First & Farmers National Bank has four Overdraft Protection Options to choose from:
Checking or Savings Account Transfer:
- Funds are transferred, if available, from other accounts designated to cover overdraft items.
- Transfers will be made up to the available balance in the funding account and in $25 increments.
- $5 Transfer Fee for each transfer
- Savings Transfer is limited to 6 transfers per month.
HELOC
- Funds are transferred from this secured line of credit to cover overdraft items up to the value of the line of credit and in $25 increments needed to cover overdraft items.
- Interest will be charged on the balance of the credit line.
- Customers must submit a loan application and meet eligibility requirements for this service.
Cash Reserve:
- Funds are transferred from this unsecured line of credit to cover overdraft items up to the value of the line of credit and in increments of $100.
- Interest will be charged on the balance of the credit line.
- Customers must submit a loan application and meet eligibility requirements for this service.
- $20 Annual Fee
- Minimum payment will be automatically deducted after 20 day grace period following monthly bill.
Courtesy Overdraft:
- This service pays checks and other items when possible up to $300.
- Must meet criteria described in Courtesy Overdraft Service Policy on the back of this brochure.
- You must opt in to the Bank’s overdraft program for Point of Sale or ATM purchases to be included in this service.
- No application needed, but consent is required.
- There is no fee, hidden charge, or interest fee for this service. However, your account will be charged our standard overdraft fee for each item that overdraws your account.
- This can help avoid returned check charges from other businesses.
- We are under no obligation to pay items. However, in an effort to provide excellent service at our discretion, we will strive to pay checks and other items when possible up to $300.
First & Farmers National Bank is committed to providing excellent service. Therefore, the bank may elect to pay an item drawn on your checking account when funds are insufficient. Your account must be open for at least 60 days and the bank considers you and your account to be in good standing. Good standing may include any or all of the following criteria:
- You make regular deposits to your checking account in amounts generally sufficient to pay your checks or other items on a consistent basis;
- You are not in default on any loan or obligation that you owe to the bank;
- You have no previous bankruptcy filings;
- Your account is not subject to any legal or administrative order or levy; and
- Have not had 2 or more returned checks in the last 60 days.
Your checking account will not be overdrawn by more than $300 plus applicable fees after the bank pays the overdraft item. Applicable fees include, without limitation, overdraft or returned item fees. Please refer to the fee schedule for Overdraft and Returned Item fees. You cannot have both Courtesy Overdraft and any of the other Overdraft Protection Options at the same time. The other Overdraft Protection Options are Cash Reserve, HELOC, or Checking or Savings Account Transfer.
Courtesy Overdraft is not an overdraft line of credit. First & Farmers National Bank is not obligated to pay any item presented on your account when sufficient funds do not exist. If First & Farmers National Bank elects to pay an item, you agree to pay the bank the amount of your overdraft, plus all Overdraft or Returned Item fees, immediately, without further notice or demand. The bank is not obligated to provide prior written notice of its decision to pay or not to pay any items.
All account owners will be liable for overdrafts paid by the bank as provided in your Deposit Account Terms & Conditions and Signature Card. In the case of a joint account, each joint depositor agrees that the bank may use the money in the account to satisfy any of his or her individual or joint obligations. Credit agencies may be notified if overdrafts are not resolved promptly.
It is the policy of First & Farmers National Bank to comply with all applicable laws and regulations and to conduct business in accordance with applicable safety and soundness standards. Your Deposit Account Terms & Conditions Disclosure and Signature Card shall control the duties, obligations and rights of you, the Authorized Signatories and First & Farmers National Bank with regard to your deposit accounts. Deposit Account Terms & Conditions Disclosure and Signature Card shall control any possible conflict with the Courtesy Overdraft Policy.
What is an Overdraft Item?
An overdraft occurs when items are presented for payment and available funds do not exist.
These transactions may be any of the following:
- A check drawn on your checking account;
- An in-person withdrawal;
- A preauthorized payment or debit;
- An ATM or Point of Sale transaction made with your ATM or debit card; or
- A transaction initiated through other electronic means such as Online Banking or Mobile Banking.
How do I prevent Overdrafts?
First & Farmers National Bank has options available to monitor your account to avoid overdrafts. We offer Online Banking, Mobile Banking and Telephone Banking with access available 24/7. Balance Text Alerts is just one feature available through Online Banking. Contact your local branch for more details!
How will I know I am Overdrawn?
We will mail you a letter to notify you immediately any time your account is overdrawn. Balances can be checked through ATM, Online Banking, Mobile Banking, or Telephone Banking. The balance will not include any overdraft limit. It is our policy that after 6 overdrafts per year, you will receive an Overdraft counseling letter.
Questions about our Products & Services?
Albany
(606) 387-6416
Columbia
(270) 384-2361
Burkesville
(270) 864-3311
Somerset
(606) 679-7451