  • Ask your Planters Bank representative about all of its overdraft services. Community banks generally offer three types of overdraft services: Overdraft Lines of Credit, Transfers or Sweeps from a Savings Account or another Checking Account, and Overdraft Coverage.
    • Overdraft Lines of Credit charge interest but provide a safety net. They may also have an annual fee. If needed, disbursements can be repaid over a period of time. (This service requires you to complete an application, and approval is based on your credit worthiness.)
    • Transfer or Sweep arrangements allow customers to cover overdrafts using their own funds for a small transaction fee.
    • A bank may occasionally choose to pay an Overdraft for a fee to avoid consumers having the inconvenience of returned transactions – embarrassment, fees and hassles from merchants.
    • Talk to your Planters Bank representative about the best choice(s) for you.

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