Overdraft Protection services enable you to link other sources you have with Reliance Bank to your checking account in order to prevent overdrafts and are less expensive options than an overdraft.
Overdraft Privilege enables you to overdraw your account for a fee of $32 per item in order to pay a transaction. For consumer accounts, there is a limit of five (5) fees, or $160 per day that will be charged. We will not charge an overdraft fee if a consumer account is overdrawn by $5 or less. These exceptions do not apply to business accounts.
Overdraft Privilege limits of up to $750 are available for eligible Personal Checking accounts opened for at least 35 days and in good standing.
Overdraft Privilege limits of up to $1000 are available for eligible Business Checking accounts opened for at least 60 days and in good standing.
Standard Overdraft Privilege covers checks, online bill payments, ACH transactions, or automatic/pre-authorized debits that you establish (insurance premiums, utility bills, etc.).
Extended Overdraft Privilege covers ATM and everyday debit card transactions on your personal accounts with your prior consent. Business accounts automatically have Extended Coverage.
Both Overdraft Protection and Overdraft Privilege may enable you to avoid expensive merchant returned-check charges.
Both Overdraft Protection and Overdraft Privilege may enable you to avoid having your ATM or debit card transactions declined due to insufficient funds.
You must deposit the full amount of the overdraft (within 35 days), including any fees assessed, and maintain a positive balance for at least one business day to continue to receive Overdraft Privilege.
Good account management is the best way to avoid overdrafts. Use our mobile banking, internet banking, and telephone banking services to help keep track of your balance.
For additional money management tips, visit our website at: www.reliancebankstl.com/moneymanagement
If you have questions about Overdraft Protection or Overdraft Privilege, please call us at 866-965-5300.
Except as described in this summary, Reliance Bank will not pay items if your account does not contain available funds (including the Overdraft Privilege limit) to cover the item(s) and the amount of any fee(s).
We may restrict your debit card use if you incur overdrafts in excess of the available funds in your account including any Overdraft Privilege limit.
Reliance Bank will place a hold on your account for any authorized debit card transaction until the transaction settles (usually within two business days) or as permitted by payment system rules. In some cases, the hold may exceed the amount of the transaction.
Overdraft Privilege is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any time without prior notice.
Overdraft Privilege may be discontinued if you default on any loan or other obligation with us, your account becomes subject to any legal or administrative order or levy, or if you fail to maintain your account in good standing by not bringing your account to a positive balance within thirty-five (35) days for a minimum of one business day.
The total (negative) balance, including all fees and charges, is due and payable upon demand.