Overdraft Privilege - What You Need to Know

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways: 

  • We have standard overdraft practices that come with your account.
  • We also offer overdraft protection plans, such as an overdraft transfer from another account or a pre-approved overdraft line of credit, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans. 

This notices explains our standard overdraft practices.


What are the standard overdraft practices that come with my account? (Basic Coverage) 

We do authorize and pay overdrafts for the following types of transactions: 

  • Checks and other transactions made using your checking account number
  • Automatic bill payments

We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):

  • 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 of transaction.

If we do not authorize and pay an overdraft, your transaction will be declined.


What fees will I be charged if Woodsville Guaranty Savings Bank pays my overdraft? 

Under our standard overdraft practices:

  • We will charge you a fee of up to $30 each time we pay an overdraft.
  • There is a maximum of $150 in total fees we can charge you for overdrawing your account per day.


What if I want Woodsville Guaranty Savings Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions? (Extended Coverage) 

If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions, complete and submit the form below or call 1-800-564-2735 and speak to Deposit Services. If you’d prefer, you may also complete and print this form and mail it to: WGSB, PO Box 266, Woodsville, NH 03785.


To Opt In or Out, Complete the Following: 

Please enter the account number for all of your personal checking accounts below. Overdraft Privilege is available for personal accounts only, and is not available for business accounts. 

All fields shown with an asterisk (*) are required.

ACCOUNT HOLDER NAME *
Accounts for overdraft opt-in
Basic Coverage is the standard overdraft practice that comes with your account as described above. Please indicate your choice regarding Extended Coverage:


Overdraft Opt-in or Opt-Out

  • If the balance appears to be insufficient to authorize an ATM or everyday debit card transaction, I want you to decline the transaction.
  • If the balance appears to be sufficient, and ATM or everyday debit card transactions are authorized, but at the time of posting to the account the balance is insufficient, these items will be paid and no fees will be charged.

Authorized ATM and everyday debit card transactions will be paid and not returned
  • Transactions authorized against what appears to be an insufficient balance that post against an insufficient balance will be charged a fee.
  • Transactions authorized against what appears to be a sufficient balance that post against an insufficient balance will be charged a fee
  • Transactions authorized against what appears to be an insufficient balance that post against a sufficient balance will not be charged a fee.
Should you change your mind and decide you no longer want us to authorize and pay overdrafts on your ATM and everyday debit card transactions, you may revoke your authorization at any time by contacting us either in person or by mail.

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