Overdraft and Posting Order Changes
Effective September 1, 2022 the posting order and some overdraft fees have changed for your benefit.
MISCELLANEOUS FEES AND CHARGES
Type of Fee |
Amount |
Official Checks |
Cashier Check Fee --- $8.00 Money Order Fee --- $8.00 |
Wire Transfer Fees |
All Incoming Wires --- $15.00 Outgoing Domestic Wires --- $20.00 Outgoing International Wires --- $35.00 |
Non-Cash Collection Fees |
Collection Items --- $15.00 Stop Payment Fee --- $35.00 Bond/Coupons --- $6.00 per envelope |
Currency Transaction Fees |
Coin Order --- $0.10 per roll Currency Order --- $0.50 per strap |
Overdraft Fees/Non-Sufficient Funds (NSF) Charges |
NSF Paid Item Fee --- $36.00 per item* Commercial NSF --- $36.00 per item* NSF Returned Item Fee --- $0.00 per item Transfer Fee --- $0.00
*(This fee applies to overdrafts created by check, in-person withdrawal, ATM withdrawal or other electronic means)
Transactions may not be processed in the order in which they occurred. The order in which transactions are received and processed may impact the total amount of NSF fees incurred on an account. |
Returned Deposited Items | Return Deposited Item --- $12.00 (Returned deposited item may have multiple fees. A $12 fee will be applied each time the item is represented & returned. The bank may attempt to re-run the item two times. Total fee could equal $36 for initial presentment and two representments.) |
Other Charges |
Special Statement Handling Fee --- $5.00 per month Research Charges --- $25.00 per hour and $2.00 per item Dormant Account Fee --- $5.00 per month if account is inactive for six months and balance is below $100.00 Garnishment Processing Fee --- $100.00 each Account Closing Fee --- within first 6 months --- $25.00 ATM/Debit Card Replacement Fee --- $5.00 I-Bank Gift Cards --- $25.00 to $750.00 --- Activation Fee $4.99 each (Discounted to $4.00 each if 15 or more cards are purchased) |
WHAT ELSE YOU SHOULD KNOW
- A link to another account or a line of credit may be a less expensive option than an overdraft. A single larger overdraft will result in just one fee, instead of multiple smaller overdrafts. Good account management is the best way to avoid overdrafts. Use our mobile banking, internet banking, and telephone banking services to keep track of your balance. For additional financial education resources, please visit www.mymoney.gov.
- The $36.00 NSF Paid Item Fee that is charged if you overdraw your account is more than the fee that is charged if a check is returned as unpaid. If multiple items overdraw your account on the same day, each item will be assessed an appropriate NSF Paid Item Fee. All fees and charges will be included as part of the Overdraft Privilege limit amount. Your account may become overdrawn more than the Overdraft Privilege limit amount because of a fee.
- For consumer accounts, there is a limit of 4 NSF Paid Item Fees ($144.00) per day we will charge. We will not charge an NSF Paid Item Fee if a consumer account is overdrawn by $25.00 or less. These exceptions do not apply to business accounts.
- Recipients of federal or state benefits payments who do not wish us to deduct the amount overdrawn and the NSF Paid Item Fee from funds that you deposit or that are deposited into your account may call us at 901-844-0400 Ext. 298 to discontinue Overdraft Privilege.
- On representment of an item, if the Available Balance in your account is sufficient to cover the item we must pay the item, and, if payment causes an overdraft, charge an NSF Paid Item Fee. We may use the term “item” and “transaction” interchangeably.
- We post items in the following order: 1) Credits, 2) ATM and debit card transactions (in the order received), 3) ACH debits (low to high by dollar amount as received), 4) Checks (check number order). The order in which transactions are posted may impact the total amount of overdraft fees assessed. Holds on funds (described below) and the order in which transactions are posted may impact the total amount of NSF Paid Item Fees.
- Overdraft Privilege is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any time without prior notice.
- Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in the Deposit Account and Disclosure Agreement. The total (negative) balance, including all fees and charges, is due and payable upon demand.
- We may be obligated to pay some debit card transactions that are not authorized through the payment system but which we are required to pay due to the payment system rules, and as a result you may incur fees if such transactions overdraw your account. However, we will not authorize debit card or ATM transactions unless your account’s Available Balance (including Overdraft Coverage Options) is sufficient to cover the transactions and any fee(s).
- Giving us your consent to pay everyday debit card and ATM overdrafts on your consumer account (Extended Coverage) may result in you incurring NSF Paid Item Fees for transactions that we would otherwise be required to pay without assessing an NSF Paid Item Fee. However, this would allow us to authorize transactions up to the amount of your Overdraft Privilege limit. If you consent to Extended Coverage on your consumer account, it will remain on your account until it is otherwise withdrawn.