First Bank offers a courtesy overdraft privilege program on select checking accounts. These accounts must be open and held in good standing for a minimum of thirty (30) days to qualify for this privilege.
Good account management is the most cost-effective way to protect your money. Avoid using the Courtesy Overdraft Protection Privilege as short term loans – they are very costly. You can link your checking account to any savings account, money market account, or other checking account that you have with First Bank to use as overdraft protection and avoid paying costly overdraft fees.
We may authorize and pay overdrafts for the following types of transactions: checks, automatic bill payments, ACH payments, bill pay items, and other transactions using your checking account number. Whether your overdrafts will be paid is discretionary and we reserve the right not to pay them. For example, we typically do not pay overdrafts if your account is not in good standing, you are not making regular deposits, or you have too many overdrafts.
Our Non-Sufficient / Overdraft (NSF/OD) fee charges are based on the daily ending balance of your account, before payment of any overdraft fees. The following fees* will apply if the negative ending balance in your account is:
$0.01 thru $10.00 – No Charge
$10.01 and above - $30.00 per overdraft item
For example: Suppose you forgot you only had $15 in your account, and you wrote a check for $25 for gas and then another check for $30 to buy groceries. In these two transactions you have spent a total of $55, and overdrawn your account by $40 ($55-$15=$40). If you have our Courtesy Overdraft Privilege Program, First Bank may decide to cover both transactions; however, each of the overdrafts will trigger a fee. You will owe First Bank the $40.00 you spent even though it wasn’t in your account, plus the two overdraft fees. If your overdraft fees in this instance are $30 for the $25 check and $30 for the $30 check, you will owe First Bank $100 ($40+$30+$30=$100). Another example would be if you have a balance of $5 in your account. You make four purchases to iTunes for $3 each. In these four transactions you have spent a total of $12, and overdrawn your account by $7 ($5-$3-$3-$3-$3=$7). If you have our Courtesy Overdraft Privilege Program, First Bank may decide to cover all four transactions; however, these transactions will not trigger an overdraft fee. You will still owe First Bank the $7 you spent even though it wasn’t in your account.
- The daily NSF/OD limit charged per Consumer account will be $180.00
- The daily NSF/OD limit charged per Commercial Account will be $750.00
- The Courtesy Overdraft Limit will include all overdraft fees
*If your account remains continuously overdrawn for a period of 5 business days, you will also be assessed a $3.00 per business day overdraft fee beginning on the 6th business day until your account is brought to a positive balance status. First Bank’s payment order (order items clear in your account) help reduce the possibility of excess fees. Please ask any Financial Service Representative for additional information on our payment processing procedures.
*If you choose to participate in First Bank’s Courtesy Overdraft Protection Program, you understand that we may, at our discretion, honor withdrawal requests that overdraw your account. However, the fact that we may honor withdrawal requests that overdraw the account balance does not obligate us to do so later. You cannot rely on First Bank to pay overdrafts on your account regardless of how frequently or under what circumstances we have paid overdrafts on your account in the past. We can change our practice of paying, or not paying, discretionary overdrafts on your account without notice to you.
*Opting out of this program will not alleviate the possibility of incurring any NSF/OD charge (fee). Any advance of funds to cover the amount of the NSF/OD item(s) in addition to the NSF/OD charge (fee) must be paid back immediately. If your account balance is not brought back to a positive balance within 30 days from the date of the overdraft, First Bank retains the right to remove any Courtesy Overdraft Privilege that you may have on your account, as well as the right to close your account.