Overdraft Protection

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Overdraft Protection

At Banterra, we constantly strive to offer convenient and helpful products and services to meet your ongoing financial needs. We know that when managing your checking account, mistakes can happen to anyone, and sometimes checks and other types of payment can be denied or returned due to non-sufficient funds. We know this can be embarrassing, as well as costly due to a non-sufficient funds (NSF) fee(s) that will be charged.

We want to help you with those situations, that’s why we offer Overdraft Protection.

You can avoid being overdrawn in your checking account by signing up for Overdraft Protection. If your account does not have funds to cover items, this service will automatically transfer funds from your designated accounts, up to the available balance in the accounts. We can set up Overdraft Protection for your eligible personal and business accounts, as these transfers are not a loan.

These accounts include:

  • Checking accounts
  • Savings accounts1
  • Money Market accounts1
  • Home Equity Line of Credit

You can choose from one of the following options:

  • Transfer the exact amount overdrawn plus the transfer fee.
  • Transfer in $10 increments to cover amount overdrawn plus transfer fee.
  • Transfer in $1,000 increments with a target balance of $1,000 to cover amount overdrawn plus transfer fee.

It’s easy to sign-up for Overdraft Protection. Simply login to Online Banking to fill out an online form or visit your local Banterra to enroll.

A small, one-time set-up fee of $4.50 is required to sign-up for Overdraft Protection. This fee is automatically charged to the protected checking account.2

1 Savings and Money Market accounts are limited to six(6) withdrawals per month or statement cycle. If this has been reached, no transfer will occur to cover overdrafts. Smart Kids Savings or any other minor savings account cannot be used to fund Overdraft Protection.

2 Customer signing up for Overdraft Protection must be the owner on all funding accounts and the protected checking account. Consumer accounts can only be funded by consumer accounts; business accounts can only be funded by business accounts. Some reasons why funds will not be transferred include these events: Not sufficient funds available in the funding account; account is pending closed status or is a debit post restricted account; loan is delinquent, at maturity, or bankruptcy.

How does this compare to not having Overdraft Protection?

As part of your Banterra checking service, you are charged $35 each time we pay an overdraft or return an item to your account. With Overdraft Protection, a single Overdraft Protection transfer fee of $10 per day is charged to your account, regardless of the number of transactions presented for payment that day. This transfer fee will be waived if the overdraft amount is $5 or less or if the amount needed to maintain the target balance is $5 or less.

Overdraft Options Overdraft Options # of Overdraft Items Per Day Total Fee
Standard Overdraft Practice 4 $140
Overdraft Protection 4 $10

Ways to help manage your account:

  • Online & Mobile Banking
  • Account Alerts – You can easily set-up a low-balance alert to your email.
  • Routine Practices – Put these routine practices in place to help avoid overdrafts:
    • Keep track of your spending
    • Don’t spend more than you have
    • Don’t forget outstanding transactions
    • Keep a cushion in your account