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:
- We have standard overdrafts practices that come with your account.
- We offer overdraft protection plans: Such as a link to a savings account, which may be less expensive than our standard practices, or a line of credit account, which provides the qualified borrower with a revolving line of credit linked to a personal checking account. To learn more, ask us about these plans.
This notice explains our standard overdraft practices.
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
Participation in our standard overdraft practices is not mandatory. You may opt out of these practices at any time by notifying one of our Customer Service Representatives at 1-877-487-2977.
We will not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):
- ATM transactions
- Everyday debit card transactions
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined.
What fees will I be charged if The Provident Bank pays my overdraft?
Under our standard overdraft practices:
- We will charge you the standard per item overdraft fee of $35 set forth in our fee schedule (Account that qualify for the 18/65 exemption will be assessed an overdraft fee of $5 per item).
- The maximum number of overdraft fees is limited to 5 per day.
Any accounts that are left overdrawn for 30 or more consecutive days are subject to suspension or revocation of overdraft privileges and possible account closure. We will notify you in writing of any of these actions.
What if I want The Provident 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, click "Continue" below to complete the form.
By clicking "Continue", I acknowledge the understanding that I have an ongoing right to revoke this consent at any time.
Thank you for your submission.
A member of our team will take care of your request soon.