Personal overdraft privilege FAQ
Personal Overdraft Privilege FAQ
1/5/2024What is Personal Overdraft Privilege (POP)?
With personal overdraft privilege, we will consider the payment of your reasonable overdrafts. This means you may avoid high charges from merchants for returned items. Payment of overdrafts up to $800 will normally be considered for eligible account types.
Are all Fidelity Bank accounts eligible for personal overdraft privilege?
No. This service is available only with eligible personal checking accounts primarily used for personal and household purposes (money market accounts and minor accounts are not eligible) and we may limit the number of accounts eligible for the Personal Overdraft Privilege service*.
What can cause an insufficient funds balance?
A negative or overdrawn balance may result from: checks, ATM withdrawals, debit card transactions, preauthorized automatic debits, telephone-initiated transfers or other electronic transfers, payments authorized by you, the return of unpaid items deposited by you, the imposition of bank service charges, or the deposit of items that are not yet “available” or finally paid per the Bank’s Funds Availability Policy. This may result in more than one overdraft fee charged against the account per day.
Am I guaranteed a refund on overdraft items?
No. We are not promising to pay your overdrafts and not all accounts are eligible. The overdraft limit may not be available for all transactions and some restrictions do apply. We are not obligated to pay any item presented for payment if your account does not contain sufficient collected funds.
What account details are reviewed by Fidelity Bank when overdraft fees are considered for repayment?
Your eligible account must be open for at least 30 days and be in good standing, which includes at least:
- Continuing to make deposits consistent with your past practices, and depositing at least $300 or more in your account within a 30-day period;
- You are not in default on any loan obligation to the Bank;
- Your account is not the subject of any legal or administrative order or levy.
Fees charged for covering overdrafts, as well as the amount of the overdraft item, will be subtracted from any Overdraft Privilege limit disclosed. We may refuse to pay an overdraft for you at any time, even though your account is in good standing and even though we may have previously paid overdrafts for you.
How will I know if my overdraft items have been paid?
You will be notified by mail of any insufficient funds items paid or returned that you may have; however, we have no obligation to notify you before we pay or return any item. The amount of any overdrafts plus our insufficient funds and/or overdraft charge(s) that you owe us shall be due and payable on demand.
What are the fees associated with overdrawing my account?
Our overdraft charge of $20.00** applies to each item that would create an overdraft on your account. Should your account become overdrawn and continue with a negative balance for seven consecutive calendar days, a “Continuous Overdraft Fee” of $10.00** will be charged. Thereafter, if your account continues to maintain a negative balance, a “Recurring Overdraft Fee” of $10.00** will be assessed every seventh consecutive calendar day.
* The Overdraft Privilege service does not constitute an actual or implied agreement between you and Fidelity Bank | Oklahoma Fidelity Bank. Nor does it constitute an actual or implied obligation of or by the Bank. Whether your overdrafts will be paid is discretionary, and we reserve the right not to pay. For example, we typically do not pay overdrafts if your account is not in good standing, or you are not making regular deposits. This service represents a purely discretionary courtesy or privilege that the Bank may provide to you from time to time and which may be withdrawn or withheld by the Bank at any time without prior notice or reason or cause. You may request it be removed from your account.
**This fee may change. See our fee schedule.
If you have any questions, please contact customer service at 1.800.658.1637.
