Overdraft Protection

Overdraft Protection may be added to your account after an account review and a  90 day waiting period. A customer is not required to become part of the program. You may advise the bank at the time of opening your account, or at a later date in writing, that you do not want to be part of the program.

This is a non-contractual agreement that can be withdrawn at the discretion of The Exchange Bank.  We are not obligated to pay an item presented for payment if your account does not contain sufficient collected funds.  However, if you maintain your account in good standing, we will generally approve your overdrafts as a non-contractual courtesy up to the specified amount your account is authorized for.
 
Our Overdraft Protection program is designed to cover checks and ACH items that a customer may write that places them in an overdraft situation.  This is not designed to become part of regular use by a customer.  This program does not include, Debit Cards, ATM transactions and the purchase of Cashier Checks and Money Orders. It only covers Checks, ACH items and On-Line Bill Pay Activity, that come into us as well as checks for cash presented in person at the bank.

Overdraft overage amount is dependent on the account a customer opens. Please refer to the account brochure. The bank will establish a per item charge for an overdraft check, and reserves the right to change this fee.

The fee for covering or returning and overdraft check is $30.00. This fee will be charged for each overdraft check. In addition, there is a fee of up to $3.00 per day that your account is in a negative balance. Debits are paid from smallest dollar amount to largest dollar amount.

Customers whose accounts are in an overdrawn situation for 30 consecutive days may have their overdraft privileges removed.  A customer’s overdraft protection may be reinstated if the account is kept in good standing for 60 consecutive days and approved by a bank officer. Customers whose account is overdrawn for 45 days will be reviewed for the need of further action.

Do not hesitate to contact us at 918-396-2345 if you have any questions regarding this program.

Other options may be available such as automatic with direct draw from savings (regulatory limitations will apply on the number of with draws allowed per month)