It's a Privilege For Our Checking Account Clients
Unanticipated expenses or mathematical errors can leave your checking account short of cash. In addition, having a check returned due to insufficient funds is terribly embarrassing.
We have created Overdraft Defender as a special privilege specifically for United Bank of Iowa checking account clients whose accounts are in good standing. Overdraft Defender privileges may start the moment you open your checking account. There is absolutely no charge for this service unless you use it.
How Does It Work?
As long as you maintain your United Bank of Iowa checking account in good standing, we may, at our discretion, honor your overdrafts up to the limit assigned.
If you use Overdraft Defender, the bank will deduct its normal overdraft charge of $24.00 per item. We will notify you by mail when an overdraft occurs. The notice will reflect the item(s) paid, as well as the bank's charge for the overdraft item(s). It is important to subtract the fees from the balance in your checkbook.
Transactions Covered by Overdraft Defender
Transactions which may, at our discretion, be honored under the Overdraft Defender privilege include:
Overdraft Defender May Cover ATM and Debit Card Transactions
If you choose the do option when signing the ATM/Debit Card Overdraft Authorization, your Overdraft Defender privilege may extend to transactions made at an ATM or with your debit card. In the case of an ATM, the balance shown on your receipt will reflect your actual balance, not including your Overdraft Defender limit.
Going Over Your Overdraft Defender Limit
Should you write checks that put you over your Overdraft Defender limit, we may, at our discretion, return the check or checks to the payee(s). In addition, the normal return item fee of $24.00 per item will be charged to your account. An insufficient funds notice will be mailed to you.
If your checks are returned:
Repaying Overdrafts and Fees
You will be required to bring your checking account into 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.
Each depositor insured to at least $250,000.
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