What is overdraft protection?
An overdraft occurs when an item (check, debit card transaction, ATM withdrawal, ACH payment) is presented to the bank and there are not sufficient funds in the account to cover the transaction. Overdraft protection is a service where the bank pays the transaction even if the funds are not in the account.
Why do I need to opt-in?
This is required by regulation. We want to make sure you are able to choose the overdraft protection option that works best for you. This opt-in is a way to make sure that you approve Landmark Bank to authorize and pay overdrafts and assess fees for one-time debit card and ATM transactions. Your checks and ACH items will continue to be paid under ODP-Advance whether or not you opt-in for this service at the ATM or point-of-sale (POS).
Why would I want to opt-in?
Our overdraft protection program is for unexpected financial situations. If you have an unanticipated need for additional funds, you may not always be able to write a check. Having access to your limit at the ATM or with your debit card gives you peace of mind 24/7. Plus, there is no cost unless you use it.
What if I don’t choose to opt-in?
We want to make sure you have that peace of mind if needed. If you choose not to opt-in, ATM withdrawals and one-time debit card transactions (e.g. grocery store or gas station) will normally be declined when there are insufficient funds in the account to cover the transaction or purchase. You can rescind the opt-in at any time if you change your mind.
If I have a joint account with another person, do we both need to opt-in?
No, any single owner may opt-in. Please understand that any request to opt-in (or opt-out) applies to the account (not the individual) and therefore will impact transactions conducted by all account users. (Note: if we receive instructions from one user and then different instructions from the other user, Landmark Bank will follow the most recent request.)
What is the difference between a one-time debit card transaction and a recurring one?
Recurring debit card transactions would include, for example, debit card transactions used for payment of monthly or other recurring bills. One-time debit card transactions include point-of-sale (POS) transactions, as well as the periodic payment of a bill via merchant’s on-line bill pay. The rule requires that banks provide opt-in prior to imposing fees for paying ATM and one-time debit card overdrafts.
What if I opt-in for ODP-Advance for debit and ATM transactions now, but change my mind later?
You may change your mind and opt-out at any time
What types of overdraft protection does Landmark Bank offer?
Our most popular overdraft protection service is ODP-Advance. Your transactions (checks, debit, ATM) may be covered, up to your limit, even if you don’t have sufficient funds in your account at the time of the overdraft. However, we will need to obtain your consent to opt-in before we can consider payment of one-time debit card and ATM transactions. You pay an overdraft fee only when you overdraft your account. There is no ongoing fee for this safety net. This covers any mistakes, lets you avoid embarrassment or inconvenience, and also assures that your items will be covered in case of emergency. We also offer ODP-Transfer and ODP-Credit to help you avoid overdrafts. Click here
for more information about all of our overdraft protection services.
How do I sign up for ODP – Advance?
You will automatically have ODP-Advance on checks and recurring payments, after the account has been open 30 days, there have been $400 in deposits, and the account is in good standing. However, you must opt-in if you want this privilege for debit and ATM transactions. It’s easy to opt-in by phone, or in person.
What does ODP-Advance cost?
There is no charge for having ODP-Advance on your account. If you need to use ODP-Advance to cover an overdraft, you’ll be charged an overdraft fee for each time that exceeds your balance.
May I have more than one form of overdraft protection?
Yes, you may have as many methods as you would like!
If I have all three types of coverage, in what order will they pull funds to cover overdrafts?
You may choose the order. However, ODP-Advance will always be the final method in cases where there is more than one.
What if I don’t want ODP-Advance for checks or recurring payments either?
Let us know. You can opt-out of this service as well. But please remember that if a check is presented to us and there are not sufficient funds in your account, we will return the check unpaid¸ you will be assessed a returned check fee, and you may incur a fee at the merchant.
Why did the bank pay my check when my account was overdrawn?
The bank can either return the check unpaid – or we can advance sufficient funds to your account to pay the check. We provide this ODP-Advance service as a customer benefit. If you do not want it, let us know. But please understand that if you do not have funds in your account, we will return the checks and you will still be assessed a NSF fee equal to the overdraft charge.
If I choose not to opt-in and somehow an ATM or one-time debit card transaction gets authorized, are you going to charge me an overdraft fee?
No, we will not charge you a fee if this happens, as you had not opted-in.