Overdraft Services
Overdrafts can happen fast—you accidentally pay a bill from the wrong account; an unexpected expense comes up; or, you miscalculate your lunch budget and that last trip to the taco stand causes you to overdraw your account. If this happens, the transaction may be paid but is called an overdraft and there can be associated fees. Otherwise, it will be returned unpaid and called a returned item with associated fees.
At TowneBank, we want to help you protect your accounts from overdrafts and we've taken steps to provide you with assistance to help you if these situations arise.
Overdraft Assistance for Your Personal Accounts
- A fee is not charged for a returned item when there are insufficient funds in your account
- There is no charge for overdraft protection transfers between deposit accounts
- Overdraft fees do not apply until one or more items cause your final daily balance to be overdrawn by more than $50.00
- There is no charge for Extended Overdraft fees
Overdraft Assistance for Your Business Accounts
Business accounts require additional needs so talk to your banker about the services specifically designed for business accounts.
Ways to Avoid Overdraft Fees
-
email and text alerts
Overdraft Protection Transfers
Overdraft protection links your checking account to another TowneBank deposit account. In the event of an overdraft, available funds will automatically be transferred from the linked account to cover the transaction.Find a Banker -
Text Banking
Apply for a Coverline*
A Coverline links your checking account to a line of credit. In the event of an overdraft, funds will be transferred from your line of credit to the overdrawn account.Find a Banker -
phone banking
Additional Resources
If you are facing financial challenges, you may want to consider free or low-cost financial workshops or individualized financial counseling. Contact the National Foundation for Credit Counseling at 1-800-388-2227, or visit www.ftc.gov or www.fdic.gov for additional consumer resources.FDIC Resources
Other Overdraft Services Available to You
We offer several ways to help you to stay on top of your account balances, transactions, and more. With our convenient online and mobile banking services,
highly rated banking apps, telephone and text banking, email alerts, card control, and a banker who is available to help you when you need it.
|
-
Towne-Personal & Towne-Biz Users
If you are enrolled in Towne-Personal online and mobile banking, you can easily sign up to receive text* and email alerts that can notify you when your balance is at a certain amount, when purchases are made, and more. Getting started is simple, just log into Towne-Personal and select 'Additional Services' in the main menu, then select 'Alerts & Notifications'. Follow the steps to activate your email address or mobile phone number. Then, you can choose from the available alerts or select the 'Add an Alert' button to create your own customized alert.
Business Online Banking Users
Log into Business Online Banking and select the 'Administration' option in the main menu. Then, select 'Mail and Alerts'. Select 'Manage Alerts' in the left hand navigation. Here, you can select the account you'd like to manage alerts and select the alerts you'd like to receive. Available destinations depend on the contact information you enter in the Personal Preferences section of Business Online Banking. -
If you are enrolled in Towne-Personal Online Banking you can enable text banking to get real time updates when you need them. To get started, log into Towne-Personal banking from a web browser and select 'Additional Services' from the main menu. Then select 'Alerts & Notifications' from the drop-down menu. Follow the prompts to activate your mobile phone number. Then you can send a text to 454545 to obtain your balance, the last 5 transactions, and even make transfers between your TowneBank accounts.
-
Our telephone banking number is 833-TOWNE24 (833-869-6324).
Towne24 VRU telephone banking system allows you to:
- Access your account balance information
- Transfer funds between your checking and savings accounts
- Transfer funds from your checking or savings account to your line of credit
- Make various types of loan payments from any TowneBank checking or savings account.
If you wish to use Towne24 VRU Telephone Banking you will need to enroll. If you need assistance, please contact Towne Member Care at 844-638-6714.
FAQs
-
Please visit our Schedule of Fees page for more information - Schedule of Fees.
An overdraft occurs when you spend more money than you have available in your account. Upon review, TowneBank may choose to pay an item on your behalf. If TowneBank pays this item for you, it is called an overdraft. If TowneBank does not pay this item for you, it will be returned unpaid and called a returned item.
Enroll in overdraft protection!
Overdraft protection links your checking account to one of your other TowneBank deposit accounts. In the event of an overdraft, available funds will automatically be transferred from the linked account to the covered account. There is no cost to link accounts. See our Schedule of Fees for more information.
To learn more and talk to your local banker to get started today!
Apply for a Coverline
Link your checking account to a line of credit. In the event of an overdraft, funds will be transferred in $100 increments from your line of credit to your designated account(s). Talk to your hometown banker to get started today!
Coverlines are subject to credit approval and applicable interest rates apply. -
Your account balance is the total amount of money that is currently in your account, including any pending transactions.
Your available balance is the total amount of money in your account that is accessible for purchases and withdrawals. This number includes the subtraction of pending transactions and holds from your account balance.
Please note, the available balance does not include checks that have not been cashed or any deposits not yet posted.
Overdraft fees are determined using your available balance.
Enroll in overdraft protection!
Overdraft protection links your checking account to one of your other TowneBank deposit accounts. In the event of an overdraft, available funds will automatically be transferred from the linked account to the covered account. There is no cost to link accounts. See our Schedule of Fees for more information!
Haven't signed up for Online Banking yet?
With Towne-Personal or Towne-Biz or Business Online Banking, you can view your account history, make online transfers, access Bill Pay & Online Statements and more! Anytime, anywhere. Enroll Today! -
If you write a check and do not have enough money in your account by the time the check clears, the check will be returned to the payee (i.e. "bounce").
There are various practices you can follow to ensure that your checks always clear, including:- Never write checks without available funds
- Balance your checkbook regularly
- Obtain Coverline and Overdraft Protection through TowneBank
- Monitor your available balances via Online Banking.
- Sign up to receive email notifications through either Towne-Personal or Towne-Biz or Business Online Banking
Overdraft protection links your checking account to one of your other TowneBank deposit accounts. In the event of an overdraft, available funds will automatically be transferred from the linked account to the covered account.
There is no cost to link accounts. See our Schedule of Fees for more information!
Learn more and talk to your local banker to get started today!
Facing financial challenges?
You may want to consider free or low-cost financial workshops or individualized financial counseling. Contact the National Foundation for Credit Counseling at 1-800-388-2227, or visit www.ftc.gov or www.fdic.gov for additional member resources. If you need additional assistance or tips, feel free to contact your local, hometown banker today! -
There are several reasons that may explain why your check was returned. The most common reason is a hold on funds in the account that caused the funds to be unavailable at the time the check was presented. If you write a check and do not have enough money in your account by the time the check clears, the check will be returned to the payee (i.e. "bounce"). Please refer to our current Schedule of Fees for exact pricing.
Please contact your hometown banker or visit a TowneBank location to review your transaction history.
Enroll in overdraft protection!
Overdraft protection links your checking account to one of your other TowneBank deposit accounts. In the event of an overdraft, available funds will automatically be transferred from the linked account to the covered account.
There is no cost to link accounts.
See our Schedule of Fees for more information!
Learn more and talk to your local banker to get started today!
Facing financial challenges?
You may want to consider free or low-cost financial workshops or individualized financial counseling. Contact the National Foundation for Credit Counseling at 1-800-388-2227, or visit www.ftc.gov or www.fdic.gov for additional member resources. If you need additional assistance or tips, feel free to contact yourlocal, hometown banker today!
*Normal credit approval criteria apply.
**Your mobile carrier's web access and text messaging charges may apply.
All terms applicable to Online Banking apply to Mobile Banking.