Union Savings Bank offers different options for Overdraft Protection, including a personal checking account – Core Checking – that helps you avoid overdrafts altogether and ensures you do not incur any fees. Other USB Overdraft Practices as well as free digital tools can help you reduce overdraft occurrences and fees.
- Overview
- Fees
Overdraft Options
- Overview
- Fees
- Core Checking
- USB will decline or return any transactions you can’t cover and will never charge you an overdraft fee*. Comes with free online and mobile banking, free debit card and much more. Overdraft Protection options are not available with this account.
- $5.00 monthly service fee and $0 overdraft fees
- * If you do not have sufficient funds available in your account to cover a transaction, the transaction will be declined in most cases. It is possible for the account to be overdrawn and have a negative balance, but no overdraft fees will be charged.
- OVERDRAFT PROTECTION SERVICES
- Automated Savings Transfer
- Automated Savings Transfer is a service that automatically transfers funds from your linked savings account to cover overdrafts on your checking account.
- No charge
- Standard Overdraft Practices1
- Our Standard Overdraft Practices come with our Essential Checking and Access Checking accounts. We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.
- $36.00 per overdraft item if we pay the item; no charge if the item is returned. Limit 4 overdraft fees per account, per day
- Debit Card Coverage
- The Debit Card option may help cover your everyday ATM and debit card transactions if you have insufficient funds. These transactions are not covered in our Standard Overdraft Practices unless you instruct us to include them by opting in.
- $36.00 per overdraft item. Limit 4 overdraft fees per account, per day
- Overdraft Protection Line of Credit2
- Overdraft Protection is an overdraft line of credit, which allows you to overdraw your checking account up to the amount of your pre-established credit line.
- Interest is charged3
- OTHER TOOLS AND PRACTICES TO HELP AVOID OR MINIMIZE OVERDRAFTS
- USB Online Banking and USB Mobile
- Free digital monitoring tools that allow you to check account balances, monitor deposits and purchases, and set alerts, 24/7. You’ll also have access to other valuable tools including Spending Insights, where you can get a daily snapshot of your expenses, monitor your cash flow and set budgets.
- No charge
- Direct Deposit
- By setting up direct deposit with your employer or government benefit provider, your paycheck goes directly into your checking account – no paper checks to risk losing or having stolen, and no need to visit a bank or pay a fee for a check cashing service.
- No charge
- Early Payday
- At USB, if you have direct deposit set up with your employer or government benefit provider, you can get paid up to two days early with no extra cost. Having access to your money earlier may help you avoid overdrafts.
- No charge
- USB Telephone Banking
- Call 800.860.6670 to access your accounts and check balances, monitor deposits and purchases, all from your phone, 24/7.
- No charge
- $10 “safety net”
- USB doesn’t charge any overdraft fee if an account is overdrawn $10 or less at the end of the day, after all items have been posted.
- No charge
- Overdraft Fee Limit
- USB’s overdraft fee for any item we pay is $36 and is limited to 4 per day, helping to reduce the total fees you could be charged.
- $36 per paid item, limited to 4 per day
What is an overdraft?
An overdraft occurs when you do not have enough money in your account to cover a transaction, like a check that you wrote. At our discretion, we may decide to pay the check or process the transaction even though you don’t have sufficient funds available; however, there is no guarantee that we will decide to do that. In some cases, your check will be returned or your transaction will be denied. Union Savings Bank has tools to help you keep track of your account balance, and we also have these services available should you need it:
- Standard Overdraft practices
- Overdraft protection
Standard overdraft practices
Our Standard Overdraft practices come with your checking account. They do not apply to Health Savings Accounts or Core Checking Accounts as overdrafts are prohibited. We pay overdrafts at our discretion based on factors such as the purchase or withdrawal amount and your account history, which means we do not guarantee that we will always authorize and pay any type of transaction. We typically don’t pay overdrafts if your account isn’t in good standing. Under our Standard Overdraft practices:
We do authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- Automated bill payments
We do not authorize and pay overdrafts for the following types of transactions:
- ATM transactions
- Everyday debit card transactions
What are the Bank’s business practices when determining which overdrafts to pay?
Eligibility for our standard overdraft practices is based on a number of factors and the service is provided solely at our discretion. The daily limit is dynamic and may change daily based on the activity in your account. These practices are in effect upon account opening.
What does an overdraft cost?
If an overdraft occurs and we pay your item, your account will be charged $36.00 for each item that causes an overdraft, not to exceed four overdraft fees per day ($144.00).
How do I opt-in to include ATM and everyday debit card transactions?
We do not authorize and pay overdrafts for the following types of transactions unless you ask us to:
- ATM transactions
- Everyday debit card transactions
You may Opt-in and authorize us to pay overdrafts for ATM and everyday debit card transactions at our discretion by visiting any Union Savings Bank branch or contacting our Customer Service Center at 866.872.1866.
Overdraft Protection
We also offer two forms of overdraft protection which may be a less expensive alternative to the Standard Overdraft practices.
Overdraft protection line of credit
Overdraft Protection is an overdraft line of credit, which allows you to overdraw your checking account up to the amount of your pre-established credit line. Interest is charged on the amount borrowed until you make a deposit to your checking account, which will first be applied to any amount owed on the Overdraft Protection line of credit. Any remaining deposit balance is added to your checking account. This is a loan and credit approval is required. Please visit your local branch for an application.
Automated savings transfer
Automated Savings Transfer is another overdraft protection service that automatically transfers funds from your linked savings account to cover overdrafts on your checking account. There is no fee to use this service.
To learn more or apply, visit your local Union Savings Bank branch or call 866.872.1866.
How do I obtain information about workshops or counseling to help avoid future overdrafts?
Please visit either www.consumerfinance.gov or www.consumer.ftc.gov for more information about access to free or low-cost financial education, workshops and individualized counseling.
Disclaimers
1 This does not apply to Health Savings Accounts or Core Checking Accounts as overdrafts are prohibited.
2 This is a loan and credit approval is required. Please visit your local branch to apply.
3 Interest is charged on the amount borrowed against the overdraft protection until you make a deposit, which will first be applied to the overdraft protection. Any remaining deposit balance is added to your checking account.