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 or a draw on an open-end line of credit, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.
This notices explains our standard overdraft practices.
What are the standard overdraft practices that come with my account at Lincoln Savings Bank?
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 unless you ask us to: (you will be given the opportunity to indicate whether you want Lincoln Savings Bank to pay these types of overdrafts on the next page)
- ATM transactions
- Everyday debit card transactions
Lincoln Savings Bank pays overdrafts at our discretions, 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 Lincoln Savings Bank pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee of up to $35 each time we pay an overdraft.
- There is a limit of 8 overdraft fees per day for overdrawing your account.
What if I want Lincoln Savings Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions?
If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, you can complete and submit the online form on the next page.
- Or, you can call (800) 588-7551
- Or you can complete and print the opt-in form and either present it at any branch or mail it to:
Lincoln Savings Bank
508 Main Street
Reinbeck, IA 50669
Go to the next page to complete the authorization form.