It is Flora Bank & Trust's (“we, us or our”) policy to comply with applicable laws, rules and regulations, and to conduct business in accordance with strict safety and soundness standards.
A non-sufficient funds (overdraft/negative balance) may results from:
A) The payment of checks, electronic funds transfers or other withdrawal requests you initiate;
B) Payments authorized by you;
C) The return, unpaid, of items deposit by you;
D) Charging your account for our applicable service charges and fees;
E) The deposit of items to your account which, according to our Funds Availability Policy, are treated as not yet “available” or “finally paid”.
We are not obligated to pay any item initiated for payment against your account if your account does not contain sufficient collected funds. Rather than automatically returning unpaid, all non-sufficient funds items that you may have, if your “eligible account type” has been open for at least thirty (30) days and thereafter you maintain your account in good standing, which includes at least:
A) We reserve the right to require you to continue to make deposits consistent with your past practices, and depositing at least $400.00 or more in your account within each thirty (30) day period;
B) You are not in default on any loan obligation to us;
C) We reserve the right to require you to pay your outstanding overdraft (negative) balance, including our fees, immediately or on demand, and
D) Your account is not the subject of any legal or administrative order or levy, such as bankruptcy or a tax lien, we will consider, without obligation on our part, approving your reasonable overdraft up to your assigned ODP Limit, including our fees.
This discretionary* service will generally be limited to an $800.00 overdraft (negative) balance for eligible personal checking account types. Our normal fees and charges including, without limitation, our non-sufficient funds (NSF) or overdraft (OD) fees; currently $31.97 per non-sufficient funds or overdraft item, as set forth in our fee schedule, will be charged for each transaction initiated for payment from your checking account that does not have sufficient collected funds. Typically, we will charge our normal NSF/OD fee whether we approve an overdraft item for payment or return unpaid. In addition, we will charge your account a $10.97 per day “daily overdraft fee”. Typically, we will charge this “daily overdraft fee” for the seventh and each subsequent consecutive calendar day your account is overdrawn and continues to have a negative (overdraft) balance.
Our NSF/OD and daily overdraft fees will be included in and count against your assigned ODP Limit of $800.00. Whether your overdrafts will be paid or not is at our sole discretion and we reserve the right not to pay. For example, we typically do not pay overdrafts if your account is not in good standing at described above, or if you have too many overdrafts.
We may refuse to pay an overdraft for you at any time, even though your account is in good standing and even though we may have previously paid overdrafts for you. You will be notified by mail of any non-sufficient funds items paid or returned that you may have; however, we have no obligation to notify you before we pay or return any item. The amount of any overdrafts including our fees that you owe us shall be due and payable immediately. If there is an overdraft paid by us on an account with more than one (1) owner on the signature card, each owner and agent, if applicable, drawing/presenting the item creating the overdraft, shall be jointly and severally liable for such overdrafts including our fees.
Optional Overdraft Protection Services: We offer additional overdraft protection service that you may apply for, "Transfer" (from another account of yours with us) Overdraft Protection. If you create this optional service, you may save money on the total fees you pay us for overdraft protection services.
Ineligible Accounts and Limitations: Available only for eligible checking accounts that are maintained in good standing as defined above. Savings Type Accounts, Money Market Accounts, Public Fund/Charitable Organization Accounts, Certain Trust Accounts and Minor Accounts (not of legal age) are not eligible for this service. We may, in out sole option and discretion, limit the number of your accounts eligible for ODP to one account per household and/or one account per taxpayer identification number.
Eligible Accounts Types: The account types that are eligible for ODP are: Freedom Checking, Regular Checking, NOW Account, Super NOW Account and First Reward Checking.
Transactions that May Cause of Create Overdrafts Using Your ODP Limit: NSF transactions initiated for payment against your checking account may be paid by us using your assigned ODP Limit, including our fees. Our NSF fee may be imposed for paying, or not paying, overdrafts you create by: Checks; In person (teller) withdrawal; ATM withdrawal; or other electronic means.
You May Always Opt-Out: You may choose at any time not to participate in ODP by notifying one of our Customer Service Representatives who will explain what this (“Opt Out”) means, and the potential consequences, for you.
If You Need Help: Of course, 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 .
Always a Discretionary* Service: Our ODP Service does not constitute an actual or implied agreement between you and us. Nor does it constitute an actual or implied obligation of or by us. Our ODP Service represents a purely discretionary courtesy or privilege that we may provide to you from time to time and which may be withdrawn or withheld by us at any time without prior notice, reason or cause.
