What is an Overdraft Service?
An overdraft service occurs when you don't have enough money available in your account to cover a transaction, but we approve it anyway.
Why should I opt in for overdraft service on everyday debit card transactions and ATM Transactions?
Overdraft Service is a service we provide that could approve a transaction, even if you don't have enough money in your account at that moment. Many of our customers appreciate the ability to overdraw in certain instances, instead of having their debit card purchase declined at the store register. When you need to buy something or get cash immediately, having the overdraft service means that we will consider approving those transactions even when you don't have the money in your account.
If I opt in, does that guarantee you'll approve an overdraft?
We approve overdrafts based on your overdraft product and overdraft limits. If you opt in, but exceed your overdraft limit, we will use discretion in approving and paying transactions.
What happens if I don't do anything?
Starting August 15th, 2010, any everyday debit card transaction or ATM withdrawal that exceeds the available funds in your account will generally be declined. Due to operational limitations, in very rare circumstances we will approve these transactions, but will not assess a fee. We will continue to consider other types of transactions like checks, automatic bill payments, and recurring debit card transactions.
Can I opt out of overdraft service for all types of transactions?
Of Course! Just call or visit your local branch to let us know.
If I don't opt in, when will this change take affect?
If you don't opt in to the overdraft service for everyday debit card transactions and ATM withdrawals, the change is effective on August 15th, 2010.
If I have other accounts with United Community Bank, do I have to opt in to overdraft service on those too?
For now, opting in to overdraft service for ATM withdrawals and everyday debit card transactions is only required for consumer accounts – not other types of accounts, like business accounts. If you have an account that links to a savings account or a line of credit (called United Line of Credit), you don't need to opt in to continue that service. If you have multiple consumer accounts with United Community Bank, you'll receive an opt-in form for each account or you can list all accounts when opting in via online banking.