Consumer Overdraft Services
Changes to Consumer Overdraft Services Effective February 1, 2023
Overdrafts, declined transactions, and bounced checks can happen to the best of us. Whether it’s an accident, a miscalculation, or just coming up a little short – no matter the cause, fees charged for insufficient funds are frustrating and can cause a strain on budgets. To better serve our customers, we are making several changes as of February 1, 2023. These changes do not affect business accounts.
- We are eliminating the Insufficient Funds Charge on all consumer transactions. Our standard practice will be to return items at no cost to the customer when an account does not have sufficient funds available either in the account, an overdraft linked account, or in a Bounce Protection limit.
- We are reducing the daily maximum Bounce Protection Paid Item Fees from 6 to 4.
Watch the brief video below or continue reading to learn more about SouthEast Bank’s Consumer Overdraft Services and these changes.
Important Terms to Know:
Insufficient Funds Charge: This fee previously occurred when SouthEast Bank returned an item presented against a consumer account due to insufficient funds being available in the account. This type of fee is commonly known as an “NSF fee.”
- This $33 fee is being eliminated and will no longer be charged on consumer accounts.
Bounce Protection Paid Item Fee: If you are enrolled in Bounce Protection, this is a fee we charge for the service to pay for an item from an account’s Bounce Protection Limit.
- The maximum amount of times this $33 fee can be charged daily is being reduced from 6 to 4.
De Minimis Transaction: Transactions of $5 or less presented against an insufficient balance will not incur a fee on consumer accounts.
Bounce Protection Limit: This refers to the dollar amount you can overdraft when enrolled in Bounce Protection. This limit varies based on account type.
How to Avoid Items Being Returned or Incurring Charges
1. Enroll in an Overdraft Protection Plan
One way to avoid declined transactions and Bounce Protection Paid Item Fees is enrolling in an Overdraft Protection Plan by linking your SouthEast Bank consumer accounts. This way, if one account is overdrawn, it can automatically pull funds from the other account.
- There is no charge for this service.
- Call 844-732-2657 or stop by one of our branches to learn more and authorize your accounts to be linked for overdraft services.
2. Enroll in Bounce Protection
We have standard overdraft practices that are automatically applied to your account after you have maintained your account in “good standing” for 30 days and have made aggregate deposits of at least the Bounce Protection limit for your account. We call this Bounce Protection. With Bounce Protection, we may approve your overdraft item or items within your current available Bounce Protection limit as a non-contractual courtesy.
Please note that unless you take additional action by opting into Extended Bounce Protection Coverage, this will only cover checks, transactions made using your checking account number, and reoccurring debits such as automatic bill payments. This coverage does not include the payment of ATM transactions or one-time everyday debit card transactions.
- You have the option to opt-out if you do not want Bounce Protection. Call 1-844-732-2657 or stop by one of our branches if you would like to opt-out.
- Bounce protection is NOT available to accounts held solely by a minor.
For Bounce Protection purposes, your account is considered to be in good standing if you:
- Make sufficient deposits to bring your account to a positive end-of-day balance at least once every thirty (30) calendar days, including the payment of all Bank fees and charges; and
- Use the Bounce Protection for occasional purposes and not as a continuous line of credit; and
- Have no legal orders, levies, or liens against your account.
3. Enroll in Extended Bounce Protection Coverage
Extended Bounce Protection Coverage extends your Bounce Protection to authorize and pay ATM and everyday debit card transactions when funds are not available and you are within your Bounce Protection limit. You must have basic Bounce Protection coverage to be eligible for Extended Bounce Protection Coverage (also known as Extended Reg E Coverage).
- Call 844-732-2657 or stop by one of our branches to learn more and authorize your accounts to be covered by Extended Bounce Protection Coverage.
4. Monitor Account Activity
By using SouthEast Bank’s online banking and mobile app, you can set alerts via text, email, push notification, and more when your account balance falls below your desired amount. Simply visit the “alerts” section, select “new alert,” and set your notification preferences.
Keeping You in the Know
SouthEast Bank strives to provide you with information on our policies and procedures. We hope this overview helps you understand and prepare for these changes effective February 1, 2023. If you have any questions about your account, we are here to help. Please call us at 1-844-732-2657 or stop by one of our branches for more information.
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