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:
- We have standard overdraft practices that come with your account.
- We also offer overdraft protection plans, such as a link to a deposit sweep, Ready Reserve or line of credit, which may be less expensive than our standard overdraft practices.
To learn more, ask us about these plans.
THIS NOTICE EXPLAINS OUR STANDARD OVERDRAFT PRACTICES.
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 Whidbey Island Bank pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee of up to $32 each time we pay an overdraft.
- Also, if your account is overdrawn for 6 or more consecutive business days, we will charge an additional $10 per business day.
- There is no limit on the total fees we can charge for overdrawing your account.
What if I want Whidbey Island Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions?
If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, complete and submit the form below. You may also print this page, fill out and mail it to Whidbey Island Bank, PO Box 7001, Oak Harbor, WA 98277.
If you have questions, please call 1-888-642-2265.