It’s A Privilege for Our Checking Account Clients
Unanticipated expenses or mathematical errors can leave anyone’s checking account short of cash. In addition, having a check returned due to insufficient funds can be embarrassing, too.
That’s why Libertyville Savings Bank created “Overdraft Defender” as a special privilege specifically for our checking account clients whose accounts are in good standing. There is absolutely no charge for this service unless you use it. You need not sign anything, and your own Overdraft Defender limit has automatically been assigned to you. Overdraft Defender is offered on limited deposit accounts including; Regular Checking, Liberty Checking, NOW checking & Super NOW checking accounts.
How It Works
As long as you maintain your Libertyville Savings Bank checking account in good standing, we may, at our discretion, honor your overdrafts up to the limit assigned. If you use Overdraft Defender, the Bank will deduct its normal overdraft charge of $30 per item . We will notify you by mail when an overdraft occurs. The notice will reflect the item(s) paid, as well as the Bank’s charge for the overdraft item(s). It is important to subtract the fees from the balance in your checkbook. Should you write checks that put you over your Overdraft Defender limit, the Bank may, at our discretion, return the check or checks to the payee(s). In addition, the normal returned item fee of $30 per item will be charged to your account. An insufficient funds notice will be mailed to you.
Going Over Your Overdraft Defender Limit
Should you write checks that put you over your Overdraft Defender limit, the bank may, at our discretion, return the check or checks to the payee(s). In addition, the normal returned item fee of $30 per item will be charged to your account. An insufficient funds notice will be mailed to you.
If your checks are returned:
- The merchant may charge you a fee when your check is returned unpaid and may be unwilling to accept checks from you in the future.
- The person who accepted your check as payment may be charged a fee by his/her bank where he/she deposited your check.
- Your credit rating may be adversely affected.
ATM and Debit Card Coverage
Your Overdraft Defender privilege may extend to transactions made at an ATM or with your Debit Card. In the case of an ATM, the balance shown on your receipt will reflect your actual balance, not including your Overdraft Defender limit. Other transactions which may, at our discretion, be honored under the Overdraft Defender privilege include:
- Checks and other debits cashed at teller windows.
- Debit card purchases.
- ACH debit transactions (automatic payments).
- Checks issued to a third party.
- Automatic loan payment.
- Regular checking & Liberty checking limits are $300; NOW checking & Super NOW checking limits are $500.
Repaying Overdrafts And Fees
You will be required to bring your checking account into a positive balance within 15 calendar days of your overdraft. If, after 35 days your account remains in a negative position, we may close your account and take appropriate steps to recover funds advanced to cover your overdrafts, as well as the Bank’s fees. You do have the option to opt out of the Overdraft Defender program. Please call one of our customer service representatives to discuss this option or other alternatives.
If you have questions about your Overdraft Defender, please call 641-472-9839 to speak with one of our friendly customer service representatives, or stop by one of our convenient branch locations
**Please Note **
Any checks returned for insufficient funds will be charged an NSF fee (Non-Sufficient Fund fee) each time, regardless of how many times it is presented.