What You Need to Know about Overdrafts and Overdraft Fees

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. An insufficient balance may result from:

  • The payment of checks, electronic funds, transfers;
  • The deposit of items which, according to the Bank’s Funds Availability Policy, are treated as not available funds;
  • Withdrawal requests;
  • Payments authorized by you;
  • Imposition of bank service charges;

We can cover your overdrafts in two different ways:

  • We have standard overdraft practices that come with your account.
  • We also offer overdraft protection plans, such as a link to a savings account, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.

What are the standard overdraft practices that come with my account?

We do authorize and pay overdrafts for the following types of transactions:

  • Checks and other transactions made using your checking account number
  • Automatic bill payments

We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):

  • ATM transactions
  • Everyday debit card transactions

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.

If we do not authorize and pay an overdraft, your transaction will be declined.

What fees will I be charged if Greer State Bank pays overdraft on my personal account?

  • Charge per overdraft item according to our current overdraft fee of $38.00.
  • If a transaction for less than $10.00 overdraws your account, we will not charge of an overdraft fee if you have Overdraft Protection.
  • The maximum number of items that we will charge for is three (3) per day.
  • Overdraft must be brought to a positive balance within 30 days of occurrence.
  • If your account is overdrawn for more than 30 consecutive days, we charge a fee of $5 for every five calendar days your account is overdrawn.
  • If an Equity Line of Credit or another Greer State Bank Account is used for Overdraft then a transfer fee of $10.00 per overdraft protection transfer will be charged.
  • The order in which items are posted is as follows: Credits, ACH transactions, debit card transactions [including point of sale (POS) transactions], checks posted in check number order followed by any applicable service charges.

What if I want Greer State Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions?

If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions, call 864-877-2000, or complete and submit the form below.

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