OOPS! Overdraft Opt-in Privilege Service
Nobody likes to be rejected. But if your balance is too low, your check card purchases can be denied, leaving you embarrassed and without that tank of gas you so badly needed. OOPS! Overdraft Privilege to the rescue! We can cover your check card transactions so you can afford to buy the things you want when you want them and when you need them. So you never have to be rejected again, just opt in today!
- Protect your accounts and your credit
- Avoid rejected purchases and merchant NSF charges
- Additional peace of mind
- No monthly fee
- $35 fee per overdraft*
*If your account is overdrawn for 5 or more consecutive business days, you will be charged an additional $35. There is no limit to the total fees we can charge you for overdrawing your account. We pay overdrafts at our discretion, which means we cannot guarantee that we will always authorize and pay any type of transaction. However, if you don't opt in, we cannot approve your transaction and it will be declined if you do not have the funds to cover it.
- What OOPS! Covers
You do not have to opt in to receive overdraft privilege on the following transactions:
- Checks and other transactions made using your checking account
- Automatic bill payments
The above coverage is automatically included when you open a TBOG account.
We cannot authorize and pay overdrafts for the following types of transactions unless you ask us to by opting in:
- ATM transactions
- One-time everyday check card transactions (non-recurring transactions)
What are the benefits of opting in?
It gives you access to funds when you may need it most. Ever have emergencies, unexpected medical bills, need cash to pay a bill before your next payday or risk being assessed a late fee, or worse, a reconnect fee? This program is NOT designed for you to use it for your everyday expenses. You should still handle your account responsibly. Only you know how much money you have to spend.
When will these changes take effect?
These changes officially took effect August 15, 2010. If you did not opt in, your Overdraft Privilege has been removed from your account. If you would like to opt in again, you can request to have the service added back to your account at anytime.
How do I opt in?
It's easy. Click the "Apply Now" button or contact us to opt in. We will send you a confirmation letter that you are covered with Overdraft Privilege.
Do I need to opt in for each of my accounts?
Yes. This law requires your response for each eligible account. Opting in for one account does not assume coverage for all of your accounts. If you have five accounts you will need to opt in for each one you wish to have coverage.
If I don't opt in, will my check/debit card still work?
As long as you have the money to cover the transaction, your card will work. If you do not have the money at the time the transaction is presented for approval and you don't have OOPS! Overdraft Protection, your transaction will be declined.
Keep in mind that some transactions are approved based on stand in or off-line limits so certain transactions may be approved even though you may not have the money to cover it. In those cases you will not be charged a fee, but if other transactions such as checks or ACH items are also presented, those transactions are subject to the regular NSF charge.
If I don't opt in, will my checks and other transactions still be paid or will they be returned?
Checks and other electronic transactions are not covered under the new regulations and they can be paid or returned at TBOG's discretion. NSF charges still apply to these transactions when they are presented against insufficient funds. Opting in or out doesn't affect this process.
In what order are my transactions paid?
Deposits always post first, but regardless of whether you opt in or out, all POS and ATM withdrawals will be paid before any other transactions. They are paid lowest to highest to reduce the number of possible insufficient transactions. After that, checks and other electronic transactions will be paid, but they will be paid highest to lowest so that, hopefully, your most important transactions get paid before any others.
If I opt in, what will I be charged?
There is no charge unless you access the service. If you have transactions presented against your account and you don't have the money to cover them, you will be charged $35 per transaction.
How will I know when I'm overdrawn?
We will mail a notice to you when your account is overdrawn. We'll send reminders advising you of your overdraft until you bring your account to a positive balance. We may even give you a call.
Is OOPS! Overdraft Privilege a loan?
No. It is a service provided by the bank to help you manage your money. This service can be stopped anytime you ask us to or can be withdrawn by the bank at any time.
What if I go over my overdraft limit?
When you exceed the OOPS! Overdraft Privileges limit, any additional items will be returned or declined when presented for payment. They will be subject to NSF fees per our fee schedule.