Overdrafts - What You Need to Know
Overdraft FAQ
What is an overdraft and when does it occur?
An overdraft occurs when you do not have enough money in your account to cover a transaction but we pay it anyway. Overdraft coverage comes with your account and overdraft limits are subject to approval. You must elect to Opt-In for your Bounce Protection to cover ATM and one-time debit card transactions.
What is covered by my Bounce Protection if I Opt-Out?
Great Southern will authorize the payment of overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- Automatic bill payments
We will not authorize the payment of overdrafts for the following types of transactions:
- ATM transactions, including cash withdrawals and transfers between accounts.
- One-time debit card transactions*, such as purchasing items at a store.
*Unless you have chosen to opt-in, transactions that would create an overdraft will be declined at the time the transaction is initiated.
What if I want Great Southern to authorize the payment of overdrafts on my ATM and one-time debit card transactions?
Great Southern will authorize the payment of overdrafts on your ATM and one-time debit card transactions if you elect to opt-in.
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined.
What fees will I be charged if Great Southern pays my overdraft?
You will be charged an Overdraft/Paid Item fee of $34.00 per item. We will charge you for each paid overdraft item per day up to a maximum of five (5), regardless of the number of paid overdraft items presented each day.
- Setting up an account-to-account transfer is an easy way to help mitigate overdrafts on your account.
- Some customers may qualify for an Overdraft Protection Account.
Account Transactions & Overdraft Services
| Transaction Type | Options |
|---|---|
| Checks | We may pay and charge an Overdraft/Paid Item fee. |
| Monthly Electronic Withdrawals | We may pay and charge an Overdraft/Paid Item fee. |
| ATM Withdrawals | We may pay and charge an Overdraft/Paid Item fee if you Opt-In. We will decline the transaction if you Opt-Out. |
| One-time Debit Card Transactions | We may pay and charge an Overdraft/Paid Item fee if you Opt-In. We will decline the transaction if you Opt-Out. |