The Bank of Commerce

  

HOW TO MANAGE OVERDRAFTS

Overdrafts happen when you:

  • Write a check
  • Withdraw money from an ATM
  • Use your debit card to make a purchase
  • Make an automatic bill payment or other electronic payment  

for more than the amount in your checking account.

    When this occurs The Bank of Commerce (Bank) has the choice to either pay the amount or not.  If we pay the item even though you don't have the money in your account, you may be charged an "overdraft fee" in addition to owing the overdraft amount.  If the Bank returns your check without paying it, you may be charged a "return item fee".  The person or company who you wrote the check to or made an electronic bill payment to - for example, a store, your landlord, or the phone company - may charge you an additional fee.

 

 HOW CAN I BETTER MANAGE MY ACCOUNT?

 

Keep track of how much money you have in your checking account by keeping your account register up to date.

Review your account routinely. Reviewing your accounts using Online, Mobile, Text Message Banking or by phone using TelXpress will help you better manage your money. Text Message Banking will notify you when your account drops below a set amount.

Pay special attention to your electronic transactions. Record your ATM withdrawals and fees, debit card purchases and online payments you may have set up for utilities or loan payments.

If you overdraw your account, get money back into your account as soon as possible.  Remember, if you have overdrawn your account, you need to put enough money back into your account to cover both the amount of your overdraft and any Bank Fees.

 

HOW CAN I PROTECT MYSELF AGAINST UNINTENDED OVERDRAFT?

Sign up for direct deposit. You will have access to your paycheck immediately.

Keep track of your balance and transactions. Don't forget about automatic payments.  Today, it is easier than ever to check balances and transactions online using Online Banking, by phone using TelXpress, or at the ATM, 24 hours a day.  Don't forget about Mobile Banking where you can check your balance on your cell phone or have notifications sent to you if your balance drops below a set amount.  However keep in mind that those balances will not reflect transactions previously authorized that have not yet been processed by the Bank.

Apply for our Ready Reserve Line of Credit.  This will cover your consumer account if it is overdrawn.  Just be sure to pay it back as soon as possible to avoid unnecessary interest charges.

Keep a "pad" or cushion of money in your checking account just to be safe.

Link your checking account to a savings account. Transfers will be completed for a minimal fee.

 

 

 

 

 

 

 

 

 
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