Accounts in good standing with Springfield State Bank will receive Overdraft Privilege. Overdraft Privilege is not a line of credit – it is a reward for your responsible handling of your account. It does not mean that we are promising to always pay all overdrafts. It is a conditional agreement that if you maintain your eligible account in good standing, rather than automatically returning unpaid any non-sufficient funds items that you may have, we will consider, without obligations on our part, payment of your reasonable overdrafts.
We will charge your account our normal charge (hyperlink to fees page) for each item that would create an overdraft on your account. We will mail you a notice each time an overdraft occurs.
The benefits of Overdraft Privilege are…
- Fewer charges from retailers for insufficient checks
- Additional convenience and flexibility in managing your funds
- Less aggravation and embarrassment
This discretionary bank Overdraft Privilege requires no action on your part. You do not have to sign any additional documents and it costs you nothing unless you use the service by initiating checks, electronic funds transfers or other payment or withdrawal requests for more than the amount of collected (available) funds you have on deposit in your account.
We are not obligated to pay any item presented for payment if your account does not contain sufficient collected funds even if we may have previously paid such items.
Overdraft Privileges are another good service and another good reason for banking with Springfield State Bank. Please read the overdraft privilege policy (hyperlink to policy) to clarify any questions you may have.
If you still have questions about SSB’s Overdraft Privilege, please call Customer Service at (859) 336-3939.