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Understanding Overdrafts

Understanding overdrafts.jpg

An overdraft occurs when you do not have enough money in your account to cover a transaction, but as a convenience to you, we pay it anyway. We can cover your overdrafts in two different ways:

  1. We have standard overdraft practices that apply to our accounts.
  2. We also offer overdraft protection plans, such as a link to a savings account, or to an overdraft line of credit, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.

This notice explains our standard overdraft practices.

What are the standard overdraft practices that apply to my account?

We do authorize and pay overdrafts for the following types of transactions based on the length of time your account has been open, the activity in your account and the usage of your account:

  • Checks and other transactions made using your checking account number such as ACH direct debits.
  • Automatic bill payments

We do not authorize and pay overdraft for the following types of transactions unless you ask us to (see below):

  • ATM transactions
  • Everyday debit card transactions

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, pay or overdraft, your transaction will be declined.

What fees will I be charged if Illini Bank pays my overdraft?

Under our standard overdraft practices:

  • We will charge you a fee of $30 each time we pay an overdraft item.
  • The maximum number of overdraft fees we may access is limited to 7 per day.

What if I want Illini Bank to authorize and pay overdrafts on my everyday debit card and ATM transactions?

If you also want us to authorize and pay overdrafts on ATM and everyday debit cards transaction, call 1-888-455-4641. OVERDRAFT ALTERNATIVES

To prevent returned item fees or overdraft fees, we recommend you maintain all account activity in a check register and routinely reconcile your account to the balance reported by the bank. Using our automated telephone information system, Online or Mobile Banking, and Text Messaging (fees may apply, contact your mobile carrier for details) to monitor your account balance and account activity. Knowing your account balance also requires consideration of pending items such as checks you've written that have not reached the bank, or pre-authorized ACH debits that have not yet posted to your account. Please call us at 1-888-455-4641 to learn how to sign up for these services or for assistance with reconciling your account.

Illini Bank offers the following alternatives to avoid overdraft fees or returned item fees, which are less expensive when compared to our Standard Overdraft Practices.

Illini Check Guard Line of Credit

The Bank offers a Ready Cash Reserve line of credit that is attached to any checking, or Money Market account. Based on credit qualification, lines are available for a minimum of $300 to a maximum of $3,000, with an APR of 17.00%; interest is charged only for the number of days outstanding. A minimum monthly payment equal to the greater of 5% of the outstanding balance or $50 will be auto-deducted from the consumer's checking account. Additional or larger payments may be made at any time through online banking or by contacting the Bank. Advances are in $200 increments and are transferred automatically to cover a negative balance. If the balance in the Check Guard account is not sufficient to cover the items, all available funds will be transferred. Any remaining items that cannot be covered by the transfer will be charged overdraft fees or returned item fees. There is a $28 annual fee for this product. Visit any Illini Bank branch or call us toll-free at 1-888-455-4641 to apply or obtain additional information.

Overdraft Protection from Savings

Secondary checking, savings and money market accounts may be used to avoid overdraft fees for customer checking accounts. When checks or other debits present against your account in amounts that would create an overdraft items, the bank will transfer funds from your linked account in $200 increments sufficient to cover the items (subject to funds availability in the linked account). Each transfer is $2.00. Any account receiving overdraft protection transfers will only be charged one transfer fee of $7.00 per day, regardless of the number of items causing the overdraft. If the balance in the linked account is not sufficient to cover the items, all available funds will be transferred. Any remaining items that cannot be covered by the transfer will be charged overdraft fees or returned item fees. Linking a secondary checking account for overdraft protection transfers could result in overdrafts or returned items in the secondary account. Certain account types have transaction limitations; please speak to a representative to determine whether transaction limitations apply.



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