What is Overdraft Privilege?
Unanticipated expenses or timing issues with deposits can sometimes lead to an overdraft. That's where BankFive's Overdraft Privilege can help. Rather than having certain covered transactions declined because of insufficient funds, Overdraft Privilege allows them to be paid, at BankFive's discretion, even if they exceed your available account balance.
Key Things to Know About Overdraft Privilege
- Overdraft Privilege may help cover certain transactions when your checking account does not have enough available funds.
- Covered transactions may include checks, ACH payments, automatic payments, transfers, online banking transactions, mobile banking transactions, telephone banking transactions, and in-person withdrawals.
- If an overdraft item is paid through Overdraft Privilege, your account balance may become negative, and an overdraft fee of $35 may apply.
- No application is required. Eligibility is determined at BankFive's discretion and is based on responsible account management.
- Customers must be at least 18 years old to be eligible.
- ATM transactions and everyday debit card purchases are not covered unless you choose to opt in to this service.
To learn more about BankFive's Overdraft Privilege, watch our short video.
For complete terms and conditions, please review our Overdraft Privilege Disclosure.
If you would like to opt into Overdraft Privilege for ATM transactions and one-time debit card purchases, please contact us or visit a branch near you.