Overdraft Information
Peoples Check Protection
Having a check returned due to insufficient funds can be a costly and humiliating experience. That’s why we provide Peoples Check Protection, a special overdraft privilege for The Peoples Bank checking account customers. Peoples Check Protection gives you an extra level of protection against unanticipated cash flow emergencies and account reconciliation errors.
At The Peoples Bank, we do not encourage overdrafts. As always, we encourage you to manage your finances responsibly. The purpose of this privilege is to save you from the embarrassment, additional merchant fees or other problems that might result if a check is returned.
What is Peoples Check Protection?
Peoples Check Protection is an overdraft privilege limit that is provided with your account. There is no action required on your part. You do not have to sign anything.
What are the standard overdraft practices that come with my account?
We may, at our discretion, authorize and pay overdrafts for checks and other transactions including automatic bill payments. However, you must "opt-in" to accept overdraft services for your ATM and everyday debit card transactions. When you opt-in, ATM and every day debit card transactions may be approved based on your overdraft privilege limit and charged the overdraft fee. If you opt-out, ATM and everyday debit card transactions will be denied if it will overdraw your account.
How does Peoples Check Protection work?
As long as you maintain your account in good standing (defined as making regular deposits and bringing your account to a positive balance at least once every 30 days), The Peoples Bank may, at our discretion, honor overdrafts up to the Peoples Check Protection limit on your account.
Locate your account type below, and make note of the corresponding limit. If you have multiple accounts for your household, you may have a limit on all eligible accounts.
| Account Type | Peoples Check Protection Limit |
|---|---|
| Pay Mint Account | $100 |
| Peoples Checking | $100 |
| Peoples Preferred | $400 |
| Now Account | $1,000 |
| Cash Investment Account | $1,500 |
Is there a fee for Peoples Check Protection?
You should keep in mind that you will be charged our overdraft fee of $35 for each check paid under the limit. The fee for paying an item is the same as for returning one.
How do I know when I use the overdraft limit? What if I go beyond my Peoples Check Protection limits?
You will receive an overdraft notice in the mail each time items are paid. Overdrafts above and beyond your established Peoples Check Protection limit may result in a check or checks being returned to the payee. The overdraft fee will be charged per item and assessed to your account. So as not to exceed your limit if you use Peoples Check Protection, you should note that the amount of the overdraft plus our overdraft fee of $35 for each item will be deducted from your overdraft limit.
How quickly must I repay my Peoples Check Protection?
You should make every attempt to bring your account to a positive balance within 30 days. If you are not able to do so, you will receive a letter from The Peoples Bank informing you of the situation and your options. If, after a period of time, your account has not been brought to a positive balance, we may suspend your overdraft privilege limit and take other steps to recover funds.
How soon can I use my Peoples Check Protection?
If you are a new active account holder, the overdraft privilege will be activated 30 days after the account is opened, provided that you have maintained a positive balance during the 30 day new account period.
What are some of the ways I may have access to Peoples Check Protection?
The chart below is designed to make you aware of the different ways you can access your Peoples Check Protection limit and whether or not this limit will be reflected in the balance provided.
|
Access Points
|
Is My Overdraft Protection Available?
|
Does the Balance Provided Include My Overdraft Protection Limit? |
|---|---|---|
| Teller | Yes | No |
| Writing a Check | Yes | N/A |
| Debit Card | Yes (if you opt-in) | N/A |
| ATM Withdrawal | Yes (if you opt-in) | No |
| ACH-Auto Debit | Yes | N/A |
| Internet Banking | Yes | No |
| The Peoples Choice (24 Hr. Phone Service) |
Yes | No |
By keeping accurate records and knowing your balance, you can avoid mistakenly accessing your limit and incurring overdraft fees. The best way to do this is to use your checkbook register to keep track of your deposits, written checks, withdrawals including service charges, ATM and debit card transactions. Always reconcile your register with your monthly bank statement.
What if I do not want to have Peoples Check Protection on my Checking Account?
In the event you would like to have this service removed from your account, you may do so by simply calling your Account Officer. However, once this service is removed, you should keep in mind that if an item is presented for payment and there are not sufficient funds in your account, the item will be returned to the payee and our insufficient fund fee of $35 will be charged per item.
Peoples Check Protection Customer Overdraft Policy
An insufficient balance could result in several ways, such as (1) the payment of checks, electronic funds transfers, or other withdrawal requests; (2) payments authorized by you; (3) the return of unpaid items deposited by you; (4) the imposition of bank service charges; or (5) the deposit of items which, according to the bank’s Funds Availability Policy, are treated as not yet available or finally paid. We are not obligated to pay any item presented for payment if your account does not contain sufficient funds. However, if you maintain your account in good standing (defined as making regular deposits and bringing your account to a positive balance at least once every 30 days) and there are no legal orders outstanding, we may approve your reasonable overdrafts as a non-contractual courtesy. However, you must opt-in to accept overdraft services for your ATM and everyday debit card transactions. Normally we will not approve an overdraft for you in excess of the pre-determined amount assigned to your account type. So as not to exceed your limit, you should note that the amount of the overdraft plus the bank’s overdraft fee (per item) will be deducted from the overdraft limit. We may refuse to pay an overdraft for you at any time, even though we may have previously paid overdrafts for you. Peoples Check Protection is a non-contractual courtesy, not a line of credit or a contractual commitment on the part of our Bank, and may be canceled at any time with no obligation or liability on the bank. You will be notified by mail of any non-sufficient funds items paid or returned that you may have; however, we have no obligation to notify you before we pay or return any item. The amount of any overdraft plus our Insufficient Funds fee(s) that you owe us shall be due and payable upon demand. If there is an overdraft paid by us on an account with more than one (1) owner on the signature card, each owner and agent, if applicable, drawing/presenting the item creating the overdraft shall be jointly and severally liable for such overdraft plus our Insufficient Funds fee(s).
Peoples Check Protection should not be viewed as an encouragement to overdraw your account. As always, we encourage you to manage your finances responsibly. In the event you would like to have this service removed from your account, you can do so by simply calling your Account Officer.
You should note that your Peoples Check Protection limit will not be included in your balance provided by a Personal Banker, at the ATM, through the Internet Banking or the Peoples Choice (our 24-hour telephone banking service).
LIMITATIONS: Peoples Check Protection is available to individually/jointly owned accounts in good standing for personal or household use. The Peoples Bank reserves the right to limit participation to one account per household and to discontinue this product without prior notice.