Overdraft Protection Changes
An important notice about overdraft protection for your consumer accounts
Have you ever had a situation where you were unable to make a purchase with your debit card or withdraw cash from an ATM when you most needed to because of temporary insufficient funds? Overdraft protection frees you from the worry and the hassle.
All consumer banking customers must advise their bank of their preference for protecting their accounts against ATM and one-time debit card purchase overdrafts. To learn more please read the information below.
To register your preference for your PremierWest Bank consumer checking account(s), please click on the button below to Opt In/Opt Out.
Please click on the "Q & A" button below for further information on Regulation E-Overdraft Opt In Notice.
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- Summary
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. We can cover your overdrafts in two different ways:
- We have standard overdraft practices that come with your account.
- We also offer overdraft protection plans, such as a link to a savings account, 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 come with my account?
We do authorize and pay overdrafts 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 overdrafts for the following types of transactions after August 15, 2010, 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 and pay an overdraft, your transaction will be declined.
What fees will I be charged if PremierWest Bank pays my overdrafts?
Under our standard overdraft practices:
- We will charge you a fee of up to $30 each time we pay an overdraft.
- There is a daily limit of $150 on the total fees we can charge you for overdrawing your account.
What if I want PremierWest 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, you may call 800-708-4378, or click the button below to Opt In/Opt Out.
