Overdraft Coverage Options

 

Life happens! First Bank & Trust Company understands that unexpected overdrafts occur from time to time - Overdraft Coverage can help.

Overdraft Coverage Options

The choice is yours. Consider these ways to cover overdrafts:

Service

Cost

Overdraft Protection Link to Another Deposit Account you have at First Bank & Trust Company (1)

One-time $10 setup fee

Overdraft Protection - First Freedom Account (2)

Subject to fees + interest

Overdraft Privilege

$27.50 NSF Paid Check Charge per item. Weekly fees may apply.

(1)Call us at 580-336-5562 or come by any of our locations to sign up or apply for these services; (2) Subject to credit approval.

Overdraft Protection services apply to all transactions and may help prevent overdrafts by automatically transferring funds to your checking account from another account or line of credit you may have at First Bank & Trust Company for a fee or finance charge. Please note that overdraft lines of credit are subject to credit approval.

Overdraft Privilege allows you to overdraw your account up to the disclosed limit for a fee in order to pay a transaction. Even if you have overdraft protection, Overdraft Privilege is still available as secondary coverage if the other protection source is exhausted.

Transactions Covered with
Overdraft Privilege

Standard Coverage
(No action required)

Extended Coverage
(Your consent required)*

Checks

X

X

ACH - Auto Debits

X

X

Recurring Debit Card Payments

X

X

Online Bill Pay Items

X

X

Internet Banking Transfers

X

X

Telephone Banking

X

X

Teller Window Transactions

X

X

ATM Withdrawals

 

X*

Everyday Debit Card Purchases

 

X*

If you would like to select Extended Coverage for future transactions:

  • call us at 580-336-5562
  • visit any of our locations
  • complete the consent form and mail to P.O. Box 878, Perry, OK 73077

*If you choose Extended Coverage, ATM withdrawals and everyday debit card transactions will be included with the transactions listed under Standard Coverage. If you already have Extended Overdraft Privilege coverage, it is not necessary to request it again. Business accounts automatically have Extended Coverage.

You can discontinue the Overdraft Privilege in its entirety by contacting us at 580-336-5562.

What Else You Should Know

  • A link to another account or a line of credit is a less expensive option than an overdraft. A single larger overdraft will result in just one fee, as opposed to multiple smaller overdrafts. Good account management is the best way to avoid overdrafts. Use our mobile banking and internet banking services to keep track of your balance.  For additional financial education resources, please visit www.mymoney.gov.
  • The $27.50 NSF Paid Check Charge is less than the $29.00 NSF Return Fee that is charged if a check is returned as unpaid. If multiple items overdraw your account on the same day, each item will be assessed an appropriate NSF Paid Check Charge of $27.50 or an NSF Return Fee of $29.00. All fees and charges will be included as part of the Overdraft Privilege limit amount. Your account may become overdrawn in excess of the Overdraft Privilege limit amount as a result of a fee.
  • If an item is returned because the available balance in your account is not sufficient to cover the item and the item is presented for payment again, First Bank & Trust Company will charge a NSF Return Check Charge each time it returns the item because it exceeds the available balance in your account.  If, on representment of the item, the available balance in your account is sufficient to cover the item First Bank & Trust Company may pay the item, and, if payment causes an overdraft, charge an NSF Paid Check Charge.
  • If your account balance remains overdrawn for longer than 7 business days, we will charge your account a weekly overdraft fee of $25.00 for each 7 consecutive business days the account remains overdrawn, beginning with day 7.
  • For consumer accounts, there is a daily total limit of $145.00 for NSF Paid Check Charges/NSF Return Fees per account. We will not charge an NSF Paid Check Charges/NSF Returned Check Charge if a consumer account is overdrawn by $4.00 or less.  These exceptions do not apply to business accounts.
  • We generally post items in the following order: 1) credits, 2) Pre-authorized transactions such as ATM withdrawals or transfers and one-time POS transactions first and in dollar amount order with the smallest first, 3) ACH debit transactions, electronic banking transfers or wire transfers, with the smallest dollar amount first, 4) checks, drafts and recurring POS transactions according to the dollar amount with the smallest items first, (5) service charges will post last beginning with the smallest first. However, exceptions will occur. Holds on funds (described below) and the order in which transactions are posted may impact the total amount of NSF Paid Check Charge or NSF Return Check Charge assessed.
  • Although under payment system rules, First Bank & Trust Company may be obligated to pay some unauthorized debit card transactions, First Bank & Trust Company will not authorize debit card or ATM transactions unless your account's available balance (including Overdraft Coverage Options) is sufficient to cover the transactions and any fee(s).
  • Giving us your consent to pay every day debit card and ATM overdrafts on your consumer account (Extended Coverage) may result in you incurring Overdraft Fees for transactions that we would otherwise be required to pay without assessing an Overdraft Fee. However, this would allow us to authorize transactions up to the amount of your Overdraft Privilege limit and may also help you avoid overdrafts in excess of your available balance that could result in suspension of your debit card.  If you consent to Extended Coverage on your consumer account, it will remain on your account until it is otherwise withdrawn.
  • First Bank & Trust Company authorizes and pays transactions using the available balance in your account. First Bank & Trust Company may place a hold on deposited funds in accordance with our Deposit Account Agreement and Disclosure, which will reduce the amount in your available balance. The available balance for checks, ACH items, and recurring debit card transactions is comprised of the ledger balance, less any holds on deposited funds and any debit card holds, plus the amount of the Overdraft Privilege limit and any available Overdraft Protection. The available balance for ATM and everyday debit card transactions on accounts with Standard Coverage is the ledger balance, less any holds on deposited funds and any debit card holds, plus any available Overdraft Protection, but does NOT include the Overdraft Privilege Limit.  For accounts with Extended Coverage, the Overdraft Privilege Limit is included in the available balance for authorizing ATM and every day debit card transactions.  
  • Please be aware that the Overdraft Privilege amount is not included in your available balance provided through online banking, mobile banking, or First Bank & Trust Company ATMs.
  • First Bank & Trust Company will place a hold on your account for any authorized debit card transaction until the transaction settles (usually within two business days) or as permitted by payment system rules. In some cases, the hold may exceed the amount of the transaction. When the hold ends, the funds will be added to the available balance in your account. If your account is overdrawn after the held funds are added to the available balance and the transaction is posted to the available balance, an Overdraft Fee may be assessed.
  • Except as described in this letter, First Bank & Trust Company will not pay items if the available balance in your account (including the Overdraft Privilege limit, if applicable) is not sufficient to cover the item(s) and the amount of any fee(s). 
  • First Bank & Trust Company may suspend your debit card use if you incur overdrafts in excess of the available balance in your account, including any Overdraft Privilege limit (as described herein). Debit cards on your account will remain suspended until you make sufficient deposits so that your available balance, taking into account any Overdraft Privilege limit, is positive.
  • First Bank & Trust Company may also suspend your debit card if your account is overdrawn more than 32 consecutive calendar days.  Debit cards on your account will remain suspended until you make sufficient deposits so that your account balance is positive.
  • First Bank & Trust Company may also suspend your debit card if we are unable to contact you due to an incorrect mailing address or phone number(s).  You must contact us with your correct mailing address and/or phone number(s) to have your debit card reinstated.
  • If your debit card is suspended, you will be unable to use your debit card(s) for purchases or to access your account(s) associated with the debit card(s) at the ATM while your debit card is suspended.  If you use your debit card for recurring payments, e.g., utilities, you are responsible to make other arrangements for your recurring debit payment(s).
  • New consumer and business checking accounts will received a $100 Introductory Overdraft Privilege limit at account opening that will be increased to $500 after 30 days in good standing for consumer accounts or to $500 after 30 days in good standing for business accounts.
  • An Overdraft Privilege limit of $500 will be granted to eligible consumer checking accounts opened at least 30 days in good standing.
  • An Overdraft Privilege limit of $500 will be granted to eligible Business Checking accounts opened at least 30 days in good standing.
  • Overdraft Privilege is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any time without prior notice.
  • Overdraft Privilege may be reduced/suspended if you default on any loan or other obligation to us, your account becomes subject to any legal or administrative order or levy, or if you fail to maintain your account in good standing by not bringing your account to a positive balance within 32 days for a minimum of one business day.  You must bring your account balance positive for at least one business day to have the full Overdraft Privilege limit reinstated.
  • Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in the Deposit Account Agreement and Disclosure. The total (negative) balance, including all fees and charges, is due and payable upon demand.

If you have any questions about Overdraft Protection or Overdraft Privilege, please call us at 580-336-5562 or visit any of our locations.

Extended Coverage Consent Form

Your Guide to Preventing and Managing Overdraft Fees

Consumer Financial Protection Bureau

Money Management Tools

8 Steps to Balancing Account

Better Money Management

Personal Budget Planner

Debt Reduction Strategies

Money Management References

Strategies for Saving

 

Find Us Call Us Email Us Facebook Instagram Twitter
Toolbar Button

Chat with Us

Current status:

chat status

Chat is available
Mon-Thur
8:30am - 3pm

Friday
8:30am - 5:30pm

Next Section

Back to Top