Tips for Managing Your Account - FAQs
How can I avoid overdraft fees?
Overdraft fees can be costly and we encourage you to avoid them by using your check register to write down all of your transactions, using e-BankPlus to monitor your account and establish balance alerts, using CallPlus to monitor your account, logging the transactions of others authorized to use the account, balancing your checkbook monthly, noting the date of automatic transfers and drafts, using direct deposit so you receive your money quickly and safely, and establishing Overdraft Protection transfers.
What is the difference between my current and available balances?
Your current balance reflects all of your deposits and withdrawals that have posted to your account as of the previous night. Your available balance is your current balance plus or minus pending transactions (such as certain cash deposits, certain teller transactions, debit card transactions or ATM withdrawals) that have not yet posted to your account, and minus any holds that we have placed on your account. Overdraft protection and your discretionary overdraft limit are added to your available balance when we are determining whether your available balance is sufficient to pay transactions, unless the transaction is a one-time debit card transaction or an ATM withdrawal and you have not opted in. The discretionary overdraft limit, plus any amount you have available under an Overdraft Protection Plan, will be added to your available balance when you make a balance inquiry by phone, online banking, or in person. Neither the discretionary overdraft limit nor the amount available under an Overdraft Protection Plan will be added to the available balance when you make a balance inquiry at an ATM. The assignment of a discretionary overdraft limit does not mean that we will pay Items in the overdraft. Note: On e-BankPlus, current balance is labeled account balance.
If I am provided with a Discretionary Overdraft Service (DOS) limit but do not want it on my account, what should I do?
If you are provided with a DOS limit and decide that you would like it removed from your account, you can request to opt out by logging on to e-BankPlus personal or by visiting a banking office. Please keep in mind that if you opt out and do not establish another form of overdraft protection, items presented may be returned unpaid and you will be charged an NSF fee and possibly merchant fees. No set up or transfer fees apply if you establish account transfers to protect your account from becoming overdrawn. Overdraft protection options also include a line of credit, EquityPlus, and CreditPlus for qualified customers [fees apply].
I have other BankPlus accounts that I can transfer money from to protect my account from becoming overdrawn. I also have a DOS limit on my account. What is the best option for me?
Our goal is to provide information and services to help customers responsibly manage their accounts. If you have another BankPlus account from which a transfer can be made to protect your account from becoming overdrawn, this is called overdraft protection. There are no set up or transfer fees associated with using this option.
If you establish overdraft protection and you also have a DOS limit, if items are presented for payment against your account and funds are not available to cover these items, overdraft protection will attempt to transfer funds from the account you selected to cover the items. If there are not enough funds available from your transfer account(s) to cover the items and you do not have a line of credit, EquityPlus, or CreditPlus, your DOS limit will be used to cover any remaining amounts and an overdraft fee of $36 may be charged.
If payment of these items does not cause your consumer account balance to become overdrawn by $5 or more, no overdraft fee will be charged. However, if payment of these items causes your account balance to become overdrawn by $5 or more, you will be charged a $36 overdraft fee for each item paid. Your consumer account will not be charged more than five (5) overdraft fees in one business day. Any items not paid will be returned and a $36 Non-Sufficient Funds (NSF) fee will be charged to your account for each item returned. There is no limit on the number of NSF fees that may be charged to your account in one business day.
Why are my ATM transactions and one-time check card purchases treated differently than my other transactions?
Federal Reserve Board Regulation E (Reg. E) requires that all financial institutions obtain a consumer customer’s consent before paying ATM transactions and one-time check card purchases in the overdraft. You can either opt in or opt out of the Reg. E requirement.
If you opt in under Reg. E, we will attempt to cover your ATM transactions and one-time check card purchases when the computer processor is offline or online and funds are not available in your account to cover these types of transactions.
If you opt out under Reg. E, or do not opt in and the computer processor is offline, or the computer processor is online and you do not have funds available in your account to cover an ATM transaction or one-time check card purchase, the transaction will be declined. Example: The computer processor is offline and you are attempting to purchase groceries or dinner at a restaurant. Because the balance in your account cannot be verified at the time of the transaction, it will be declined even if sufficient funds are available in your account to cover the transaction. This is our way of ensuring that we honor your opt out election.