Our Overdraft Protection
NBT Financial offers three overdraft solutions to assist you in managing your account while allowing you to control your cost. Paying attention to your financial needs is our top priority.
To prevent overdraft fees, we recommend that you maintain all account activity in a check register and routinely reconcile your account to the balance reported by the bank. Using our Telephone Banking system at 877-857-2265, E- Banking at www.nbt.bank, E-Banking Alerts, Email Notifications and Text Messaging to monitor your account balance and account activity can assist you in managing your account.
The best way to avoid overdrafts and fees is to keep track of your account balance by entering all items in your check register, reconcile your checkbook regularly and manage your finances responsibly. However, if a mistake occurs, NBT offers the following alternatives to cover overdrafts.
- Sweep from another NBT account.
- Ready Reserve* Includes transaction charge.
- Overdraft Protection. Includes overdraft fee of $35.00** per item. Maximum of 6 per day.
This product allows you to protect your account against overdraft fees by transferring funds from another NBT account when needed. By creating a link between your primary checking account and another account with NBT, any items that would cause an overdraft in the primary checking account will be paid by available funds that are automatically "swept" or transferred from your other NBT account. Certain account types have transaction limitations; please speak to a Personal Banker to determine whether transaction limitations apply.
Ready Reserve (Line of Credit):
With credit approval you could qualify for a Revolving Line of Credit, that would be tied to your checking account and protect you against overdraft fees. Any presented items that would cause an overdraft in the account will be paid by funds that are transferred from the line of credit (up to the available limit). This Line of Credit is a loan that you pay back with interest. This is available to consumers only. Please see a Loan Officer to apply.
When there are not available funds in your account to cover an item, subject to the bank's sole discretion, we may allow you to overdraw (OD) your account. Overdraft protection is available on our regular consumer checking accounts. You can decide to have all items covered or just in-person withdrawals, checks, transfers, recurring debit card transactions, automatic bill payments and other transactions made using your checking account number.
In order to receive the service for all items, you must affirmatively "opt-in" to authorize us to consider for payment into overdraft your ATM and everyday debit card transactions. To "opt-in" speak to a Personal Banker. You may revoke your "opt-in" at any time.
Deposits to cover account overdrafts must be received within 30 days of the overdraft. If the overdraft is not paid within 30 days the account could be subject to charge off.
We credit your deposit first, and then we pay withdrawals from lowest to highest by transaction type. For example, we pay an ATM transaction first, an electronic payment next, and checks in number sequence.
The bank reserves the right to suspend Overdraft Protection from any account if, in the bank's judgment, the likelihood that an overdraft will not be repaid exists. We offer this service as a courtesy in anticipation that you will be making a deposit within 30 days to bring your account to a positive balance. We are under no obligation to pay items when your account has insufficient funds, even if previous transactions were paid.
One overdraft (OD) fee of $35.00** is charged to your account for each overdraft transaction item that is paid. No more than $210.00** in total for NSF or overdraft fees will be charged per day. You acknowledge that the charging and collection of these charges and fees are not interest or compensation charged by us for the use, forbearance or detention of money.
If you have "opted-in" for Overdraft Protection Services on ATM and everyday debit card transactions, we will consider for authorization and payment overdrafts for the following types of transactions: ATM and everyday debit card transactions as well as: in-person withdrawals, checks, transfers, recurring debit card transactions, automatic bill payments and other transactions made using your checking account number. If you prefer not to "opt-in" for ATM and everyday debit card transactions to be included with Overdraft Protection Services, we will consider for authorization in-person withdrawals, checks, transfers, recurring debit card transactions, automatic bill payments and other transactions made using your checking account number.
If you decide you no longer want ATM and everyday debit card transactions included in Overdraft Protection Services, you can request to "opt out" by visiting your local branch or by calling a Personal Banker.
Other Related Fees:
One insufficient (NSF) fee of $35.00** is charged to your account for each transaction item that is returned unpaid. No more than $210.00** in NSF fees can be charged in any one day.
*Ready Reserve available only to customers with Approved Credit.
**Fee subject to change
**Fee subject to change