Q: What are Overdrafts and Overdraft Fees?
An overdraft occurs when you do not have enough money in your account to cover a transaction. We can cover your overdrafts in two different ways:
1. Courtesy Overdraft Program: As a courtesy to our customers, we may pay your overdraft instead of returning your check or declining your transaction.
2. Auto Transfer Plans: You may link your checking account to another First Federal account or line of credit, which may be less expensive than our courtesy overdraft program. To learn more, ask us about these plans.
Q: If I do nothing, what are the Courtesy Overdraft Privileges that come with my account?
We may authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- Automatic bill payments
After August 15, 2010 we will not authorize and pay overdrafts for the following types of transactions unless you opt-in:
- ATM withdrawals
- 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 your transaction, it will be declined.
Q: What fees will I be charged if First Federal Bank pays my overdraft?
- We will charge you a Non-Sufficient Funds (NSF) fee of up to $33 ($36 Free Personal) each time we pay an overdraft.
- We will charge an additional $6 per business day your account is overdrawn.
- There is no limit on the total fees we can charge you for overdrawing your account.
Q: What if I want to Opt-In and allow First Federal 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: You can call Customer Service at 386-754-0090 or 386-362-7990 or visit your local branch. You may also click on the “Opt-In Now” button on the top right to fill out the opt-in form online. We will send you a confirmation when your account has been set up for the Courtesy Overdraft Program. Q: What happens if I do nothing?
After August 15, 2010 we will not authorize and pay overdrafts for the following types of transactions unless you opt-in:
- ATM withdrawals
- Everyday debit card transactions
