What You Need to Know About Overdrafts and Overdraft Fees

You may have been hearing a lot about overdraft practices recently on social media. An overdraft occurs when you do not have enough money in your account to cover a transaction. But if you have overdraft protection, your financial institution pays those transactions within your limit. Overdraft protection is an optional service that most consumers find valuable in order to avoid a payment being declined.  At SFB, we continually strive to ensure we are adhering to all applicable disclosures and requirements when it comes to overdraft services and are of course subject to close and strict regulatory scrutiny of these practices. It is important to know:

• Banks provide consumer-friendly disclosures to ensure that customers understand any overdraft fees associated with their accounts. All customers receive a copy of the disclosure at the time of account opening. You can view a copy of the disclosure here.
• Overdraft protection is an optional service that most consumers find valuable in order to avoid a payment being declined. Customers who want overdraft protection must opt in, and customers who wish to opt out can do so at any time without cost or consequence. To opt out, simply call our Customer Service Team at 888.254.0615. You will need to sign a disclosure to acknowledge the change.   

If you have any questions, feel free to visit one of our offices or call 888.254.0615.