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Keep Your Overdraft Coverage
To our valued debit card customers:
You may have occasionally enjoyed the benefits of overdraft coverage and we want to make sure you continue to receive those same benefits. This service is designed to help you in those rare occasions when there are not sufficient funds in your account to pay a transaction you recently completed. 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.
Due to recent changes in federal banking regulations, we are now required by law to obtain your written permission before we can continue to cover ATM and one-time debit card transactions.
If you do not “opt in” by returning the government prepared form you received in the mail or by completing the online opt-in form below by August 15, 2010, our Overdraft Privilege Availability will not apply to ATM or one-time debit card transactions. These transactions will be declined when you do not have enough money in your account.
Below you will find the information you’ll need to make an informed choice about your overdraft services. If you choose to continue your overdraft coverage privilege, please complete the online opt-in form below so that we can continue to pay the ATM and one-time debit card transactions that may overdraw your account.
Should you have any questions or would like to receive more information regarding other overdraft services from Southern, please call our customer service department at 800-789-3428.
What You Need to Know about Overdrafts and Overdraft Fees – Effective August 15, 2010
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 overdraft fees 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 $29.50 each time we pay an overdraft.
- We do not limit the number of charges per day for overdrawing your account.