Overdraft Protection

Posted on April 06, 2018

Overdraft Protection Umbrella

Everyone makes mistakes. Even minor miscalculations can leave you short on funds in your account. Our overdraft protection program can help. Get to know your coverage options, then choose the level of protection that’s right for you.

Automatic Coverage1 - When the funds in your checking account are insufficient to cover a check or electronic payment, funds are automatically transferred from your Membership Share savings account to cover the payment.

Upon request, an alternate Southeast Financial savings account can be linked to your checking account for this purpose.

Discretionary Coverage2 - At our discretion and for a fee, we may approve and pay checks, ACH items, and recurring debit transactions, often used for automatic subscription payments, dues, etc., that will overdraw your account. You can remove this protection from your account at any time by completing an Overdraft Protection Opt-out form.

At your option, you may choose to expand this discretionary protection to include overdraft coverage for ATM withdrawals and everyday debit card transactions. To activate or terminate coverage for these transactions, log in to Online Banking and select Overdraft Advantage under the Additional Services tab.

Optional Coverage - A personal line of credit may also be linked to your checking account. With approved credit, overdrafts up to your available credit line will be covered with no per-item overdraft or transfer fees, however, interest charges will be assessed at your approved annual percentage rate.

For questions about overdraft protection, stop by your local branch or call us at 615-743-3700 or 800-521-9653.

Disclaimer: We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined. Please refer to the Disclosure Manual for information regarding item processing order, and the Schedule of Products and Fees for information on associated fees that may be incurred.

1Per-transfer, overdraft, and negative balance fees may apply. Refer to the Schedule of Products and Fees for more information. Please note that Securities and Exchange Commission (SEC) Regulation D limits certain types of savings account withdrawals to six per month. For details on the regulation and transactions affected, visit the Help Center, located under Tools and Resources at www.southeastfinancial.org.

2Overdraft and negative balance fees apply. Please refer to the Schedule of Products and Fees for more information.