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You’re busy and mistakes happen from time to time. We get it. That’s why we offer several overdraft protection options to help you before your checking account becomes overdrawn.
An overdraft occurs when you do not have enough money in your checking account to cover a transaction. With overdraft protection, we pay it anyway. We offer three options to cover your overdraft.
Funds are automatically transferred from your linked Fairport Savings Bank savings account. There is a $5 transfer fee when this service is used. Only one fee is assessed per day, regardless of the number of transactions causing overdrafts on that day*. To sign up for My Savings Protection, contact a branch representative.
*Federal regulations limit the number of certain types of transfers from savings accounts to no more than six per month. In addition to transfers to checking to cover overdrafts, the limit includes point-of-sale transactions using your ATM/debit card; transfers by check, draft or similar instruments; and internet transfers.
Transactions are covered by a discretionary overdraft protection service available in amounts of $100 to $500. Limits are based on specific activity such as direct deposit, overdrafts and the length of account relationship. There is a $34 fee for each overdrawn item. A non-sufficient fund balance may result from: the payment of checks and other transactions made using your checking account number, automatic bill payments (ACH) and recurring debit card transactions.
We also offer Fairpay Plus. This service covers the same transactions as Fairpay, plus extends overdraft protection to cover everyday debit card transactions and withdrawals from an ATM. There is a $34 fee for each overdrawn item. To opt in to Fairpay Plus, contact a branch representative.
Please note that we may refuse to pay an overdraft item at any time. The $34 fee will be assessed whether the item is paid or returned. You will be notified of any non-sufficient funds items that are paid or returned. The amount of the overdraft and the Fairpay fee is due upon demand. If your account is not brought current within 20 days, it may be suspended and we may take additional steps to recover the funds.
Funds are advanced in $100 increments from an unsecured revolving line of credit linked to your checking account. An interest rate is applied to the amount borrowed. Once you pay off the line of credit, interest no longer accrues. This product is subject to credit approval. To request an application and current interest rate information, contact a branch representative.
Have questions about overdraft protection? Contact us.