Overdraft Protection

Preventing and Managing Overdraft Fees

At times, unanticipated expenses, unforeseen circumstances or even a simple bookkeeping error can leave you with too little cash in your checking account. Having a check returned due to insufficient funds can be a frustrating, embarrassing and costly experience.


What You Need to Know about Overdrafts and Overdraft Fees


Overdraft coverage can give you peace of mind that your transactions will be paid, even if you don't have the necessary funds in your account to cover them. Overdrawing can occur for a number of different reasons, but with overdraft protection you can rest easy knowing that we've got you covered.

As a Great Southern customer, you can choose what type of overdraft coverage works best for you. That may include electing to have no overdraft coverage on your account at all.

Overdraft Fees

There is a $33.00 fee each time we pay an overdraft. We will charge you for each item paid up to a maximum of four regardless of the number of overdraft items presented each day. Great Southern offers several options that can assist you in managing your account to reduce the likelihood of having an overdraft.

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 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.

Overdraft Coverage - Opt-Out or Opt-In

Once you decide whether or not you're going to have overdraft coverage on your account, you can decide whether to Opt-Out or Opt-In. There is no fee to Opt-Out or Opt-In for either type of coverage, a fee only occurs if Great Southern pays an overdraft transaction on your behalf. 

If you Opt-Out, Bounce Protection pays these items:

  • Checks you write and checks initiated by online Bill Pay
  • ACH electronic payments for bills automatically deducted from your account
  • Recurring debit card transactions, such as a monthly membership or subscription
If you Opt-Out, your Bounce Protection will not cover everyday debit card transactions or ATM withdrawals. These transactions would be declined at the point of sale or at the ATM when there are not sufficient funds in your account to complete the transaction.

If you Opt-In, Bounce Protection pays these items:

  • Checks you write and checks initiated by online Bill Pay
  • ACH electronic payments for bills automatically deducted from your account
  • Recurring debit card transactions, such as a monthly membership or subscription
  • Everday debit card purchases
  • Cash withdrawals from ATMs
  • One-time online card payments including utilities, online shopping and reservations
If you Opt-In, your Bounce Protection will cover everyday debit card transactions or ATM withdrawals. These transactions would be approved at the point of sale or at the ATM when there are not sufficient funds in your account to complete the transaction and you may be charged an overdraft fee*.


If you have chosen to Opt-In and would like to Opt-Out:


Overdraft preferences will go into effect at least two business days after the request is received.

*Overdraft Fees

There is a $33.00 fee each time we pay an overdraft. We will charge you for each item paid up to a maximum of four regardless of the number of overdraft items presented each day. Great Southern offers several options that can assist you in managing your account to reduce the likelihood of having an overdraft.