Having insufficient funds in your account can put you at risk for bouncing checks or having your ATM/Debit Card transactions denied at a gas station or store. It can mean embarrassing phone calls and unwanted fees charged by merchants. Village Bank has several options for making smart decisions about managing your overdrafts. Let’s review some helpful tips for avoiding overdrafts.
Know Your Balance
- If you have a joint account, designate one person as the account manager.
- Consider direct deposit of your payroll checks and other benefit payments.
- Record all checks, ATM transactions, debit transactions, account fees and deposits in your checkbook and keep an accurate running balance.
- Never write a check or make a charge on your debit card for more than you have in your account.
- Make sure deposits to your account are credited before withdrawing cash or making charges against those deposits.
- Balance your checkbook against your bank statement every month.
- Set up free email or text alerts to notify you when your balance falls below a certain amount.
Check Writing Basics
- Always use a blue or black pen.
- Never sign blank checks.
- Be cautious of post-dating checks.
- Destroy voided or unused checks and deposit slips.
Sometimes, life happens! In the event that you have a situation that causes you to overdraw your account unexpectedly, Village Bank has overdraft products and services that can help! Please review the descriptions below and use the handy chart to compare options.
Village Overdraft Transfer
You can designate a Village Bank backup checking or savings account to cover overdrafts. The transfer will be in increments of $100 to cover your overdraft items, plus a small transfer fee. The amount of the overdraft transfer is limited by the available balance in your designated backup account.
- Automatically transfers funds from your backup account to cover overdrafts.
- Prevents retailers’ returned check fees.
- Our most economical overdraft service.
- $10.00 transfer fee
Village Overdraft Privilege
Rather than returning your checks or electronic transactions when you have insufficient funds, Village Bank will strive to pay reasonable overdrafts for you. We only offer this service to customers who keep their accounts in good standing.
- Village Bank will strive to pay checks and electronic transactions when your balance is insufficient to cover presented items.
- Prevents retailers’ returned check fees.
- Standard overdraft fee applies (up to a maximum of five (5) fees per day for consumers).
Village Overdraft Privilege Plus
Under changes made to Regulation E for consumer accounts, we cannot authorize your ATM and everyday (one-time) debit card transaction that may overdraw your account without your permission.
- You must authorize this service.
- Standard overdraft fee applies (up to a maximum of five (5) fees per day for consumers).
Product Comparison Chart
| Product | What Is This? | How Do I Get Started? | What Will It Cost? | Will It Cover Checks and ACH Payments? | Will It Cover Debit Card Transactions? | Will It Cover ATM Withdrawals? | The Fine Print | |
|---|---|---|---|---|---|---|---|---|
| Use Your Money First | Village Overdraft Transfer | Automatically transfers funds into your checking account when you link to another Village checking or savings account. | You must enroll in this service. If interested, please contact a Village Bank Branch or the Customer Care Team. | There is no charge to enroll. $10 charge for each transfer. | Yes, if there are sufficient funds in the linked account to cover the overdraft. | Yes, if there are sufficient funds in the linked account to cover the overdraft. | Yes, if there are sufficient funds in the linked account to cover the ft overdraft. | Funds transferred in increments of $100. One transfer will cover all overdrafts in one businessday. If funds are not available for transfer the $37 overdraft fee applies. |
| Lines of Credit | Other Lines of Credit | Overdraft coverage can also be linked to other lines of credit, such as a HELOC or unsecured personal line of credit. | You must apply and be approved for these products. Contact a Village Bank Branch to learn more. | $10 charge for each transfer and interest on the outstanding balance. | Yes, if there are sufficient funds available on the line of credit to cover the overdraft. | Yes, if there are sufficient funds available on the line of credit to cover the overdraft. | Yes, if there are sufficient funds available on the line of credit to cover the overdraft. | Subject to credit approval. Funds are transferred in increments of $100. One transfer will cover all overdrafts in one business day. If funds are not available for transfer the $37 overdraft fee applies. |
| Checks and ACH | Village Overdraft Privilege | A service through which the bank strives to authorize a check, ‘ ACH withdrawal or recurring bill payment in the event your account does not contain sufficient funds to cover the item. | Enrollment is automatic when you open a qualified checking account. | $37 charge per item, up to 5 charges per day on consumer accounts. | The bank will strive to cover the overdraft. | Enrollment in Village Overdraft Privilege PLUS is required for Debit Card transactions to be authorized. | Enrollment is required for ATM transactions to be authorized. | No set-up fee. You may opt-out of this program at any time by contacting a Village Bank Branch or the Customer Care Team. All items will be automatically returned if opt-out is requested. $37 overdraft fee still applies |
| ATM and Debit Card | Village Overdraft Privilege Plus | Same as ODP service above plus for ATM and Debit Card transactions. | Must formally request this service. If interested, please contact a Village Bank Branch or the Customer Care Team. | $37 charge per item, up to 5 charges per day on consumer accounts. | The bank will strive to authorize the transaction. | The bank will strive to authorize the transaction. | The bank will strive to authorize the transaction. | Your decision to opt-in to this program for ATM and Debit Card transactions may be changed at any time. You may completely opt-out of this program by contacting a Village Bank Branch or the Customer Care Team. |
What You Need to Know About Overdrafts and Overdraft Fees – Opt In Form (pdf)
For more information on Overdraft Protection, contact one of our branches or Village Customer Care at 866.806.9306
