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What is an overdraft?
When you write checks, use your ATM card or make a debit card transaction for more money than what is in your account, you create an overdraft or a negative account balance. This can result in fees.
How can I avoid bank overdraft fees?
There are numerous ways to avoid overdraft fees. Overdrafts and fees can be avoided by setting up an Overdraft Protection (ODP) loan or an automatic bank transfer of funds from another AbbyBank account, typically a savings account. Using either of these overdraft protection options will ensure there is enough money in your account and avoid an overdraft fee. You can also monitor your accounts through eBanking and Mobile Banking.
Which option is right for me?
There is a $5.00 fee per transfer when using our overdraft automatic transfer and there is an annual $25.00 fee to use the line of credit. These fees can be be avoided by viewing your eBanking and mobile banking often to keep track of your balances, transactions, automatic payments and setup balance alerts. Using your online banking or mobile banking to facilitate the transfer yourself allows to avoid the $5.00 transfer fee when using the automatic transfer option.
How does Overdraft Protection work?
Overdraft protection helps you avoid fees from accidents like a bounced check or large debit card transactions. The transaction will go through successfully, even if you don't have enough funds in your bank account to cover the amount. Instead, money will be automatically taken from a savings account or an overdraft line of credit. Overdraft fees are an unnecessary expense and having overdraft coverage in place can help you save time and money.
What is needed to setup the Automatic Transfer Service?
AbbyBank wants to help you avoid overdrawing your account. Simply contact your friendly Personal Banker to complete and sign the documents needed. You will need to provide the account numbers you want the funds to transfer from and to, the amount of the transfer and the frequency.
Does AbbyBank waive overdraft fees or help me avoid them.
Typically, AbbyBank does not waive overdraft fees. However, you can avoid overdraft fees by keeping track of your account balance, so you don't write a check or use your debit card when there aren't enough funds in the bank account. AbbyBank customers often connect a savings account to their checking account in case they inadvertently attempt to withdraw more funds than are available leaving them a negative balance. The funds will automatically transfer from the savings account to their checking to avoid the overdraft fee. Another option is an Overdraft Protection (ODP) loan. This is a preapproved loan where the available funds will transfer to the checking to avoid the overdraft fee. There is an annual fee for the ODP and any funds advanced are assessed interest.
AbbyBank offers a free Personal Finance tool that can help you manage your finances. It allows you to view all your internal AbbyBank accounts along with external bank accounts all in one place. It is a real-time aggregation of your accounts that helps you control and track your spending, create budgets and goals, and manage debt.