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:
- We have Courtesy Coverage, overdraft protection with standard overdraft practices that comes with your checking account.
- We also offer overdraft protection plans, such as an automatic transfer from your savings account, another checking account or line of credit, which may be less expensive than Courtesy Coverage with our standard overdraft practices. To learn more, ask us about these plans.
What are the standard overdraft practices of Courtesy Coverage?
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 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 F&M Trust pays my overdraft?
Under our Courtesy Coverage standard overdraft practices:
- We will charge you a fee of up to $30 each time we pay an overdraft.
- There is no limit on the total fees we can charge you for overdrawing your account.
What if I want F&M Trust to authorize and pay overdrafts on my ATM and everyday debit card transactions?
If you also want us to authorize and pay overdrafts using Courtesy Coverage on ATM and everyday debit card transactions, complete the Overdraft Protection Opt-In form (click on the link at the right to download the form) and return it to the nearest community office, or call (717) 261-3588 during regular banking hours.