Don’t Disrupt Your Financial Journey

Overdraft Coverage

Life happens! We understand that from time to time you may unexpectedly overdraft your account. Overdraft coverage can help.

Consider these ways to cover overdrafts:

  • Overdraft Protection: Link your checking account to another deposit account you have with us. Overdrafts will be transferred in increments of $100. There is a $3 per transfer fee. This is your least costly way to cover overdrafts. Call us at 941-624-5400, email us at customerservice@csbtfl.com, or stop by a branch to sign up or apply for this service.
  • Overdraft Privilege: You can overdraw your account up to the disclosed limit for a $35 per OD Limit Fee in order to pay for the transaction. Even if you have Overdraft Protection, Overdraft Privilege is available as secondary coverage if the other protection is exhausted. 
  • Extended Coverage: You may consent for the Extended Coverage so that ATM or everyday debit card transactions will be included in your program. Please review the transactions that would be covered with Standard Coverage versus Extended Coverage.
  • Transactions Covered
  • Standard Coverage (No action required)
  • Extended Coverage (Your consent required)*
Transactions Covered Standard Coverage (No action required) Extended Coverage (Your consent required)*
Checks X X
Recurring Debit Card Payments X X
Online Bill Pay Items X X
Teller Window Transactions X X
ATM Transactions X*
Everyday Debit Card Transactions X*

If you would like to select Extended Coverage for future transactions:

*If you choose Extended Coverage, ATM transactions and everyday debit card transactions will be included with the transactions listed under Standard Coverage.

You can discontinue Overdraft Privilege in its entirety by contacting us at 941-624-5400 or sending us an email at customerservice@csbtfl.com.

 

What Else You Should Know

  • A link to another account or a line of credit 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 www.mymoney.gov.
  • The $35 OD Limit Fee that is charged if you overdraw your account more than $10 is the same fee amount that is charged if an item is returned as unpaid. If multiple items overdraw your account on the same day, each item will be assessed an appropriate OD Limit Fee or a Returned/Paid NSF Fee of $35. 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 an item is returned because the available balance in your account is not sufficient to cover the item and the item is presented for payment again, Charlotte State Bank & Trust will charge a Returned/Paid NSF Fee each time it returns the item because it exceeds the available balance in your account. If, on representment of the item, the available balance in your account is sufficient to cover the item Charlotte State Bank & Trust may pay the item, and, if payment causes an overdraft, charge an OD Limit Fee.
  • For consumer accounts, there is a limit of $175 OD Limit Fees (5) per day we will charge. We will not charge an OD Limit Fee if a consumer account is overdrawn by $10. These exceptions do not apply to business accounts.
  • This describes the posting order for the 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 check number order while 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 OD Limit Fees or Returned/Paid NSF Fees assessed.
  • Although under payment system rules, Charlotte State Bank & Trust may be obligated to pay some unauthorized debit card transactions, Charlotte State Bank & Trust will not authorize debit card or ATM transactions unless your account’s available balance (including Overdraft Coverage Options) is sufficient 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 OD Limit Fees for transactions that we would otherwise be required to pay without assessing an OD Limit Fee. 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 it is otherwise withdrawn.
  • Charlotte State Bank & Trust authorizes and pays transactions using the available balance in your account. Charlotte State Bank & Trust may place a hold on deposited funds in accordance with our Deposit Account Agreement and Disclosure, 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 Limit. 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 Charlotte State Bank & Trust’s ATMs.
  • Charlotte State Bank & Trust 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 OD Limit Fee may be assessed.
  • Except as described herein, Charlotte State Bank & Trust will not pay items if the available balance in your account (including the Overdraft Privilege limit, if applicable) is not sufficient to cover the item(s) and the amount of any fee(s).
  • Charlotte State Bank & Trust 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.
  • Charlotte State Bank & Trust 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.
  • Charlotte State Bank & Trust 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(s) for purchases or to access your account(s) associated with the debit card(s) at the ATM while your debit card is suspended. 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).
  • An Overdraft Privilege limit of $500 will be granted to eligible Consumer Checking accounts at account opening.
  • An Overdraft Privilege limit of $750 will be granted to eligible Business Checking accounts at account opening.
  • Overdraft Privilege is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any time without prior notice.
  • Overdraft Privilege may be suspended if you default on any loan or other obligation to us or if your account becomes subject to any legal or administrative order. 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, Overdraft Privilege may be reduced. You must bring your account balance positive for at least one business day to have the full Overdraft Privilege limit reinstated.
  • Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in the Deposit Account Agreement and Disclosure. 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 941-624-5400 or visit a branch.


What if I want Charlotte State Bank & Trust to authorize and pay overdrafts on my ATM and everyday debit card transactions?

If you would like to select Extended Coverage for future transactions:

You can discontinue Overdraft Privilege in its entirety by contacting us by any of the above methods. Your revocation must include
both your name and your account number so that we can properly identify your account.