An automated transfer allows funds to be removed from another PrimeBank of Texas account to cover overdrafts in a consumer checking account.
- There is no Overdraft Transfer Fee
- Avoid $30 Overdraft Item Charge
- Avoid costly merchant return check fees and creditor late fees
- Balance of the transfer account is not available for ATM withdrawals or everyday debit card purchases unless also opted into Option #1
PrimeBank OverDraft Plan Details
Limited overdraft protection up to $200 automatically applies to consumer checking accounts (excluding money market and savings accounts). Prime Overdraft is a non-contractual privilege and may be revoked at any time at PrimeBank of Texas’s discretion.
An overdraft charge per item of $30.00 will be assessed for each overdrawn check paid or other withdrawal request resulting in an overdraft and will be deducted from the $200 limit. This may result in multiple Overdraft Charges on the same day. A maximum of five Overdraft Charges will be assessed per account per day.
When you withdraw funds from your account by check, in-person withdrawals, ATM withdrawals, or other electronic means for more than the amount in your checking account, you will overdraw your account. Prime Overdraft offers limited protection so that your withdrawn will be paid. Under this plan, you will still pay an Overdraft Charge, which will be assessed for each withdrawal deducted from the Prime Overdraft limit, but you will avoid the merchant’s returned-check fee. Prime Overdraft in intended for inadvertent overdrafts and should not be used as a replacement for credit. PrimeBank of Texas reserves the right not to pay an overdraft item if your account is not in good standing. If you are not making regular deposits, or if you have repeated overdrafts.
The Bank’s posting order for transactions is as received from smallest to largest amount. Ledger Balance is the ending balance of your account after all transactions have posted for a given day. Available Balance is your prior day Ledger Balance plus or minus same day transactions (such as ATM, Debit Card, ACH, checks or same day deposits), minus holds. ATM and Debit Card transactions are authorized or pre-authorized against your Available Balance. When ATM or Debit Card transactions are posted to your account, if the transactions cause the current day final Ledger Balance to fall below $35.00, you will pay an Overdraft Charge.
ATM card and everyday Debit Card transactions will not be paid under Prime Overdraft and will be declined at the time of transaction unless you provide us with expressed prior notice of your intent to have those types of transactions paid into the overdraft. If you authorize us to pay ATM and everyday Debit Card purchases. Everyday Debit Card transactions refers to non-recurring transactions. Recurring Debit Card transactions will be paid and assessed the overdraft charge fee.
You may remove Prime Overdraft from your account at any time. You may also revoke your authorization pay ATM and everyday Debit Card transactions into the overdraft at any time. Overdrafts should be paid promptly. Failure to resolve an overdraft may result in the removal of the overdraft limit from your account or closure of the account.
Overdraft Protection Plans
PrimeBank of Texas offers overdraft protection plan that may allow you to avoid having your account go into the overdraft. This plan is offered in place of Prime Overdraft and include automatic transfers from another account. This plan may be less expensive than the Prime Overdraft program.
An automatic Overdraft Transfer allows funds to be moved from another PrimeBank of Texas account to cover an overdraft amount. The $30.00 Overdraft Charge per item would not apply and there is no Overdraft Transfer fee per transfer. If funds are transferred out of an interest-bearing account, interest would not be paid on the amount transferred to cover the overdraft. Any customer who is owner of two deposit accounts (checking, savings, or money market accounts) may have an Overdraft Transfer.
What You Need to Know about Overdrafts and Overdraft Fees
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyways. We can cover your overdrafts in three different ways:
- We have Standard overdraft practices that come with your account, under which items will typically be returned unpaid.
- We offer our Prime overdraft program to all customers. Prime overdraft is a non-contractual privilege that allows items to be paid into the overdraft up to a limit of $200.
- We also offer Overdraft protection plans that allow you to avoid having your account go into the overdraft. These plans are offered in place of Prime overdraft and include automatic transfers from another PrimeBank of Texas account (such as a savings account) of which will be less expensive that our standard overdraft practices or the Prime overdraft program. To learn more, ask is about this plan.
This notice explains our Standard overdraft practices as well as Prime overdraft.
What are PrimeBank of Texas’s overdraft practices?
We may authorize and pay overdrafts for the following types of transactions under both our Standard overdraft practices and Prime overdraft:
- Checks and other transactions made using your checking account number
- Automatic bill payments
We do not authorize and pay overdrafts for the following types of transactions under our Standard overdraft practices or under our overdraft protection plans. Under Prime Overdraft, we do not authorize and pay these types of transactions unless you ask us to (see below):
- ATM transactions
- Everyday Debit Card Transactions
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft for an ATM or everyday Debit Card transaction, your transaction will be declined.
What fees will be charged if PrimeBank of Texas pays my overdraft?
Under our Standard overdraft practices and Prime overdraft:
- We will charge you a fee up to $30 each time we pay an overdraft up to a maximum of five fees per day after your
available account balance is overdrawn by $35 or more.
- If the available balance of your account is overdrawn by less than $35, no overdraft fee will apply.
What if I want PrimeBank of Texas to authorize and pay overdrafts on my ATM and everyday Debit Card transactions?
If you also want us to authorize and pay overdrafts on ATM and everyday Debit Card transactions, complete the form below. You may provide or revoke your consent at any time by contacting one of our banking centers in person or by mail. The address of the banking center that opened your account is listed on your account statement.