Overdraft Privilege
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- Automatically pays overdrafts
- Access funds by check, ATM, or debit card
- NSF charges do apply
- Summary
Avoid merchant overdraft charges and protect your credit with this convenient service.
- Automatically pays overdrafts
- Use it to pay unexpected bills
- Access funds by check, ATM, or debit card
- NSF charges do apply
- Information
First Federal Bank
Discretionary Overdraft Privilege Policy
Overdraft Privilege is not a line of credit. However, should you inadvertently overdraw your account we normally will cover your overdrafts up to $500 after first subtracting the amount of the overdraft fee(s) as outlined in the Discretionary Overdraft Privilege Policy. When your checks are paid, this service will help save you the embarrassment and inconvenience of a returned check as well as the fee normally charged to you by merchants for checks returned to them. The Discretionary Overdraft Privilege is available to you with ACH transactions, at the ATM for cash withdrawals and when you use your debit card for purchases at retail merchants. On the other hand, if you made the choice to Opt-Out of First Federal Bank paying overdrafts on your ATM and everyday debit card transactions, the Overdraft Privilege will not apply to these transactions.
Should an overdraft occur, your account would be charged the standard NSF fee of $37.00 for handling each item even if paid by the discretionary overdraft privilege. This is the same fee that First Federal Bank charges for checks drawn against insufficient funds and returned to the payee. Please take a moment to review the Discretionary Overdraft Policy notice located under the "Information" tab.
Please be aware that this notice does not constitute either a written agreement of an obligation or a prearranged agreement for First Federal Bank to pay your overdrafts and we may withdraw this privilege at any time. Payment of any overdrafts will continue to be at the discretion of First Federal Bank.
While this service is available for your use, the Bank stresses the importance of maintaining your account in a satisfactory manner by keeping funds in your account at all times to cover the checks, ACH, ATM or Debit card transactions deducted from your account. You are responsible for maintaining a current and accurate check register and for balancing the register with your monthly statement. By doing this, you will know how much money you have in your checking account and prevent overdrafts. In addition, you are encouraged to utilize the Bank's Online Banking or Telephone Banking to monitor your account.
Should you use the Discretionary Overdraft Privilege in a frequent manner we may contact you to address your usage, the associated costs, or to supply you with information on alternatives to this service that will help to keep your account in good standing. If you feel you need to discuss your usage you may contact your local branch office at any time.
If you decide you do not want access to the Discretionary Overdraft Privilege service any longer, you may Opt-Out by contacting your local branch office and the Bank will remove this service from your account. If you have any questions regarding this or any other matter, please contact your local branch office.
If your checking account has been open for less than sixty (60) days you will not be able to utilize this service. If your account has been open for more than sixty (60) days and you meet the qualifying criteria, the Discretionary Overdraft Privilege will take effect once your request is processed and this may take up to five business days to complete. You will be contacted once the service has been established. If you currently have a linked deposit account to cover overdrafts on your checking account that service will no longer be available if the Bank's Discretionary Overdraft Privilege service is established on your checking account.
Transfer Account
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- Transfer funds in the event of overdrawing
- No charge to sign up
- Summary
- Transfer funds in the event of overdrawing
- No charge to sign up
- Information
Your Overdraft Protection will take effect once your request is processed and this may take up to five business days to complete. You will be contacted by email, from overdraftservices@firstfederalbanknc.com, once the service has been established.
If your checking account becomes overdrawn by any amount, a transfer from your savings or money market account will be made in the exact amount, which includes the $7.00 transfer fee, needed to cover your checking account overdraft. If more than one check or item causes your checking account to go into overdraft on a business day, you will be charged only one transfer fee that day. If your savings or money market account does not contain sufficient funds to cover the full amount of the checking account overdraft, a transfer will NOT be made.
Your savings and money market accounts are limited to six (6) preauthorized transfers during a statement cycle. This includes transfers to cover your checking account overdraft. An Overdraft Protection (OD) Account Transfer Fee of $7.00 will be charged to your checking account for each transfer if your savings or money market account contains sufficient funds to cover the total overdraft. Your savings and money market account will continue to be subject to any normal fees that apply in regards to the number of withdrawals or minimum balance requirements.
First Federal Bank is not obligated to pay any item presented for payment if your account does not have sufficient funds available. Overdrafts are covered at the Bank's discretion and the Bank reserves the right to restrict or cancel your usage of this service at any time without prior notice of reason or cause.
First Reserve Overdraft Protection
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- Line of credit used to cover checking account overdrafts
- Apply online today!
- Summary
- Line of credit used to cover checking account overdrafts
- Subject to credit approval; terms and conditions apply
- Apply online today!
- Information
First Reserve is a line of credit tied to your checking account and activates if you overdraw your account. Once First Reserve is in place, funds will be drawn from the First Reserve line of credit to cover overdrafts on the checking account. With this plan, you can avoid overdraft fees and complications. Restrictions may apply and First Reserve is subject to credit approval. Contact a Customer Service Representative for more information.
Regulation E Overdraft Opt In
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- Covers overdrafts on ATM transactions
- Covers overdrafts on debit transactions
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