Overdraft Protection

Options for Your Checking Account

At times, unanticipated expenses or unforeseen circumstances can leave you with too little money in your checking account. Having a transaction declined due to insufficient funds can be a frustrating and embarrassing experience. At Great Southern, we understand these challenges and offer various options to help you manage overdrafts on your checking account. An overdraft occurs when your account balance is insufficient to cover a transaction, but we can still pay it up to your applicable overdraft limit.

You can choose a Sweep Transfer, standard Bounce Protection, extended Bounce Protection, or No Overdraft Coverage. You should read and carefully consider each option to choose the best one for your situation.


Overdraft Coverage Options*

 

Coverage Type

Standard Bounce Protection

Extended Bounce Protection (opt in)

No Overdraft Coverage

Sweep Transfers

Description

We generally pay overdrafts for checks, automatic bill payments or other recurring debit card transactions and ACH transactions. Can include a fee. 

We generally pay overdrafts for everything covered under Basic Coverage, as well as ATM transactions and everyday debit card transactions. Can include a fee. 

We generally return items when your available balance cannot cover them, but we may occasionally pay an overdraft from time to time. Can include a fee.

Automatically transfers funds from one Great Southern account to another to cover an overdraft. Not available with Bounce Protection or extended Bounce Protection.

Check overdraft fee

$34

$34

$34

$0

ACH / Online Bill Pay overdraft fee

$34

$34

$34

$0

One-time debit card transaction overdraft fee

N/A

$34

N/A

$0

Recurring debit card transaction overdraft fee

$34

$34

N/A

$0

ATM overdraft fee

N/A

$34

N/A

$0

Maximum number of overdraft fees

5 overdrafts per day

5 overdrafts per day

5 overdrafts per day

Click Sweep Transfers in the heading above for more information

*If your account does not have enough money to cover a transaction that overdrafts your checking account, we may still pay the transaction and charge you a $34 overdraft fee.


Overdraft Limits

Standard overdraft limits are available for qualified customers in amounts ranging from $300 to $750, based on the type of checking account you have. Accounts become eligible for overdraft coverage after 30 or more days of opening. This is provided you have maintained satisfactory activity in the account, including regular deposits, consistent with our internal standards for new account types that may offer Bounce Protection.

Once you are notified that your Bounce Protection limit is available to you, it may continue to be available provided you maintain the account in "good standing." An account is considered to be in "good standing" if you:

  1. Make sufficient deposits to bring your account to a positive end-of-day balance at least once every 30 calendar days (including the payment of all bank fees and charges)
  2. Avoid excessive overdrafts, suggesting the use of Bounce Protection as a continuing line of credit.
  3. There are no legal orders, levies or liens against your account.

Tips to Avoid Overdrafts

Managing your money can be challenging, but Great Southern is here to help. Consider the following tips to help you avoid overdrafts and stay on track:


Account Management Tools

We offer a variety of tools and services to help you manage your account effectively:


Helpful Tips

  • Monitor Transactions: Regularly check your account and balance to stay informed about your spending.
  • Record Transactions: Keep track of your transactions through Online Banking or a checkbook register. This helps you maintain an accurate picture of your balance.
  • Know Your Available Balance: Always double-check your available balance using our free tools to prevent overspending.
  • Balance Monthly: Review your account monthly, using Online Banking or a checkbook ledger, to keep track of your spending and savings.