What You Need to Know about Overdrafts & Overdraft Fees
An overdraft1 occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway (Basic & Extended Courtesy Pay).
Qualstar can cover your overdrafts in two different ways:
1. We have standard overdraft practices (Basic Courtesy Pay) that come with your account based on your account history. We notify you by mail if you qualify for our Basic Courtesy Pay service.
2. We also offer overdraft protection plans, such as a link to a savings, money market, Visa or line of credit account which, depending on how you manage your account, may be less expensive than our standard overdraft practices. Contact us if you would like to set up overdraft protection from your savings, money market, Visa or line of credit account.
What are the standard overdraft practices that come with my account?
Once you are approved for our Basic Courtesy Pay program, we authorize and pay overdrafts for the following:
- Checks, ACH, Electronic Fund Transfers, automatic bill payments and other recurring electronic transactions made using your checking account number (this does not include debit/check card and ATM transactions – see below).
We do NOT authorize and pay overdrafts for the following types of transactions unless you ask us to (see Extended Courtesy Pay below):
- ATM transactions
- Everyday debit/check card transactions
What if I want Qualstar to authorize/pay overdrafts on my ATM and everyday debit/check card transactions (Extended Courtesy Pay)?
If you would like to choose Extended Courtesy Pay coverage, which authorizes us to pay overdrafts on ATM and everyday debit/check card transactions, simply do one of the following to opt-in:
- Contact us to request debit/check card & ATM Extended Courtesy Pay on your account.
- Log into Home Banking – if you are a new user or have not yet chosen your preference, you will automatically be prompted to opt-in (or out) for Extended Courtesy Pay.
What fees will I be charged if Qualstar pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee of up to $25 (per transaction) each time we pay an overdraft.
- There is no limit on the total fees we can charge you for overdrawing your account.
- Under any Courtesy Pay coverage, you have 30 days from the date of the original overdraft to bring your account current and retain your coverage.
1 We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined.