Overdraft Services
Overdrafts:
What you need to know.
Having a check returned due to insufficient funds can be a costly and uncomfortable experience. That’s why we provide Overdraft Privilege, a special service for Southside Bank checking account customers.*
What is Overdraft Privilege?
Overdraft Privilege is an overdraft limit that is automatically assigned to qualifying accounts. There is no action required on your part. However, payment of overdrafts caused by ATM and everyday debit card transactions, such as point of sale (POS) transactions, will only be authorized if you have opted-in to that service.
How Overdraft Privilege Benefits You:
At Southside Bank, we do not encourage overdrafts and always recommend to manage your finances responsibly. The purpose of this privilege is to save you from the additional merchant fees or other problems that might result if a check is returned.
Automatic Overdraft Transfer
Automatic Overdraft Transfer is a great tool to safeguard your checking account from an overdraft situation. Simply link one of your Southside checking or savings accounts to your primary checking account. If your checking account becomes overdrawn, available funds will be automatically transferred to help cover the overdraft items.
There is no fee when you use the Automatic Overdraft Transfer service. Contact us for more information.
Ready Reserve
You never know what life may bring your way. Take the stress out of unexpected expenses with Southside Bank Ready Reserve.
Ready Reserve is a pre-approved line of credit that's there when you need it. You won't owe anything until you advance the loan.
Opt-In Consent Form for ATM/Debit Card Overdraft Services
What if I want Southside Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions? If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions, call 877.639.3511. You may also complete a form at your nearest branch.
Frequently Asked Questions
Overdraft Privilege is an overdraft limit that is automatically assigned to qualifying accounts. There is no action required on your part. However, payment of overdrafts caused by ATM and everyday debit card transactions such as point of sale (POS) transactions will only be authorized if you have opted in to that service.
As long as you maintain good standing in your account (defined as making regular deposits and bringing your account to a positive balance at least once every 30 days), Southside Bank may honor up to the Overdraft Privilege limit on your account.
There is no additional cost associated with this privilege unless you use it. However, you should keep in mind that you will be charged our Paid Overdraft Item Fee of $30 for each item paid. This fee applies to overdrafts created by check, in-person withdrawal, ATM withdrawal, debit card purchases, or other electronic purchases.
Overdraft Privilege of $600 is available on regular consumer accounts ($200 for accounts opened less than 35 days). Overdraft Privilege of $800 is available on regular consumer accounts open more than 35 days with a regularly occurring direct deposit (defined as two or more ACH deposits each exceeding $100 within a 60 day time period). Spirit Checking, Advantage Investment Accounts, and eChecking are excluded from this service.
You will receive an overdraft notice each time items that exceed your current balance are paid. Overdrafts above and beyond your established Overdraft Privilege limit may result in a check or checks being returned to the payee. The normal overdraft fee will be charged per item and assessed to your account. So as not to exceed your limit if you use Overdraft Privilege, you should note that the amount of the overdraft plus our Paid Overdraft Item Fee of $30 for each item will be deducted from your overdraft limit.
In the event you would like to have this service removed from your account, you may do so by calling 877.639.3511. However, once this service is removed, you should keep in mind that if an item is presented for payment and there are not sufficient funds in your account, the item may be returned to the payee and our Return NSF Item Fee of $30 will be charged.
Please note: Overdraft Privilege does not constitute an actual or implied obligation of or by the bank. The service represents a purely discretionary courtesy or privilege that the bank may provide to you from time to time and which may be withdrawn or withheld by the bank at any time without prior notice or reason or cause.
*Spirit Checking, Platinum Advantage Money Market, and eChecking are excluded.
Please note: Overdraft Privilege does not constitute an actual or implied obligation of or by Southside Bank. The service represents a purely discretionary courtesy or privilege that the bank may provide to you from time to time and which may be withdrawn or withheld by the bank at any time without prior notice or reason or cause.
