Overdraft Protection for the Unexpected.

An overdraft fee occurs when you try to spend more money than you have available in your checking account. Rather than denying the transaction, the bank will allow the purchase by advancing the funds to cover the purchase, with a nominal charge to your account.

Overdraft fees can involve check, ACH or debit card transactions. Some banks will occasionally forgive an overdraft fee to help you cover other essential expenses from your account. However, it’s best to review your bank’s account agreements to understand the policy on handling overdrafts.

When it comes to protecting yourself from overdraft fees, you have two main options – connecting your Gate City Bank checking account with your savings account or adding a reserve line of credit to provide extra peace of mind:

• Savings Link: Link your savings as a back-up to your checking account. This service will automatically transfer funds from your Gate City Bank savings account to cover any transactions that may otherwise result in an overdraft fee.
• Checking Reserve Line of Credit: With a checking reserve line of credit, you pay finance charges on the amount you borrow in addition to an annual fee. You can even use the line of credit to cover short-term cash needs! Access the application here. Gate City Bank’s checking reserve line of credit amounts include a $1,000 minimum and $5,000 maximum. Other key factors:
  • Revolving, no maturity
  • 18% APR¹ (annual percentage rate)
  • $35 annual fee

Learn more about helpful hints and habits to avoid overdrafts or check out our BankOn checking account for even more ways to steer clear of overdraft fees.

The best way to prevent overdraft fees is to know your daily balance, manage your monthly budget and try not to spend more money than you have available, but mistakes do happen. Learn more about some habits you can adopt to avoid surprise overdraft fees.

To set up a savings link in online banking, navigate to “Accounts,” choose “Savings Link” and select your back-up account. If you’re using the mobile app, tap “More” at the bottom of your screen, then hit “Accounts” and “Savings Link” before choosing your back-up account. You can also contact us to set up a savings link.

Speak with one of our helpful lenders to learn more about a checking reserve line of credit. They’ll be happy to assist you with the application process!

Overdrafts occur when a transaction is paid even though you do not have an adequate balance to cover a transaction presented. At Gate City Bank, a fee is incurred for this type of transaction.

Non-sufficient funds (NSF) refers to when a transaction is declined or returned because you do not have an adequate balance to cover a transaction presented. At Gate City Bank, there is no fee for this type of transaction.

To locate a current list of the total amount you have paid year-to-date in overdraft fees, please reference your most recent checking account statement (last page).

To view your online statements or notices from your Gate City Bank online banking account:

1. Log in to online banking.
2. Select “View Statements/Notices” from the menu.
3. Then, select “Statements” or “Notices” from the menu to view your documents.

You can also view statements and notices from our mobile app:

1. Log in to the Gate City Bank mobile app.
2. Tap “More,” then “Statements and Notices.”
3. Select the account documents to view.
4. Tap on the statement or notice to view.

Note: Please log in to online banking from a web browser to view statements and notices from any closed accounts.

With debit card controls, you can easily set limits, receive alerts and freeze funds so that no transactions will be approved (aside from recurring payments). You can also set blocks based on:

• Country: Transactions for your card outside your home country will be blocked. (Note: If this option is enabled, the region limit type can’t be used.)
• Region: This limits the use of a card within a specified radius. Any transactions attempted outside that radius will be blocked.
• Merchant: Block transactions for a card based on specific types of businesses.
• Transaction: Easily block transactions for a card based on the transaction type.
• Amount: Set a limit for the transaction amount for a card. Transactions higher than the designated limit will be blocked.

To adjust your debit card controls, simply navigate to “Card Management & Rewards” in online and mobile banking, then select “Controls” and “Alerts.”

When opening a checking account, you have the ability to choose whether or not you would like Gate City Bank to consider paying ATM withdrawals and everyday debit card transactions when the funds are not available in your account. If you would like to change your selection at any time, simply give us a call, send us a message from online banking or stop by one of our convenient locations.