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OVERDRAFT DEFENDER

What is Overdraft Defender

You never know when an unanticipated expense or mathematical error will leave your checking account short of cash.

With Overdraft Defender, we will honor your overdrafts, at our discretion, up to an assigned limit. This gives you the peace of mind of knowing you will not have the embarrassment of having a check returned due to insufficient funds. Overdraft Defender is a special privilege for customers who have maintained their checking account in good standing.

There is no charge for Overdraft Defender unless you use it. If an overdraft occurs, the normal overdraft fee of $27.00 per item will apply. You will receive a notice that reflects the item(s) paid and the bank's overdraft fee.

Limits

Type of Account Limit
Personal Regular Checking $300
Personal Interest Checking $500
Small Business Checking $1,500

Transactions Covered

Transactions which may, at our discretion, be honored include:

  • Checks and other debits cashed at teller windows
  • ACH transactions (automatic payments)
  • Automatic loan payments
  • Checks issued to a third party
  • ATM/Debit Card Transactions
    If you choose the DO option when signing the Overdraft Authorization Form, your Overdraft Defender privilege may cover ATM and debit card transactions. At an ATM, the balance on your receipt will reflect your actual balance, not including your Overdraft Defender limit.

Going Over Your Limit

Should you write checks that put you over your limit, we may, at our discretion, return the check(s) to the payee(s). In addition, the $27.00 per item return fee will be charged to your account and an insufficient funds notice will be sent to you.

If your checks are returned:

  • The merchant may charge you a fee and be unwilling to accept your checks in the future.
  • The vendor who accepted your check may be charged a fee by the bank where your check was deposited.
  • Your credit rating may be adversely affected.

Repaying Overdrafts and Fees

You will be required to bring your checking account to a positive balance within 15 calendar days of your overdraft. If, after 15 days your account remains in a negative position, we may close your account and take appropriate steps to recover funds advanced to cover your overdrafts, as well as the bank's fees.

For more information, contact any United Bank of Iowa location.

     
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