Overdraft Coverage Options
Overdraft Privilege and Overdraft Protection
Bank of Coushatta understands that unexpected overdrafts occur from time to time – Overdraft Coverage can help.
Overdraft Coverage Options
The choice is yours. Consider these ways to cover overdrafts:
1Call us at (318) 932-3491, email us at CustomerService@bankofcoushatta.com , or come by a branch to sign up or apply for these services.
Overdraft Protection services apply to all transactions and may help prevent overdrafts by automatically transferring funds to your checking account from another account you may have at Bank of Coushatta.
Overdraft Privilege allows you to overdraw your account up to the disclosed limit for a fee in order to pay a transaction. Even if you have Overdraft Protection, Overdraft Privilege is still available as secondary coverage if the other protection source is exhausted. Please review the “What Else You Should Know” section included with this letter for other important information.
Click Here to print the Consent Form.
*If you choose Extended Coverage on your consumer account, ATM withdrawals and everyday debit card transactions will be included with the transactions listed under Standard Coverage. If you already have Extended Overdraft Privilege coverage, it is not necessary to request it again. Business accounts automatically have Extended Coverage.
You can discontinue the Overdraft Privilege in its entirety by contacting us at (318) 932-3491 or sending us an e-mail at CustomerService@bankofcoushatta.com.
What Else You Should Know
- A link to another account may be a less expensive option than an overdraft. A single larger overdraft will result in just one fee, as opposed to multiple smaller overdrafts. Good account management is the best way to avoid overdrafts. Use our mobile banking, Internet banking, and telephone banking services to keep track of your balance. For additional financial education resources, please visit mymoney.gov.
- The $25.00 Non-Sufficient Item Paid fee that is charged if you overdraw your account more than $10.00 is lower than the fee that is charged if a check is returned as unpaid. If your consumer account is overdrawn by $10.00 or less, the Non-Sufficient Item Paid fee is $10.00. If multiple items overdraw your account on the same day, each item will be assessed an appropriate Non-Sufficient Item Paid fee or a Non-Sufficient Check Returned fee of $27.00. All fees and charges will be included as part of the Overdraft Privilege limit amount. Your account may become overdrawn more than the Overdraft Privilege limit amount because of a fee.
- If your account balance remains overdrawn for 5 or more business days, we will charge your account a Continuing Overdraft Fee of $5.00 for each of the consecutive business days the account remains overdrawn, beginning with day 5.
- For consumer accounts, there is a limit of ($175.00) per day we will charge. These exceptions do not apply to business accounts.
- This describes the posting order for purposes of determining overdrafts. Our general policy is to post items throughout the day and to post credits before debits. Paper checks are posted in order of lowest to highest dollar amount. ATM, ACH and debit card transactions are posted from lowest to highest dollar amount. However, because of the many ways we allow you to access your account, the posting order of individual items may differ from these general policies. Holds on funds (described herein) and the order in which transactions are posted may impact the total amount of Non-Sufficient Item Paid fees or Non-Sufficient Check Returned fees assessed.
- Although under payment system rules, Bank of Coushatta may be obligated to pay some unauthorized debit card transactions, Bank of Coushatta will not authorize debit card or ATM transactions unless there are available funds (including Overdraft Coverage Options) to cover the transactions and any fee(s).
- Giving us your consent to pay everyday debit card and ATM overdrafts on your consumer account (Extended Coverage) may result in you incurring Non-Sufficient Item Paid fees for transactions that we would otherwise be required to pay without assessing an Non-Sufficient Item Paid However, this would allow us to authorize transactions up to the amount of your Overdraft Privilege limit and may also help you avoid overdrafts in excess of your available balance that could result in suspension of your debit card. If you consent to Extended Coverage on your consumer account, it will remain on your account until you otherwise withdraw it.
- Bank of Coushatta authorizes and pays transactions using the available balance in your account. Bank of Coushatta may place a hold on deposited funds in accordance with our Term And Conditions Of Your Account, which will reduce the amount in your available balance. The available balance for checks, ACH items, and recurring debit card transactions is comprised of the ledger balance, less any holds on deposited funds and any debit card holds, plus the amount of the Overdraft Privilege limit and any available Overdraft Protection. The available balance for ATM and everyday debit card transactions on accounts with Standard Coverage is the ledger balance, less any holds on deposited funds and any debit card holds, plus any available Overdraft Protection, but does NOT include the Overdraft Privilege For accounts with Extended Coverage, the Overdraft Privilege Limit is included in the available balance for authorizing ATM and everyday debit card transactions.
- Please be aware that the Overdraft Privilege amount is not included in your available balance provided through online banking, mobile banking or Bank of Coushatta’s
- Bank of Coushatta will place a hold on your account for any authorized debit card transaction until the transaction settles (usually within two business days) or as permitted by payment system rules. In some cases, the hold may exceed the amount of the transaction. When the hold ends, the funds will be added to the available balance in your account. If your account is overdrawn after the held funds are added to the available balance and the transaction is posted to the available balance, an Non-Sufficient Item Paid fee may be assessed.
- Except as described herein, Bank of Coushatta will not pay items if your account does not contain available funds (including the Overdraft Privilege limit) to cover the item(s) and the amount of any fee(s).
- Bank of Coushatta may suspend your debit card if you incur overdrafts in excess of the available balance in your account, including any Overdraft Privilege limit (as described herein). Debit cards on your account will remain suspended until you make sufficient deposits so that your available balance, taking into account any Overdraft Privilege limit, is positive and then you contact us.
- Bank of Coushatta may also suspend your debit card if your account is overdrawn more than 32 consecutive calendar days. Debit cards on your account will remain suspended until you make sufficient deposits so that your account balance is positive.
- Bank of Coushatta may also suspend your debit card if we are unable to contact you due to an incorrect mailing address or Phone Number(s). You must contact us with your correct mailing address and/or Phone Number(s) to have your debit card reinstated.
- If your debit card is suspended, you will be unable to use your debit card for purchases or to access your account at the ATM, and if you use your debit card for recurring payments, e.g., utilities, you are responsible to make other arrangements for your recurring debit payment(s).
- New eligible consumer and business checking accounts will receive a $100.00 Introductory Overdraft Privilege limit at account opening that will be increased to $500 after 35 days in good standing for consumer accounts or to $700 after 60 days in good standing for business accounts.
- Overdraft Privilege is not a line of credit; it a discretionary overdraft service that can be withdrawn at any time without prior notice.
- Overdraft Privilege may be discontinued if you default on any loan or other obligation to us, your account becomes subject to any legal or administrative order or levy, or if you fail to maintain your account in good standing by not bringing your account to a positive balance within 32 days for a minimum of one business day. You must bring your account balance positive for at least one business day to have Overdraft Privilege
- Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in the Term And Conditions Of Your Account. The total (negative) balance, including all fees and charges, is due and payable upon demand.
If you have any questions about Overdraft Protection or Overdraft Privilege, please call us at (318) 932-3491 or visit a branch.