Tips to Help Avoid Overdraft Fees
Keep accurate records
Monitoring and reconciling checking account transactions are important for knowing your balance, avoiding overdrafts, and managing personal spending. Keeping accurate records helps ensure someone isn’t using your checking account for fraudulent purposes.
Use direct deposit for your paycheck
You can have access to your paycheck immediately, which is faster than a paper check. Ask your employer or benefits provider about direct deposit.
Don’t write a check if you don’t have the funds to cover it
Customers who rely on ‘floating’ checks, which is the time it takes for a check to clear the bank, will likely find themselves in the red as technology and transaction processing practices continue to improve.
Transactions don’t necessarily clear ‘in order’
Customers should be aware that account transactions, including checks, ATM transactions, and debit card purchases, may ‘clear’ an account at different times, and not necessarily in the order they were made. Keeping good records of all deposits and withdrawals is essential to knowing the actual, usable balance in your account.
Use caution when establishing automatic payments
Having the cable company or other service provider take payments out of your account automatically is a convenient option but can cause serious issues with your account balance. For example, different companies have different procedures for how they handle a payment due date that falls on a holiday or weekend. It is your responsibility to know and understand your service providers’ authorizations with respect to the timing of your payments.
Check your balance and account transactions often
Douglas County Bank offers many free and simple ways for customers to check their balances and monitor account activity—online, by telephone, at an ATM, and in-person at one of our branches. Customers are encouraged to take advantage of these options to stay in touch with their account activity and balances. Keep in mind, however, that those balances will not reflect transactions that you may have authorized which have not yet been processed by the bank.
Link your checking account to a savings account or overdraft line of credit
Overdraft protection plans are an attractive alternative to overdraft fees. Douglas County Bank offers a number of options that let customers use the money in their own account or from a pre-approved line of credit to cover checking account transactions in case of emergency or ‘just in case’. Additional information about the Douglas County Bank overdraft programs is listed below.
Douglas County Bank offers a number of overdraft protection programs for the benefit of our customers
No one likes to bounce a check or have an electronic payment returned. For the occasional emergency or accounting error, we offer a number of overdraft protection programs to give customers peace of mind. If you qualify, all three types of protection (or a combination of the three) can be applied to your accounts.
1) Protection Connection
- Line of credit guards against overdraft fees for your personal checking account.
- Once approved, the Protection Connection line of credit advances funds automatically into your checking account to cover overdrafts.
- No overdraft fees or returned item fees are applied if you have sufficient funds available on your line of credit.
2) Automatic Overdraft Transfer
- Sets your savings account as overdraft protection for your checking.
- Transfers made in $100 increments to cover overdrafts.
- $5 fee per transfer.
- No overdraft fees or returned item fees are applied to your checking if you have sufficient funds in your savings account.
3) Overdraft Privilege Service
- Designed to help prevent the returning of insufficient fund items on your personal checking account.
- We will consider, without obligation on our part, payment of your reasonable overdrafts up to your assigned Overdraft Privilege Service limit of $500 (Free Checking) or $800 (other Personal Checking Accounts).
- A $30 overdraft fee will be charged for each transaction presented for payment against non-sufficient funds. There is a daily limit of $150 on the fees we can charge for overdrawing your account.
- The amount of any overdrafts including our fees that you owe us shall be due and payable immediately.
- Overdraft Privilege will automatically apply to checks and ACH transactions without any additional applications. To receive this service for ATM and everyday debit card transactions you will be required to "opt-in." Please CLICK HERE for more information on opting-in.
- Certain criteria must be met prior to this service being extended. Your account must be open for at least sixty (60) days and thereafter maintained in good standing. Please CONTACT US for more information on criteria.