Overdraft Education

Stay covered with overdraft protection!  

Girl with phone

Optional services are available that can protect your demand deposit accounts from overdraft and returned item fees. You can avoid these fees by linking your demand deposit account, also known as a checking account, to a savings account, or you can apply for a line of credit.  We also provide tools to help you manage your accounts, including online banking, mobile banking and low balance alerts. Also, we offer the Easy Access account which doesn't charge overdraft fees. See the information below. 

 

Here is our standard overdraft practice


Our standard overdraft practice automatically applies to your personal deposit accounts. This permits us to help you avoid embarrassment during the time of check presentment or due to an unexpected transaction that draws down your account balance. 


We will authorize and pay overdrafts up to a negative $35 balance for the following types of transactions: 
  • checks and other transactions made using your checking account number
  • automatic bill payments and ACH transactions
We will not authorize and pay overdrafts for the following types of transactions.  These will be automatically denied, unless you 'opt-in'.  
  • ATM transactions
  • everyday debit card transactions at point of sale (POS)
We will not charge an overdraft fee for a POS transaction that was previously authorized on 'good funds'.  We may also pay an item and not charge a fee, if you have made a subsequent deposit to your account that covers the amount of the potential overdraft. 

How to request an 'Opt-in' status: You may request to 'Opt-In' to having your ATM and every day debit card transactions (identified as POS) paid under our standard overdraft practices.  If you do so, you may also 'Opt-Out' at any time. 

For more information about how opt-in/opt-out works, contact us at 302-658-6850 or
visit any branch office.

How quickly must I repay an overdraft? 

Make every attempt  to bring your account to a positive balance as soon as possible and your account must always be brought positive within 30 days.  If the account continues with a negative balance for more than 30 days, it will be closed and reported as a negative balance account to ChexSystems, which is a consumer reporting agency.   

How does Artisans' Bank pay items that are presented for payment? 

The law permits us to pay items on your account in any order. 'Items' are defined as checks, bill payment requests and other electronic transactions.  The order in which items are paid is important if there is not enough money in your accounts to pay all the items  that are presented.  There is no policy that is favorable in every instance; however, we believe our policy attains a reasonable balance between minimizing additional costs to you and paying your more important items.
 
Click here to view the Notice Regarding Payment Order of Items
 
For more information on how Electronic Fund Transfers are processed, contact us during business hours at 302-658-6850 or
visit any branch office. 
 
 

Overdraft and Related Fees

An overdraft occurs when you do not have enough money in  your account to cover a transaction, but we pay it anyway.  If you overdraw your account by $5 or less, we will not assess an overdraft fee.  The total NSF and Overdraft Fees assessed are limited to four items per business day. 

 
Paid Item Fee (Overdraft Fee).......................$35.00  
A Paid Item Fee (Overdraft Fee) of $35.00 is assessed for each overdraft created by check, in-person withdrawal, recurring debit card payment or other electronic (ACH) means.  This will also include overdrafts created by ATM withdrawals or one-time debit card purchases, unless you have opted-in to having such items paid into overdraft. 

Returned Item Fee (Non-sufficient Funds Fee- NSF)........................$35.00 
A Returned Item Fee (Non-sufficient Funds-NSF) of $35.00 is for each item drawn on your account that we return (we do not pay) due to insufficient funds in your account at the time the item is presented for payment.  However, we will honor one-time card purchases that have been pre-authorized. 

Click here for more information about all our Deposit Account Options & Service Fees:
 

 

Here are ways to protect your account from overdrafts.

 

Open an Easy Access AccountBankOn logo for Easy Access Account

The Easy Access Account is designed to prevent overdraft and NSF fees.  This checkless  all-electronic account has a low minimum balance to open, a low monthly service fee that we will waive when you keep a $300 average daily balance each statement cycle or with a direct deposit or an ACH debit or credit transaction each statement cycle.
 
Here's how it works: if there are insufficient funds in the account when a transaction is presented for payment, it is rejected or returned without charge. With our low balance alerts, you can monitor your balance with your Artisans' Bank mobile app before you make your purchase. 
 
Artisan's Bank makes this account available to everyone. We are offering this product because we support the national Bank-On movement of providing safe, functional, and affordable bank accounts to consumers with this debit-card-only checkless account. 
 
 
This account protects you from unexpected overdraft or NSF fees.
 

Create a Deposit Sweep Account Arrangement


Another easy way to set up overdraft protection is to link your existing Artisans' checking or savings account to another Artisans' checking or savings account. When a transaction occurs that results in an overdraft, the available funds are 'swept' from the linked deposit account to your protected account.  You can use this linked account for more than one account to help protect all your personal accounts.  Each time a deposit account sweep occurs, a $5 sweep fee will be charged to your linked account.  

 This provides overdraft protection and is 
less expensive than getting an overdraft or NSF fee. 


Apply for an Overdraft Line of Credit


You may apply for an Overdraft Line of Credit to be used to cover overdrafts in your checking accounts. If approved, all types of transactions that create an overdraft will be covered, including ATM and every day debit card transactions, up to the amount of your line of credit.  Each time a a line of credit transfer occurs, a $5 sweep fee will be charged to your checking account.  Amounts are transferred in increments of $100. Overdraft Lines of Credit can be established for amounts ranging from $500 to $5,000, based on your credit qualifications.  Overdraft Lines of Credit are subject to credit approval. 

Each time you make an on-time payment of your overdraft line of credit balance,
you help to build your credit score. 
.

Apply for a Personal Line of Credit 

You may apply for a Personal Line of Credit for amounts from $500 to $5,000, based on  your credit qualifications.  If approved, you may use online banking to transfer funds from the personal line of credit to your linked checking account whenever you need extra cash. When you use the Mobile Banking App for a quick transfer, your funds are available immediately.  There is no fee for this service.  You can transfer any amount up to the amount of  your available line of credit.  You are in control of your funds and need to make the transfer because they do not occur automatically.  Personal Lines of Credit are subject to credit approval. 

You can use this line of credit for other purchases, not just to cover overdrafts. 
Every time you make an on-time payment, you help to build your credit score. 



Here is how to apply for either Line of Credit:
We know that applying for a loan or line of credit is a personal decision.  Here is the a credit application for you to complete at  your convenience.  Then, bring this form along with your proof of income and a valid government-issued identification to your local branch office  They will be glad to help you start the process and answer any questions. 
 
Credit Application - complete and print: 

 


Artisans' Bank does not guarantee that we will always authorize and pay your overdraft transactions.  If we do not authorize and pay an overdraft,  your transaction will be declined at the time of transaction or returned when the transaction is presented for payment.  An overdraft or NSF fee may apply.