Some bank accounts offer an overdraft facility free of charge, whilst others apply charges. As of April , banks have to apply one consistent interest rate APR to all overdraft facilities, replacing the confusing old system of daily or monthly fees. You can apply for an overdraft during your bank account application. If you wish to apply for an overdraft with your existing bank, you can usually do this via the mobile banking app, online banking, over the phone, or in-branch, whichever you prefer.
Sometimes you will receive a response immediately, or it may take up to a few days if more information is required, or you have applied outside of normal banking hours. The same process is required if you wish to extend an existing overdraft.
Overdraft limits depend on a wide range of factors, not least of which is the bank account you are applying for. There are exceptions, however: basic bank accounts for those new to credit, or for those who have undergone bankruptcy or an IVA, do not tend to have an overdraft facility. Your creditworthiness will be assessed by the bank in question at the time you apply for the overdraft, and factors such as your age, earnings and credit rating will be taken into account.
Unlike repaying loans, which are fixed repayments over a set period, overdrafts are a form of revolving credit, much like credit cards. This means that you can add to an existing overdraft so long as you remain within your authorised overdraft limit — or pay it off completely one day, then dip into it the next. Overdrafts are available for as long as the bank authorises them, and for as long as you pay the fees and charges that they incur.
If you are looking to switch your current account and are a regular overdraft user, it is imperative that you check and compare all the associated fees and charges before you switch, as they can differ greatly from one bank to the next. Based on your own regular overdraft usage, calculate what you would be charged with other banks for the same amount — what looks like a cheap alternative at first glance can prove to be a costly mistake in the long run.
Generally, we do not pay overdrafts if you are not making regular deposits, or you have excessive overdrafts, or based on your account history and how you maintain your account. We may change your overdraft privileges due to poor account management. If an item has been previously returned and charged the Return Item Fee, and is later represented for payment and subsequently returned, another Return Item Fee will be charged subject to the max of 4 per day.
We may pay overdrafts for checks and other transactions using your account number and for automatic bill payments ACH and recurring debit transactions , and if you give us permission, we may authorize and pay overdrafts for ATM transactions and everyday non-recurring debit transactions individual debit card purchases such as grocery store or one-time online purchases.
Our expectation is your bring your account to a positive balance immediately including payment of all bank fees and charges. Javascript must be enabled for the correct page display. First National Bank Overdraft Options.
Our goal is to assist you in avoiding unexpected Overdraft or Return Item fees as well as the inconvenience of having transactions declined or returned unpaid. The information below is aimed at helping you understand the Overdraft coverage options we provide and how they may benefit you. We encourage you to view our Account Alerts options developed to help you stay on top of your finances, our Account Management Best Practices for advice on how to manage your account as well as the External Online Resources we provide for additional financial education.
An optional savings or line of credit account linked to your checking that can help secure your buying power and reduce bank fees and declined transactions. Money is advanced automatically in exact amounts when you need them, helping to keep your account from becoming overdrawn. Overdraft Service 1 Coverage for when your checking and linked Overdraft Protection account if enrolled does not have enough money available to cover a transaction.
This tells us in advance how you would like us to consider paying transactions that will cause your account to become overdrawn. How to set-up, change or cancel your overdraft services. Tips for managing your account and avoiding fees.
Carefully review the Overdraft coverage options we provide while considering how you use and plan to use your checking account. Keep track of spending by keeping a check register up-to-date. If you continue to use the website please note we use cookies to provide you with the best possible web experience, which includes performing analytics and showing you relevant advertising. Clearing cookies can limit functionality. Please maintain cookie settings if you do not want this to happen.
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