ATM/Debit Card Overdraft Rule
What You Need to Know about Overdrafts and Overdraft Fees
An overdraft occurs when you do not have enough money in your account to cover transactions, but Alma Bank may pay it anyway. Alma Bank currently does not offer an Overdraft Protection Program but we do have Standard Overdraft Protection that comes with your account.What are the standard overdraft practices that come with my account?
We do not authorize and pay overdrafts for the following types of transaction:
- ATM transactions
- Everyday debit card transactions
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type transaction.
If we do not authorize and pay an overdraft, you transaction may be declined.
What Fees will I be charged if Alma Bank pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee of up to $25 each time we pay an overdraft.
- There is no limit on the total fees we can charge you for overdrawing your account.
NOTE:
Since we do not currently offer an Overdraft Protection Program, there is no need to authorize payments on your ATM and debit card transactions. Alma Bank has opted to stop charging customers overdraft fees on debit card transactions. What that means is, Alma Bank will decline to approve a debit card transaction when it exceeds the amount of funds available in that account.
