Overdraft Protection Details

A service providing for the transfer of funds from a Home Bank deposit account to permit the payment of items on an overdrawn deposit account. A $5.00 transfer fee will occur for each automatic transfer completed for overdraft protection.  If sufficient funds are unavailable in the transferring account, items will not be paid on overdrawn account and a $32.00 overdraft fee will be accessed. Home Bank may terminate the service upon 30 days written notice to customer.  Customer may terminate the service at any time.

If you should overdraw your account there will be a $32.00 fee for all types of transactions (ACH, checks, ATM withdrawn, or over the counter withdrawals).  All overdraft fees are expected to be paid immediately.  If your account is overdrawn greater than 60 days your account could be sent to a collections agency for recovery.

Allowable Overdraft Service Details

We want to educate you on the overdraft coverage available in the event funds do not exist in your checking account to cover a purchase or transaction. We have several ways these transactions can be covered:

  1. We can set up an Account Transfer from a statement savings, money market, separate checking account or a Home Equity line of credit, and funds will be transferred to cover the transaction that would overdraw your checking account. There is a $5.00 fee for the transfer.
  2. We also have our Allowable Overdraft Service in which we will strive to pay check and auto draft items for you when funds are not available in your account. When an account has insufficient funds, a $32.00 fee is charged for every non-sufficient fund item whether the item is paid or returned unpaid. It is the obligation of the institution to operate in accordance with all safety and soundness standards. Therefore, a continual evaluation of all accounts is performed to determine if it is financially sound to honor items that may cause an overdraft situation for a particular account. The account criteria evaluated are:

    • Age of Account
    • Deposits Balances
    • Deposit Regularity
    • Previous OverdraftActivity
    • Account Status relating to any legal or administrative order or levy
    • Status of Loan Obligations with the institution
  3. We can extend this account feature to your everyday debit and ATM transactions with your acknowledgment. If you choose to request this service and funds do not exist in your account, we will strive to pay those everyday debit purchases and ATM transactions. If we do need to cover an item for you, you would be charged a fee of $32.00 per transaction that overdraws your account.

The institution is not obligated to cover any items, defined as checks, ATM, withdrawals, Point of Sale (POS) or debit card transactions, preauthorized debits, or any other electronic transactions, presented for payment if the account does not contain sufficient collected and/or available funds. For example, we typically do not pay overdrafts if your account is not in good standing, or you are not making regular deposits, or you have too many overdrafts. Furthermore, service charges assessed against items presented against the account, does not obligate the institution to pay said request for funds, nor does it obligate the institution to provide prior written notice of the decision to refuse payment. Should a check be submitted or a transaction be made for funds exceeding what is available in the account, pursuant to the Depositor’s Account Agreement (Terms and Conditions), the account holder is responsible for the amount of any overdraft and applicable fees immediately. It is the obligation of the account holder to keep their account in good standing with the institution and to bring their account to a positive balance immediately should an overdraft situation occur, without notice or demand from the institution.

If the account holder would prefer that the institution not honor any items when there are not sufficient funds in the account, the account holder may opt out of this discretionary service by contacting the institution and expressing this preference. The account holder is fully aware that without this discretionary service or some other form of overdraft protection, such as an account transfer or line of credit (which is offered to qualified accounts), any items presented that overdraw the account may be returned unpaid, with the applicable non-sufficient fund fee charged to the account for each item.

The Depositor’s Account Agreement (Terms and Conditions) prescribes the duties, obligations and rights of the Depositor, as well as the Authorized Signatories and the institution with regard to the account. The terms of the Depositor’s Account Agreement (Terms and Conditions) supersedes the overdraft policy in any potential conflict of interests.

If you should overdrawn your account there will be a $32.00 fee for all types of transactions (ACH, checks, ATM withdrawn, or over the counter withdrawals.  All overdrafts fees are expected to be paid immediately.  If you account is overdrawn greater than 60 days your account could be sent to a collections agency for recovery.

Effective October 12, 2016