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 savings account, which may be less expensive than our standard overdraft practice. Contact us to learn more about these options.
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 type of transactions:
- Checks and other transactions made using your checking account number
- Automatic bill payment
We will not authorize and pay overdrafts for the following type of transactions
unless you ask us to (see below):
- Everyday debit card transactions
- ATM 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 denied.
What fees will be charged if BCSB pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee of $15.00 each time we pay an overdraft.
- Also, if your account is overdrawn for more than 2 consecutive business days, we will charge an additional $3.00 per day, beginning on the 3rd day.
- There is a limit of eight overdraft fees and one daily fee per day we will charge you for overdrawing your account.
*For business accounts, please enter organization name as it appears in your account