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 |
||||
|
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 $600, 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:
- 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)
- Avoid excessive overdrafts, suggesting the use of Bounce Protection as a continuing line of credit.
- 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:
- Online Banking: Monitor your account activity and balances, and set up text alerts for low balances and more.
- Mobile Banking: Access and monitor your account on the go.
- 24/7 Telephone Banking: Get account information anytime by calling 800-725-6622.
- Customer Service: Reach out for assistance when you need it by calling 800-749-7113.
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.
Definitions
Bounce Protection
We provide Bounce Protection on most checking accounts, typically activated after 30 days from account opening. This coverage helps you manage overdrafts and ensures that essential transactions are paid even when your account balance is insufficient.
Bounce Protection covers transactions such as, but not limited to:
- 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
Bounce Protection limits vary by account type. If you have multiple online accounts for your household or business, each eligible account may have its own limit. To determine your specific limit, please check the Bounce Protection brochure, or contact your nearest banking center for assistance. If an item is presented that exceeds your Bounce Protection limit, it will be returned with a $34 returned item fee.
Bounce Protection does not cover everyday debit card transactions or ATM transactions that overdraft your account—you must choose to add extended Bounce Protection to your account if you would like us to pay these types of overdrafts. If you only have Bounce Protection, we will generally decline everyday debit card and ATM transactions at the point of sale or ATM if your Available Balance is not sufficient to cover the transaction when you initiate it.
For all consumer accounts, if we pay a transaction covered under Bounce Protection, we will charge you an overdraft fee of $34 per overdraft, for a maximum of five (5) overdraft fees per day, even if we pay more than 5 transactions.
You may revoke your previous authorization for Bounce Protection at any time by calling Customer Service at 800-749-7113. While you may opt out of the privilege at any time, you are responsible for any overdrawn balances at the time of opting out.
Extended Bounce Protection (Opt-In)
If you opt in to extended Bounce Protection on your checking account, it covers types of transactions such as:
- 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
- Everyday debit card purchases at stores or online
- Cash withdrawals from ATMs
- One-time online card payments including utilities, online shopping and reservations
You must have Bounce Protection to request extended Bounce Protection. For all consumer accounts, if we pay an overdraft covered under extended Bounce Protection, we will charge you an overdraft fee of $34 per overdraft, for a maximum of five (5) overdraft fees per day, even if we pay more than 5 transactions.
You may revoke your previous authorization for Bounce Protection at any time by calling Customer Service at 800-749-7113. While you may opt out of the privilege at any time, you are responsible for any overdrawn balances at the time of opting out.
No Overdraft Coverage
If you choose to have No Overdraft Coverage, we will generally return transactions when your Available Balance is not sufficient to cover them. If we return the transaction, you may be charged a non-sufficient funds (NSF) fee of $34.
From time to time, we may choose to pay an overdraft. For all consumer accounts, if we pay an overdraft covered by Bounce Protection, we will charge you an overdraft fee of $34 per overdraft, for a maximum of five (5) overdraft fees per day, even if we pay more than 5 transactions.
Sweep Transfers
A Sweep Transfer is a service that automatically transfers funds from another Great Southern account to cover transactions that exceed your balance. Transfers are made daily, as needed, to cover the amount of the overdraft.
If the Sweep Transfer is from a checking account to another checking account, it will only transfer the amount needed to bring the overdrawn account back to a positive balance (at least one cent).
If you do not have enough funds in the parent account to cover the full overdrawn amount in the child account, the sweep will not occur at all; there will be no partial transfer.
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