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Overdraft Privilege

Accounts in good standing with Springfield State Bank will be eligible to 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 overdraft fee of $25 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 below 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.


Regulation E Amendments Overdraft Opt-In Form

Due to new federal regulations, effective August 15, 2010, the Bank will no longer authorize payment on overdrafts for ATM and Debit Card transactions, unless you request the Bank to do so.

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:

  1. We have standard overdraft practices that come with your account.
  2. We also offer overdraft protection plans, such as a link to a savings account, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.

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

Effective August 15, 2010, the Bank will no longer authorize and pay overdrafts for the following types of transactions unless you ask us to (see instructions below):

  • ATM transactions
  • Everyday debit card transactions

The Bank pays overdrafts at its discretion, meaning that we do not guarantee authorization and payment of all types of transactions. If the Bank does not authorize and pay a transaction that will cause your account to go overdrawn, the transaction will be “declined”.
What fees will I be charged if Springfield State Bank pays my overdraft?

  • Under our standard overdraft practices, we charge you a fee of $25 each time we pay an overdraft.
  • The maximum amount we may charge per day for overdrafts is $125.
  • Items $10 or less will not be charged an overdraft charge. Accounts with an overdrawn balance of $10 or less will not be charged an overdraft charge.

What if I want Springfield State Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions?

If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions, you can let us know by completing the form below, then clicking “Submit”:

“I want Springfield State Bank to authorize and pay overdrafts on my everyday debit card transactions and ATM transactions.”