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. At Gate City Bank, we refer to these as Non-Sufficient Funds (NSF) Transactions. We can cover your NSF transactions in two different ways:
- We have standard NSF practices that come with your account.
- We also offer a Checking Reserve Line of Credit, which may be less expensive than our standard NSF practices. To learn more, ask us about this plan.
This notice explains our standard NSF practices.
What are the standard NSF practices that come with my account?
We do authorize and pay NSFs for the following types of transactions:
- Checks and other transactions made using your checking account number
- Automatic bill payments
We do not authorize and pay NSFs for the following types of transactions unless you ask us to (see below):
- ATM transactions
- Everyday debit card transactions
We pay NSFs 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 NSF, your transaction will be declined or returned.
What fees will I be charged if Gate City Bank pays my NSF transaction?
Under our standard NSF practices:
- We will charge you a fee of $32 each time we pay an NSF.
- Also, if your account is overdrawn for 5 or more consecutive days, we will charge an additional $8 per day, beginning on the 5th day.
- There is no limit on the total fees we can charge you for NSF transactions on your account.
What if I want Gate City Bank to authorize and pay NSFs on my ATM and everyday debit card transactions?
If you also want us to authorize and pay NSFs on ATM and everyday debit card transactions, please check the top box below.