We understand that accidentally overdrawing your checking account can happen. Whether an unexpected emergency expense comes up or a balancing error occurs, there is the risk of an overdraft.
An overdraft occurs when a check, debit transaction or other withdrawal is made to your account for an amount that exceeds your balance. If you participate in our Overdraft Privilege Program, at our discretion, Nantucket Bank will authorize payment of occasional overdrafts for check and automatic bill payment transactions in which you will be subject to an Overdraft/NSF Charge.
Additionally, you have the option to opt-in to authorize the bank to pay overdrafts for everyday debit card transactions by submitting an Overdraft Privilege Program Form.
Preventing overdrafts can save you time, hassle and money in both bank and merchant fees. By practicing any of the suggestions below, you’ll have a better handle on your account activity and reduce the risk of insufficient funds:
- Monitor your account – You can easily keep tabs on your account by reviewing monthly statements or frequently logging into online banking to view transactions and balances.
- Set-up eAlerts – You can have notifications sent by email when your account balance reaches a certain level through our online banking services.
- Participate in our SavingsNet Overdraft Protection Program – We offer an optional SavingsNet Overdraft Protection service that you may apply for. This service can help protect your checking account from overdrafts and returned items. If you apply and qualify for this optional service, you will have overdraft protection (for your checking account) from a linked savings account. A small SavingsNet Overdraft Transfer Fee will apply.
- Apply for an Overdraft Line of Credit – Similar to linking accounts, an Overdraft Line of Credit is a safety net that will cover a check, debit transaction or other withdrawal, should it exceed the available funds in your account (up to your available limit). This method of overdraft prevention is subject to credit approval.
FDIC’s Guide to Preventing and Managing Overdraft Fees
The Federal Reserve Board’s Protecting Yourself from Overdraft and Bounced Check Fees
FTC’s Choosing a Credit Counselor