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Life happens! First Financial Bank understands that unexpected overdrafts occur from time to time – Overdraft Coverage can help.
WHAT ARE MY OVERDRAFT COVERAGE OPTIONS?
The choice is yours. Consider these ways to cover overdrafts:
| Service | Cost |
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Good Account Management |
Free! |
|
Overdraft Privilege |
$33 Overdraft Fee per items over $5. If the item is $5 or less, a reduced fee of $5 will be charged. Daily fee of $3 after the first business day negative. |
WHAT IS OVERDRAFT PRIVILEGE?
Overdraft Privilege allows you to overdraw your account up to the disclosed limit for a fee to pay a transaction.
First Financial Bank may provide you a specific Overdraft Privilege limit depending on the type of account you have. New consumer and business checking accounts will receive a $100 Introductory Overdraft Privilege limit at account opening that will be increased to $700 after 30 days in good standing for consumer accounts or to $1,000 after 60 in good standing for business accounts.
Please be aware that the Overdraft Privilege amount is not included in your available balance displayed through internet banking, mobile banking, telephone banking or First Financial Bank ATMs.
HOW MUCH DOES OVERDRAFT PRIVILEGE COST?
When Overdraft Privilege is used, the Overdraft Fee of $33 will be imposed for overdrafts created by checks, ACH, point-of-sale, ATM withdrawals, in-person withdrawals, or by other electronic means. If the amount of the item is $5 or less, a reduced fee of $5 will be charged. If multiple items overdraw your account on the same day, each item will be assessed the appropriate fee. This is the same fee that First Financial Bank charges for items returned to the payee due to insufficient funds.
If your balance remains overdrawn, we will charge your account a daily overdraft fee of $3. The fee will be assessed on each of the consecutive business days the account remains overdrawn, beginning with day one.
The maximum amount of Overdraft Fees that we will charge to your consumer account is five (5) fees per day for paid items.
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 the assessment of a fee. The total negative balance, including all fees and charges, is due and payable upon demand. Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all such amounts, as described in the Terms and Conditions.
WHAT TYPES OF TRANSACTIONS DOES OVERDRAFT PRIVILEGE COVER?
The types of transactions covered by Overdraft Privilege depend on the coverage selected. See the chart below for more information.
If you choose Extended Coverage, all the transaction types listed in Standard Coverage are included, along with ATM withdrawals and everyday debit card transactions. First Financial Bank will not authorize overdrafts for everyday debit card and ATM transactions on consumer accounts unless you give us your consent to pay these overdrafts by electing Extended Coverage. Business accounts automatically have Overdraft Privilege Extended Coverage
|
Standard Coverage (No action required) |
Extended Coverage (Your consent required*) |
|
| Checks | X | X |
| ACH - Automatic Debits | X | X |
| Recurring Debit Card Payments | X | X |
| Online Bill Pay Items | X | X |
| Internet Banking Transfers | X | X |
| At the Teller Window | X | X |
| ATM Transactions | X* | |
| Everyday Debit Card Transactions | X* |
WHAT IF I DON’T WANT OVERDRAFT PRIVILEGE?
You can request to discontinue the Overdraft Privilege service in its entirety at any time by contacting us at 205-428-8472 or sending us an email at service@ ffbalabama.com. Without Overdraft Privilege, your insufficient funds items will be returned to the payee and/or declined at the point of purchase. You will be charged the standard NSF/Uncollected Funds Fee of $33 for all returned items. If the amount of the item is $5 or less, a reduced fee of $5 will be charged.
WHAT IF I WANT FIRST FINANCIAL BANK TO PAY MY ATM AND EVERYDAY DEBIT CARD OVERDRAFTS (EXTENDED COVERAGE)?
If you want us to authorize and pay overdrafts caused by ATM and everyday debit card transactions (Extended Coverage), tell us by using one of the methods below.
★ Call us at 205-428-8472
★ Visit one of our convenient branch locations
★ Complete the Consent Form, which is available at any branch and was previously provided to you, and mail it to us at 1630 4th Ave N Bessemer, AL 35020
★ Send us an email at service@ffbalabama.com
NOTE: Business accounts automatically have access to Overdraft Privilege for ATM and everyday debit card transactions (Extended Coverage).
WHAT ELSE DO I NEED TO KNOW?
★ First Financial Bank’s general policy is to post items throughout the day and to post credits before debits. ATM, ACH and debit card transactions are posted in the order in which the items are received. Paper checks are posted from lowest to highest dollar amount. 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 herein) and the order in which transactions are posted may impact the total amount of Overdraft Fees or NSF/ Uncollected Funds Fees assessed.
★ A single larger overdraft will result in just one fee, as opposed to multiple smaller overdrafts.
★ Although under payment system rules, First Financial Bank may be obligated to pay some unauthorized debit card transactions, First Financial Bank will not authorize debit card or ATM transactions unless there are sufficient available funds (including overdraft coverage options) to cover the transactions and the amount of any fee(s).
★ Giving us your consent to pay everyday debit card and ATM overdrafts on your consumer account (Extended Coverage) may result in you incurring Overdraft Fees for transactions that we would otherwise be required to pay without assessing an Overdraft Fee. However, this would allow us to authorize transactions up to the amount of your Overdraft Privilege limit and may also help you avoid overdrafts in excess of your available balance that could result in suspension of your debit card. If you consent to Extended Coverage on your consumer account, it will remain on your account until you otherwise withdraw it.
★ First Financial Bank authorizes and pays transactions using the available balance in your account. First Financial Bank may place a hold on deposited funds in accordance with our Funds Availability Policy, 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. 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, 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 everyday ATM and debit card transactions.
★ First Financial 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. When the hold ends the funds will be added to the available balance in your account. If your account is overdrawn after the held funds are added to the available balance and the transaction is posted to the available balance, an Overdraft Fee may be assessed.
★ Except as described herein, First Financial 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 suspend your debit card use if you incur overdrafts in excess of the available funds in your account including any Overdraft Privilege limit (as described herein). Debit cards on your account will remain suspended until you make sufficient deposits so that your available balance, taking into account any Overdraft Privilege limit, is positive and then you contact us.
★ We may also suspend your debit card if your account is overdrawn more than thirty-two (32) consecutive calendar days. Debit cards on your account will remain suspended until you make sufficient deposits so that your account balance is positive.
★ We may also suspend your debit card if we are unable to contact you due to an incorrect mailing address or phone number(s). You must contact us with your correct mailing address and/or phone number(s) to have your debit card reinstated.
★ We will charge a fee of $5 to reactivate your debit card if we suspend your debit card.
★ If your debit card is suspended, you will be unable to use your debit card for purchases or 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 or other obligation to 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 32 consecutive calendar days for a minimum of one business day. You must bring your account balance positive for at least one business day to have Overdraft Privilege reinstated.
OVERDRAFT PRIVILEGE SUMMARY
★ Overdraft Privilege allows you to overdraw your account for a fee of $33 in order to pay a transaction if the item is more than $5. If the amount of an overdraft item on your account is $5 or less, a reduced fee of $5 will be charged.
★ If your account balance remains overdrawn for longer than one business day, we will charge your account a daily Overdraft Fee of $3 for each of the consecutive business days the account remains overdrawn, beginning with day one.
★ New consumer and business checking accounts will receive a $100 Introductory Overdraft Privilege limit at account opening.
★ Overdraft Privilege limits of up to $700 are available for eligible Consumer accounts opened at least 30 days in good standing.
★ Overdraft Privilege limits of up to $1,000 are available for eligible Business accounts opened at least 60 days 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 withdrawals and everyday debit card transactions on your personal accounts with your prior consent, in addition to those transactions covered by Standard Overdraft Privilege. Business accounts automatically have Overdraft Privilege Extended Coverage.
★ Overdraft Privilege may enable you to avoid expensive merchant returned-check charges.
★ 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 32 consecutive calendar 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, or telephone banking services to help keep track of your balance.
★ For additional financial education resources, please visit www.mymoney.gov.
If you have questions about Overdraft Privilege, please call us at 205-428-8472.
First Financial Bank
1630 4th Ave N Bessemer, AL 35020
205-428-8472
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