Overdraft Privilege & Protection

 

Balance Protection (BP)

Because nobody’s perfect...

Mistakes can happen – A small budget miscalculation or oversight can result in an unexpected shortage in your account. With our Balance Protection service, you can help ensure that your checking account is covered. There's no charge to enroll and you only pay for Balance Protection if you use it.

How it works:

If you happen to overdraw your account, funds will be automatically transferred from the assigned Overdraft Protection account to your checking account as needed to cover the negative account balance.

Accounts Eligible to be linked as a Balance Protection Account:

  • Security Bank Savings Accounts
  • Security Bank Checking Accounts

Ways to reduce or avoid Overdraft or Balance Protection Fees:

  • Set up account alerts and receive email or text messages when your balance is low or when payments are due.
  • Monitor your account and deposit or transfer funds into your checking account on your own before an overdraft occurs with your Online Banking or Mobile Banking Serivce.

Call or stop by your local branch for additional details and get enrolled today!

Locations & Hours

Contact Us Online

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Overdraft Privilege (ODP)

Mistakes can happen. Are you covered?

Overdraft Privilege Can Mean . . .

  1. You may avoid high charges from merchants for returned checks or automatic payments.
  2. You may avoid the embarrassment and inconvenience of checks and automatic payments being dishonored.
  3. Payment of your occasional and inadvertent overdrafts up to your assigned Overdraft Privilege Limit of $800 or $1,500 will normally be considered. These limits include our customary fees set out in our Fee Schedule. Our fees will be added to any outstanding overdrafts you may have and will be applied against your Overdraft Privilege Limit.

If you have questions concerning the Overdraft Privilege Service please contact a Customer Service Representative at your local branch.

Have You Ever...

  1. Had the embarrassment and expense of a check or automatic payment returned NSF?
  2. Had a check denied at checkout?
  3. Forgotten to record a deposit? A purchase? A withdrawal?
  4. Had to “guess” at what transactions a joint owner has made?

We cannot promise or guarantee these things will never happen.

You Deserve Consideration…

Rather than automatically returning unpaid all insufficient funds items that you may have, we will consider, without obligation on our part, payment of your reasonable overdrafts up to your assigned Overdraft Privilege Limit.

You do not have to apply for or sign any additional documents for this service for checks, ACH or recurring debit transactions. It is already a part of your Checking Account Agreement with us. With some exceptions, most of our checking account types, and individual accounts, are eligible for this service.  See “Accounts Eligible for Overdraft Privilege” in our Overdraft Privilege Service Policy.  If you want us to consider paying ATM and one time debit card transactions that would overdraw your account we need your affirmative consent to do so. 

If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, call or visit one of our local branches. 

If you do not use Overdraft Privilege it costs you nothing. “Use” means you initiate insufficient funds transactions.

If you do use Overdraft Privilege you will be subject to our customary fees set out in our Fee Schedule and Overdraft Privilege Service Policy.

We charge a $29.97 NSF Paid Item fee for each item that would create an overdraft on your account that is paid, and we charge a $29.97 NSF Returned Item fee for each item that would create an overdraft on your account that is returned. We also charge a $4.97 Daily NSF fee. Typically we charge this Daily NSF fee for the second and each subsequent consecutive calendar day your account is overdrawn and continues to have a negative (overdraft) balance. Charges will count towards the $800 or $1500 limit and will increase the outstanding overdraft balance. A non-sufficient funds/overdraft/negative balance may result from the payment of checks, in-person withdrawals, ATM withdrawals, or other electronic funds transfers; however, for personal accounts, we will not include ATM and everyday debit card transactions within our Overdraft Privilege Service without first receiving your affirmative consent to do so. The amount of any overdrafts including our fees that you owe us shall be due and payable immediately.

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Overdraft Privilege Service Policy

Security Bank offers the Overdraft Privilege Service. If your account qualifies for Overdraft Privilege, we will consider, without obligation on our part, paying items for which your account has insufficient or unavailable funds, instead of automatically returning those items unpaid. This document explains how Overdraft Privilege operates.

Transactions that May Qualify for Overdraft Privilege

An overdraft occurs when you do not have enough money in your account to cover a transaction. Although there are many reasons why your account might become overdrawn, most overdrafts result from the following:

a) You write a check, swipe your debit card or initiate an electronic funds transfer in an amount that exceeds the amount of funds available in your account;

b) You deposit a check or other item into your account and the item is returned unpaid, which causes a negative balance in your account once your balance is reduced by the amount of the returned check;

c) You have inadequate funds in your account when we assess a fee or service charge; or

d) You initiate a transaction before funds deposited into your account are "available" or "finally paid" according to our Funds Availability Policy. For example, if you deposit a check into your account, the proceeds of that check may not be available to you for up to seven days after you deposit the check. If you do not have sufficient funds in your account independent of the check to cover the transaction, you will incur an overdraft.

The Overdraft Privilege Service applies to a variety of transactions, including checks and other transactions made using your checking account number, automatic bill payments, however, for personal accounts, we will not include ATM transactions and everyday debit card transactions; however, we will not include ATM and everyday debit card transactions within our Overdraft Privilege Service without first receiving your affirmative consent to do so. Absent your affirmative consent, ATM and everyday debit card transactions generally will be not be paid under Overdraft Privilege.

Participation in Overdraft Privilege is not mandatory. You may opt-out of the service any time by notifying one of our service representatives. Furthermore, you may revoke your affirmative consent to have ATM and everyday debit card transactions considered for payment under Overdraft Privilege without removing other items from the service. Simply inform us of your preference.

As noted above, we retain full discretion to decline to pay any item under the Overdraft Privilege Program. This means we can refuse to pay any overdraft for any reason. Even if we decide to pay an overdraft item, absent an agreement to the contrary, such payment does not create any duty to pay future overdrafts. If we do not authorize and pay an overdraft, your transaction will be declined and we may assess NSF fees on your account in accordance with your account agreement and the fee schedule in effect at the time of the overdraft.

Fees

For each overdraft we pay, we will charge the standard per item NSF Paid Item Fee set forth in our fee schedule currently $29.97. In addition, we will charge your account $4.97 per day as a Daily NSF Fee. Typically, we will start charging the Daily NSF Fee on the second business day your account is overdrawn and will continue to charge the Daily NSF Fee for each subsequent consecutive calendar day your account remains overdrawn; there is otherwise no limit on the total amount of NSF Paid Item Fees and Daily NSF Fees for each subsequent consecutive business day your account remains overdrawn. We will notify you by mail if we pay or return any insufficient or unavailable funds items on your account; however, we have no obligation to notify you before we pay or return any item. The amount of any overdrafts, including our fees, is due and payable immediately or on demand. Transactions may not be processed in the order in which they occurred, and the order in which transactions are received by Security Bank and processed can affect the total amount of fees incurred.

Accounts Eligible for Overdraft Privilege

Overdraft Privilege is a discretionary service and is generally limited to an $800 overdraft (negative) balance for eligible personal checking accounts; or a $1,500 overdraft (negative) balance for eligible business checking accounts. Please note that both per item and continuous overdraft fees count toward your Overdraft Privilege Limit. We may in our sole discretion limit the number of accounts eligible for Overdraft Privilege to one account per household or per taxpayer identification number.

Security Bank eligible accounts are eRewards, Security Personal, Security Interest and Security Business Checking accounts.

Further, Overdraft Privilege is usually extended only to accounts in good standing. An account in good standing exhibits, but is not limited to, the following characteristics:

a) The account has been open for at least thirty (30) days;

b) The account has deposits totaling at least $400 or more within each thirty (30) day period;

c) The account demonstrates consistent deposit activity;

d) The account owner is current on all loan obligations with us; and

e) The account is not subject to any legal or administrative order or levy, such as bankruptcy or tax lien.

We offer other overdraft protection services in addition to Overdraft Privilege. This includes Balance Protection (account is linked to another account of yours with us, such as a savings account). If you apply to have your accounts linked for balance protection, you may save money on the total fees you pay us for overdraft protection services.

Overdrafts should not be used to pay ordinary or routine expenses and you should not rely on overdrafts as a means to cover these expenses. If at any time you feel you need help with your financial obligations, please contact one of our customer service representatives at your local branch office.

 

WHAT PEOPLE ARE SAYING...

"I usually don't have a lot of time to get my check to the bank.  Security Bank gave me the opportunity to try Mobile Check Deposit. It's as easy as taking a picture and hitting the deposit button on my smart phone. What a time saver.  Thanks Security Bank!"

Matt Gartner 
Howells, NE

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