What You Need to Know about Overdrafts and Overdraft Fees
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway.
We can cover your overdrafts in two different ways:
1. We have standard overdraft practices that come with your account.
2. We also offer overdraft protection plans, such as a link to a savings account, which
may be less expensive than our standard overdraft practices. To learn more, ask us
about these plans.
This notice explains our standard overdraft practices.
What are the standard overdraft practices that come with my account?
We do authorize and pay overdrafts for the following types of transactions.
- Checks and other transactions made using your checking account number.
- Automatic bill payments.
We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):
- ATM transactions.
- Everyday debit card transactions.
We pay overdrafts at our discretion, which means that we do not guarantee that we will always authorize and pay any type of transaction.
If we do not authorize and pay an overdraft, your transaction will be declined.
- What fees will I be charged if Bay Bank pays my overdraft?
Under our standard overdraft practices:
- We will charge a fee of up to $35.00 each time we pay an overdraft.
- Also, if your account is overdrawn for 2 or more consecutive business days, we will charge an additional $7.00 per day.
- There is no limit on the total fees we can charge you for overdrawing your account.
What if I want bay bank to authorize and pay overdrafts on my ATM and everyday debit card transactions?
If you want Bay Bank to authorize and pay overdrafts on ATM and everyday debit transactions call us at (251) 653-0696, visit us at our web site http://www.mybaybank.com/, or complete the form below and bring it to any one of our branches, or mail it to the following address:
P.O. Drawer 349
Theodore, Alabama 36590
Attn: Deposit Operations