What you Need to Know About Overdrafts and Overdraft Fees
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:
- We have standard overdraft practices that come with your account.
- We also offer overdraft protection plans, such as a link to another account, which may be less costly than our standard overdraft practices. To learn more, ask us about these plans.
This notice explains our standard overdraft practices.
What are the overdraft practices that come with my account?
We do authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- Automatic bill payments
We will not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):
- ATM transactions
- Everyday debit card transactions
We pay overdrafts at our discretion, which means that we do not guarantee that we will always authorize and pay any type of transaction.
If you do not authorize Grant County Bank to pay an overdraft, your transaction will be declined on ATM or Debit card transactions.
What fees will I be charged if Grant County Bank pays my overdraft?
Under our practices:
- We will charge you a fee of $35.00 per item each time your payment is presented rather we pay it or return it.
- We will not charge you a fee if your account is overdrawn by $35.00 or less on any given day.
- Also, if your account is overdrawn for 4 or more consecutive business days, we will charge an additional $ 2.00 per day when your overdrawn balance is $50.00 or more.
- There is a limit of three (3) total fees we can charge you for overdrawing your account per day.
What if I want Grant County Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions?
If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, complete the form below and click on "Submit” or print and mail or drop off at one of our offices. Mail to: Grant County Bank, P O Box 929, Petersburg WV 26847. You can revoke your authorization for The Grant County Bank to pay these overdrafts at any time by contacting us at (304) 257-4111. Your revocation must include both your name and your account number so that we can properly identify your account.