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Keep Your Overdraft Coverage
Southern Bancorp offers our Overdraft Privilege Program for those occasions when there are not sufficient funds in your account to pay a recently completed transaction. In those cases, Southern will advance funds, creating an “overdraft” or a negative balance in your account. The overdraft is typically repaid with your next deposit.
The amount of overdraft privilege granted will vary depending on account activity such as deposit regularity and balance information. This activity will be monitored and overdraft limits will be adjusted accordingly. To qualify for items to be paid under this program, your account must be in good standing at the time the item is presented.
There is no need to apply for this program. You will automatically be enrolled in the program. If you do not desire overdraft privilege on any transactions on your account, you may call us at 800-789-3428 or contact your local branch staff to ask to be excluded from this program. Exclusion from the program will result in all items that are insufficient being returned with a return item fee of $31.50 per item.
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. We can cover your overdrafts in two different ways:
- Standard overdraft privilege.
- Overdraft protection plans such as a link to a savings account or a line of credit, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.
We 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 “opt-in” (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 transactions will be declined.
What fees will I be charged if Southern Bancorp pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee of $31.50 each time we pay an overdraft.
- There is a limit of seven (7) charges per day for overdrawing your account.