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Overdraft Coverage Options

Overdraft Privilege and Overdraft Protection

Because nobody’s perfect.

It’s happened to all of us: A small budget miscalculation or oversight that resulted in an unexpected shortage of funds. That’s why having Overdraft Protection and Privilege is smart. It covers transactions that exceed the balance in your checking account, giving you peace of mind and eliminating the inconvenience and potential embarrassment of a rejected check, check card or ATM transaction.

Overdraft Coverage Options
The choice is yours. Consider these ways to cover overdrafts:

Link to another deposit account you have at Bank of Wedowee$5 Sweep Transfer fee per transfer
Overdraft Privilege$30 OD privilege paid item charge

1Contact us at (256) 357-3332, by email at  or come by a branch to sign up or apply for these services;

Overdraft Protection services apply to all types of transactions and allow you to link other sources, such as another account at Bank of Wedowee to your checking account to pay an overdraft transaction for a fee.

Overdraft Privilege allows you to overdraw your account for a fee in order to pay a transaction.

Transactions Covered with Overdraft PrivilegeStandard Coverage
(No action required)
Extended Coverage
(Your consent required)*
ACH – Auto DebitsXX
Recurring Debit Card PaymentsXX
Online Bill Pay ItemsXX
Internet Banking TransfersXX
Telephone BankingXX
Teller Window TransactionsXX
ATM Withdrawals X*
Everyday Debit Card Purchases X*

*If you choose Extended Coverage, all the transaction types listed in Standard Coverage are included, along with ATM withdrawals and everyday debit card transactions. Business accounts automatically have Extended Coverage.

You can discontinue the Overdraft Privilege in its entirety by contacting us at (256) 357-2132 or sending us an e-mail at . If you already have Extended Overdraft Privilege coverage, it is not necessary to request it again.

What Else You Should Know

  • In the normal course of business, we generally post items in the following order: 1) credits, 2) ATM and debit card transactions (in the order received), 3) ACH debits 4) checks (serial number order). We reserve the right to change the order of payment without notice to you if we suspect fraud or possible illegal activity affecting your account, or at our discretion. The order in which transactions are posted may impact the total amount of overdraft or return fees assessed.
  • A link to a savings account is a less expensive option than an overdraft.
  • A single larger overdraft will result in just one fee, as opposed to multiple smaller overdrafts.
  • For consumer accounts, there is a limit of five Overdraft fees ($150) per day we will charge. We will not charge an overdraft fee if a consumer account is overdrawn by $10 or less These exceptions do not apply to business accounts.
  • Good account management is the best way to avoid overdrafts.  Use our Internet banking to keep track of your balance.
  • The $30 OD privilege paid item charge is lower than the fee that would be charged if a check was returned as unpaid. If multiple items would overdraw your account on the same day, each item would be assessed an Overdraft privilege paid fee or a Return fee of $32F. All fees and charges will be included as part of the Overdraft Privilege limit amount. Your account may become overdrawn in excess of the Overdraft Privilege limit amount as a result of a fee.
  • Even if you have overdraft protection, Overdraft Privilege is still available as secondary coverage if the other protection source is exhausted.
  • Although under payment system rules, Bank of Wedowee may be obligated to pay some unauthorized debit card transactions. Bank of Wedowee 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 every day debit card and ATM overdrafts may result in you incurring overdraft fees for transactions that we would otherwise be required to pay without assessing an overdraft 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 funds that could result in restriction of your debit card. 
  • Except as described in this letter, Bank of Wedowee 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).
  • We may restrict your debit card use if you incur overdrafts in excess of the available funds in your account, including any Overdraft Privilege limit.
  • Bank of Wedowee 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.
  • 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 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 thirty-five (35) days for a minimum of one business day.
  • 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 and Disclosure Agreement. 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 (256)332-2132 or visit a branch.