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Overdraft Privilege and Overdraft Protection

Independent Bank offers Overdraft Coverage on our checking accounts. This service is designed to protect your account from unexpected overdrafts.

Overdraft Coverage Options

The choice is yours. Consider these ways to cover overdrafts:

Service

Cost

Overdraft Protection Link to another deposit account you have at Independent Bank¹

$7 fee per day if transfer is needed

Overdraft Protection Line of Credit¹ ² ³

Subject to interest and annual fee

Overdraft Privilege

$34 Overdraft fee per item. Daily fees may apply. 
($6 daily fees apply after 5th consecutive business day overdrawn) 

Overdraft Protection Link to another deposit account you have at Independent Bank¹

Cost -
$7 fee per day if transfer is needed

Overdraft Protection Line of Credit¹ ² ³

Cost - Subject to interest and annual fee

Overdraft Privilege

Cost -

$34 Overdraft fee per item. Daily fees may apply. 
($6 daily fees apply after 5th consecutive business day overdrawn) 

1Call us at 800.355.0641 or visit a branch to sign up or apply for these services.
2
Subject to credit approval.
3Available only on consumer accounts.

Click here to make an Extended Coverage Decision

White Button with Overdraft on Computer Keyboard. Banking Concept.Overdraft Protection services apply to all transactions and may help prevent overdrafts by automatically transferring funds to your checking account from another account or line of credit you may have at Independent Bank for a finance charge. Please note that overdraft lines of credit are subject to credit approval.

Overdraft Privilege allows you to overdraw your account up to the disclosed limit* for a fee in order to pay a transaction. Even if you have overdraft protection, Overdraft Privilege is still available as secondary coverage if the other protection source is exhausted.

*New accounts opened within the past 33 calendar days have an introductory limit of $100.

Transactions Covered with Overdraft Privilege

Standard Coverage (No action required)

Extended Coverage
(Your consent required on consumer accounts)*

Checks

X
X

ACH - Automatic Debits

X
X

Recurring Debit Card Payments

X
X

Teller Window Transactions

X
X

ATM Transactions

X**

Everyday Debit Card Transactions

X**

Checks

Standard Coverage (No action required) -
X
Extended Coverage
(Your consent required on consumer accounts)* -
X

ACH - Automatic Debits

Standard Coverage (No action required) -
X
Extended Coverage
(Your consent required on consumer accounts)* -
X

Recurring Debit Card Payments

Standard Coverage (No action required) -
X
Extended Coverage
(Your consent required on consumer accounts)* -
X

Teller Window Transactions

Standard Coverage (No action required) -
X
Extended Coverage
(Your consent required on consumer accounts)* -
X

ATM Transactions

Standard Coverage (No action required) -
Extended Coverage
(Your consent required on consumer accounts)* -
X**

Everyday Debit Card Transactions

Standard Coverage (No action required) -
Extended Coverage
(Your consent required on consumer accounts)* -
X**

If you would like to select Extended Coverage for future transactions:

  • Call our 24-hour banking line at: 888.300.3193, select option 1, option 3
  • Online Banking/Customer Service Option
  • Complete the online consent form found at IndependentBank.com
  • Visit any branch
  • Complete a consent form and mail it to: 
    115 E Main St. Belding, MI 48809

*If you choose Extended Coverage on your consumer account, ATM withdrawals and everyday debit card transactions will be included with the transactions listed under Standard Coverage. If you already have Extended Overdraft Privilege coverage, it is not necessary to request it again. Business accounts automatically have Extended Coverage.

You can discontinue the Overdraft Privilege in its entirety by contacting us at 800.355.0641 or visiting a branch.

What else you should know:

  • A link to another account or a line of credit is a less expensive option than an overdraft. A single larger overdraft will result in just one fee, as opposed to multiple smaller overdrafts. Good account management is the best way to avoid overdrafts. Use our mobile bankingonline banking, and telephone banking services to keep track of your balance. For additional financial education resources, please visit www.mymoney.gov.
  • The $34 Overdraft Fee is the same fee amount that is charged if a check is returned as unpaid. If multiple items overdraw your account on the same day, each item will be assessed an appropriate Overdraft Fee or a Return Fee of $34. All fees and charges will be included as part of the Overdraft Privilege limit amount. Your account may become overdrawn in excess of the Overdraft Privilege limit amount as a result of a fee.
  • If your account balance remains overdrawn for longer than five (5) business days, we will charge your account a daily Overdraft Fee of $6 for each of the consecutive business days the account remains overdrawn, beginning with day six (6).
  • For consumer accounts, there is a limit of five (5) Overdraft Fees ($170) per day we will charge. We will not charge an Overdraft Fee if a consumer account is overdrawn by $5 or less. For business accounts. There is a limit of 10 Overdraft Fees ($340) per day we will charge. We will not charge an Overdraft Fee if a business account is overdrawn by $5 or less.
  • We generally post items in the following order: credit transactions are processed first, with debits, or withdrawals, from your account processed as follows: electronic items, such as ATM and preauthorized transactions, then checks. The items are processed in order received and appropriate time and/or serial number order within each category. Items that cannot be determined "in order received" will be processed in a high to low order. However, because of the many ways we allow you to access your account, the posting order of individual items may differ from these general policies. Holds on funds (described below) and the order in which transactions are posted may impact the total amount of Overdraft Fees or Return Fees assessed.
  • Although under payment system rules, Independent Bank may be obligated to pay some unauthorized debit card transactions, Independent Bank will not authorize debit card or ATM transactions unless there are available funds (including Overdraft Coverage Options) to cover the transactions and any fee(s).
  • Independent Bank authorizes and pays transactions using the available balance in your account. Independent Bank may place a hold on deposited funds in accordance with our Deposit Account Agreement and Disclosure, which will reduce the amount in your available balance.
    • The available balance for checks, ACH items, and recurring debit card transactions is comprised of the ledger balance, less any holds on deposited funds and any debit card holds, plus the amount of the Overdraft Privilege limit and any available overdraft protection.
    • The available balance for ATM and everyday debit card transactions on accounts with Standard Coverage is the ledger balance, less any holds on deposited funds and any debit card holds, plus any available overdraft protection, but does not include the Overdraft Privilege limit.
    • For accounts with Extended Coverage, the Overdraft Privilege limit is included in the available balance for authorizing ATM and everyday debit card transactions. If the funds in the available balance are sufficient to cover a transaction, any available overdraft protection and/or the amount of the Overdraft Privilege limit may be used to authorize and pay a transaction.
  • Please be aware that the Overdraft Privilege amount is not included in your available balance provided through Online Banking, Mobile Banking, or Independent Bank's ATMs.
  • Independent Bank will reduce the card authorization balance 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 reduction may exceed the amount of the transaction. When the transaction settles, the card authorization balance will update to reflect the available balance in your account. If your account is overdrawn after the transaction settles, an Overdraft Fee may be assessed.
  • Except as described in this notice, Independent Bank may 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).
  • Independent Bank may suspend your debit card if your account is overdrawn more than 32 consecutive calendar days. Debit cards on your account will remain suspended until you make sufficient deposits so that your account balance is positive.
  • If your debit card is suspended, you will be unable to use your debit card for purchases or to access your account at the ATM, and if you use your debit card for recurring payments, e.g., utilities, you are responsible to make other arrangements for your recurring debit payment(s).
  • 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 (30 days or more past due, bankruptcy) or other obligation to us, your account becomes subject to any legal or administrative order, garnishment or levy, or if you fail to maintain this account in good standing by not bringing your account to a positive balance within 32 days for a minimum of one business day.
  • Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in the Deposit Account Agreement and Disclosures. The total (negative) balance, including all fees and charges, is due and payable upon demand.
  • New accounts opened within the past 33 calendar days have an introductory limit of $100.

If you have any questions about Overdraft Protection or Overdraft Privilege, please call us at 800.355.0641 or visit any branch.