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 anyway. We can cover your overdrafts in two different ways:

  • We have standard overdraft practices that come with your account.
  • We also offer overdraft protection plans, such as a link to a savings account, which may be less expensive than our standards overdraft practices. To learn more, ask us about these plans.

This notice explans our standard overdraft practices:

What are the standard overdraft practices that come with my account?

We do authorize and pay overdrafts for the following types of transactions:

  • 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 unless you ask us to (see below):

  • ATM transactions
  • One-time 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, your transaction will be declined.

What fees will I be charged if Independent Bank pays my overdraft?

Under our standard overdraft practices:

  • We will charge you a fee of up to $34 each time we pay an overdraft.
  • Also, if your account is overdrawn for 5 or more consecutive business days, we will charge an additional $6 per day.
  • There is a limit of five (5) Overdraft Fees ($170) per day that we will charge you for overdrawing your account.
  • We will NOT charge you a fee if your account is overdrawn by $5 or less on any given day.

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This disclosure has been previously received in a paper or electronic format at your new accounting opening and/or a subsequent compliance mailing.