Overdraft Coverage Options
Choose one of two ways to protect your Checking Account from inadvertent overdrafts.
Overdraft Line of Credit*
Funds transferred in $250 increments
Overdraft Protection Transfers**
Authorize us to transfer funds from the checking or savings account you choose.$10.00 per transfer. No annual fees.
Click here to “Opt-In” to Overdraft Coverage or call 210.283.6611 or 800.531.7650.
* With approved credit. **Provided there are adequate funds available in the linked account.
Tips to Help Manage Overdraft and NSF Fees
When you write a check or make any withdrawal that exceeds the amount in your checking or savings account, you may be charged a fee. If we allow the transaction and pay the item, you may be charged an overdraft fee. If we choose to not allow the transaction and return the item, you may be charged a Non Sufficient Funds (NSF)/Returned Item fee.
The best way to avoid overdraft and NSF fees
is to manage your account responsibly.
- Take advantage of direct deposit for your payroll or other recurring deposits. You get your money faster without making a trip to the bank.
- Take advantage of both online and mobile banking
to access your balance information at anytime.
- Set up alerts on your accounts to help keep track
of your balance and spending and to remind you when your balance is getting low.
- Keep some extra money in your account as a “cushion” in case you have an unexpected expense or make
- Keep track of how much money you have in your account by keeping your check register up to date. Record all the checks you write, all the electronic transactions you make including ATM withdrawals
and fees, debit card purchases, online payments
and automatic bill payments.
- Routinely reconcile your account to the balance reported by the bank.
- Remember to account for any checks or transactions that may not have cleared yet.
- Review your account statements each month.
- Consider the overdraft protection services
that are described next.
Overdraft Protection Services Offered by Broadway Bank
These overdraft solutions can assist you in managing your account while allowing you to control your costs.
This allows you to protect your account from overdraft fees by linking your account to other Broadway Bank checking, savings, or money market accounts. If there are not available funds in your account to cover your transactions, funds will be transferred from the available balance in your linked account in $100 increments to cover the overdraft.
The transfer fee is included in the fee schedule, and
is significantly less than an overdraft or NSF fee. Some types of accounts have transaction limitations, so keep
in mind that the transfers made under this program
do count as transactions.
Line of Credit:
Subject to credit approval, you can use an Overdraft Protection Line of Credit (ODLOC) to cover shortages in your account. Funds available on the line will be transferred to your account in $250 increments to cover items presented that would cause an overdraft. There is a fee for each transfer, you will pay interest on the outstanding balance on the line, and there is a required monthly payment. Overall,
the costs may be less than overdraft and NSF fees.
If funds are not available
in your account to cover items presented for payment, Broadway Bank, at its sole discretion, may allow you to overdraw your account. This overdraft protection is available on consumer checking accounts. You have the right to decide whether you want us to cover all items, just checks and ACH items, or no items. In order to receive this service to cover all items, you must affirmatively “opt-in” to authorize us to consider for payment into overdraft ATM and everyday debit card transactions. You may revoke your “opt-in” at any time.
If you have any questions about managing your account or our overdraft protection options, please contact us at 210.283.6611 or 800.531.7651 or visit one of our convenient banking centers. We appreciate your business and want to make sure your banking experience with Broadway Bank meets your unique financial needs.