OOPS!™ Overdraft Privilege
In a fast-paced, ever-changing world, there's one thing that remains constant: nobody's perfect. We realize that everyone makes simple mistakes on their balance sheet every now and again.
OOPS! Overdraft Privilege will be a service available on eligible Founders checking accounts. It will not only cover math mistakes, but it will also save stress from worrying about unforeseen expenses.
- Summary
- May prevent bounced checks
- May avoid merchant fees from bounced checks
- Overdraft privilege up to $500 on personal accounts, including fees
- An overdraft fee of $30 per item will be included in the overdraft amount required to bring your account back to a positive balance
- If you exceed your Overdraft Privilege limit, the check or debit charge may bounce and you will be charged a non-sufficient funds fee of $30
- There is a $1.50 per day charge for every day the account remains at a negative balance, beginning on the 3rd business day the account is overdrawn
- There is no interest charged on this overdraft balance
- More Info
- You will be notified each time your Overdraft Privilege is utilized, detailing the transaction and amount. You should bring your account back to a positive balance immediately or on demand.
- Overdraft Privilege may prevent bounced checks and additional fees imposed by the payee and/or their financial institution. Founders' normal insufficient funds fee will still apply to your account.
- An Overdraft Item may be created by check, in-person withdrawal, ATM withdrawal or other electronic means. Founders Bank is not obligated to pay any item presented for payment if your account does not contain sufficient collected funds. Founders Bank will consider, as a discretionary courtesy or service and not as a right or obligation, approving your reasonable overdrafts.
- Founders Bank reserves the right to require you to repay your overdrafts immediately or on demand.
- Not all accounts are eligible and restrictions apply. For example, we typically do not pay overdrafts if your account is not in good standing or if you have too many overdrafts.
