What is Overdraft Privilege?

Overdraft Privilege is a discretionary overdraft service requiring no action on your part that provides you a safety net up to an automatically assigned overdraft limit.

Your Overdraft Privilege limit may be available for checks and other transactions made using your checking account number or automatic bill payment and recurring debit card payment. 

Also, at your request, we may authorize and pay ATM transfers or withdrawals and everyday debit card purchases using your limit.

How does Overdraft Privilege work?

As long as you maintain your account in “good standing,” we may approve your overdraft items within your current available Overdraft Privilege limit as a non-contractual courtesy.

For overdraft privilege consideration, your account is in “good standing” if you (1) deposit enough money to bring your account to a positive end-of-day balance at least once every 30 calendar days (including the payment of all bank fees and charges); (2) avoid excessive overdrafts suggesting the use of Overdraft Privilege as a continuing line of credit; and (3) there are no legal orders, levies or liens against your account.

Please note that the amount of the overdraft plus our OVERDRAFT FEE of $30 for each item will be deducted from your overdraft limit. If the item is returned, the RETURNED ITEM FEE of $30 will be deducted from your account. No interest will be charged on the overdraft balance.

Please refer to the Overdraft Privilege Disclosure for additional details. 

What if I go beyond my Overdraft Privilege limit?

Overdrafts above and beyond your established Overdraft Privilege limit may result in checks or other items being returned to the payee. The RETURNED ITEM FEE of $30 will be charged per item and assessed to your account. An OD/NSF notice will be sent to notify you of items paid and/or returned.

What does Overdraft Privilege cost?

There is no additional cost associated with this privilege unless you use it. You will be charged our OVERDRAFT FEE of $30 for each overdrawn item created by a traditional paper-based check, a teller withdrawal, an automatic payment (ACH) transaction, or a recurring debit card payment. Also, if you have requested us to do so, we may authorize and cover ATM transfers or withdrawals and everyday debit card purchases. Your available balance may be affected by authorizations which could create additional overdrafts and associated fees.

For example, three paid items in one day will result in $90 in OVERDRAFT FEES. To help you manage your account, the total fees you have paid for items (both paid and returned) during the current month and for the year-to-date will be reflected on your monthly checking statement.

What is my Overdraft Privilege limit?

If I have two checking accounts, can I get Overdraft Privilege on both?

Locate your account type below and make note of the corresponding limit. If you have multiple accounts for your household, you may have a limit on all eligible accounts.

Account Name Overdraft Privilege Limit
GO Checking $300
GO Cash Back Checking $300
Classic Guaranty Checking $300
Golden Guaranty Checking $300

How quickly must I repay my Overdraft Privilege?

You should make every attempt to bring your account to a positive end-of-day balance as soon as possible, and must do so within 30 calendar days. If you are not able to do so, you will receive a letter from Woodsville Guaranty Savings Bank informing you that your Overdraft Privilege limit has been suspended and additional items will be returned. If your limit is suspended, unless we notify you otherwise, or you request this service be removed from your account, your limit will be made available to cover overdrafts again the first business day after you bring your account to a positive end-of-day balance.

What are some of the ways I can access my Overdraft Privilege limit? Will my limit be reflected in the balance I receive?

The chart below shows the different ways you can access your Overdraft Privilege limit and indicates whether or not this limit will be reflected in the balance provided.

Access Points Is my Overdraft Privilege available? Does the balance provided reflect my Overdraft Privilege limit?
Teller Yes No
Writing a Check Yes N/A
Visa® Check Card (recurring) Yes N/A
Visa® Check Card (everyday) No** N/A
ATM Withdrawal No** No
ACH-Auto Debit Yes N/A
Auto/Scheduled Transfers No No
GOLD Internet Banking (Express Transfer Only) Yes No
GAL Telephone Banking Yes No

** Overdraft Privilege service will be made available for ATM or everyday debit card transactions upon your request. Call 800-564-2735 or visit one of our branches to arrange for your ATM and debit card coverage.

What if I am having trouble repaying my Overdraft Privilege or use it frequently?

Please contact us at 800-564-2735 if you: (1) do not believe you will be able to bring your account to a positive end-of-day balance within the required time period; (2) find that you are using Overdraft Privilege more often than you intend; or (3) don’t understand why your account becomes overdrawn. We would like to discuss your situation with you.

Following regulatory guidance, we will contact you if you are paying multiple OD Fees (i.e., more than six fees in a rolling 12-month period), to discuss possible alternatives to Overdraft Privilege that may better meet your short-term credit needs. In the event you ask us to stop contacting you because you have determined Overdraft Privilege is appropriate for your needs, we will honor your wishes. However, if we identify that the number and frequency of overdrafts increases materially for an extended period of time at some point after that, we may contact you again to ensure Overdraft Privilege is still the most appropriate option available to you for covering your short-term credit needs.

How do I know when I use the overdraft limit?

You will receive an overdraft notice each time items are paid, including fees. You will need to subtract the total fees when balancing your checkbook.

How soon can I use my Overdraft Privilege?

New customers will be notified, approximately 30 days after the account is opened, that the Overdraft Privilege service is available for their account. This is provided they have maintained satisfactory activity in the account, including regular deposits, consistent with our internal standards for new account types that may offer Overdraft Privilege. Once you are notified your Overdraft Privilege limit is available to you, it may continue to be available provided you maintain the account in “good standing” as defined on this page.

What are some other ways I can cover overdrafts at Woodsville Guaranty Savings Bank?

The best way to avoid overdrafts and fees is to keep track of your account balance by entering all checks, debit card purchases and ATM withdrawals in your check register, reconcile your checkbook regularly and manage your finances responsibly. However, if a mistake occurs, Woodsville Guaranty Savings Bank offers additional ways to cover overdrafts in addition to Overdraft Privilege.

Ways to Cover Overdrafts at Woodsville Guaranty Savings Bank Example of Associated Rates and Fees1
Good account management $0
Link to savings account $5 transfer fee2
Overdraft line of credit 24% APR3
Overdraft Privilege OVERDRAFT FEE of  $30 for each item

1This information is effective as of May 9, 2016 and is provided as an example. 2The number of transfers allowed from a savings account each month may be limited and additional fees/consequences for exceeding this limit may apply. 3APR - Annual Percentage Rate - Subject to change. Automatic minimum monthly payment is 5% of the outstanding balance or $10, whichever is greater. There is a $50 annual fee for this service. Please ask us about our current specific products, rates and fees. 

What if I do not want to have Overdraft Privilege on my account?

If you would like to have this service removed from your account, please call 800-564-2735.