Overdraft Service for Consumers FAQs

What you need to know about upcoming changes to overdraft rules:

• Today, for many customers with checking accounts opened before July 1, 2010, when an ATM withdrawal or everyday (one-time) debit card transaction is made, our standard overdraft practice is to cover these transactions at our discretion if the transaction will overdraw the account. We call our discretionary standard overdraft practice "Overdraft Privilege" and there is a $34 charge per item for this service.
• As a result of new overdraft rule changes, Firstrust may only assess a fee on ATM and everyday debit card transactions which overdraws your account if you have specifically authorized Firstrust to approve these types of transactions ("opt-in").
• For consumer checking accountholders who do not specifically opt-in and authorize Firstrust to pay ATM and everyday debit card transactions that would overdraw their account, these transactions will be declined.
• These changes do not apply to other types of transactions such as check or ACH transactions, or  in-person withdrawals.

Why are overdraft rules changing?

Changes to Federal Reserve Regulation E now requires banks to obtain customers' consent before they can charge overdraft fees for ATM and everyday (one-time) debit card transactions that overdraw the consumer’s account.

What will happen if I don’t opt-in for Overdraft Privilege coverage of ATM and everyday debit card transactions?

ATM and everyday debit card transactions which will cause your account to be overdrawn will be declined unless you have another service, such as Overdraft Protection, which links your checking account to a savings account or line of credit to cover such transactions.

What if the account is in multiple names?

Any joint accountholder or authorized signer on an eligible account can opt-in to receive coverage of ATM and everyday debit card transactions that would result in an overdraft.  Also, any joint accountholder or authorized signer on the account can withdraw their consent to cover these transactions at any time.

What types of overdraft coverage does Firstrust offer?

• Overdraft Protection: This service links another checking, savings, money market or line of credit to your checking account. Available funds will be transferred from the linked account to cover overdrafts. Overdraft Protection transfer fees may apply.
• Overdraft Privilege: Firstrust may pay overdrafts for ATM withdrawals and debit card purchases you make at a store, online, or by telephone at our discretion up to your limit. There is a fee for each overdraft and having Overdraft Privilege does not guarantee that we will pay your overdrafts.

How does Overdraft Privilege work?

If we receive items for payment and there are insufficient funds in your eligible account, payment may be made up to your Overdraft Privilege limit at the discretion of the bank. You will be responsible for paying the standard non-sufficient funds fee ($34.00). This is the same fee that Firstrust charges for items drawn against insufficient funds and returned to the payee. If multiple items are presented against your Overdraft Privilege limit on the same day, each item will be assessed the nonsufficient funds fee.  You will be charged up to a maximum of five (5) fees each day (there is a maximum of 10 fees per day on commercial accounts.) You will also be responsible for repaying the amount of the fees and the  Overdraft Privilege limit used as soon as possible after each overdraft. Taking advantage of your Overdraft Privilege allows you to avoid the inconvenience of having a check or other item returned, as well as the returned item fees that might have been charged to you by the person or merchant to whom you wrote the check or otherwise initiated payment. Your Overdraft Privilege limit will be reduced by the amount of the overdraft item(s) and any related nonsufficient funds fees. Overdrafts may be created by check, in-person withdrawal, ATM withdrawal or other electronic means.

Does Overdraft Privilege replace my existing Overdraft Protection?

Overdraft Protection is available using a savings, money market or line of credit account to transfer funds to your checking account if there are insufficient funds in the checking account to cover items we receive for payment. Overdraft Privilege does not replace any Overdraft Protection you may currently have from a savings account, money market account or line of credit. Overdraft Protection remains your first defense against overdrafts. Please contact us if you would like to establish Overdraft Protection.

Where can I find out more information about Overdraft Privilege?

It's easy!  Just call our Customer Care Center at 800-220-BANK, stop in any of our branch offices or visit the Personal / Overdraft practices section of this Website.

Important Information: A $34 fee applies to overdrafts resulting from checks, in-person withdrawals, ATM withdrawals and other electronic means. You must bring your account balance to a positive balance as soon as possible after each overdraft.  Whether your overdrafts will be paid is discretionary and we reserve the right not to pay.  For example, we typically do not pay overdrafts if your account is not in good standing, you are not making regular deposits, you have too many overdrafts, you are in default on any loan or other obligation to Firstrust or your account is subject to a legal order or levy.