It has happened to most of us at one time or another: a mistake in our check register, forgetting to record a check or electronic transactions, or miscalculating when a check will clear. An overdraft can occur when you try to spend more money than you have available in your checking account. No one wants to overdraw their checking account, but it does happen.
Ways to Avoid Costly Overdraft Fees:
- Overdraft Protection Service: With this service, Citizens will automatically transfer available funds from a designated Citizens deposit account (e.g. Savings Account) in the event of an overdraft on your account. Overdraft transfers are made in $50.00 increments. A fee is assessed for each transfer instead of the per item non-sufficient funds charge.
- Watch Your Account Balance: Citizens offers multiple methods to access your account information:
- Telephone Banking: Telephone Banking is a safe and convenient way to access personal account information 24 hours a day, 7 days a week. Simply dial 1-800-237-9809, and follow the instructions.
- Online Banking: Access your account information and transfer funds online at www.mybankcitizens.com. Also available through online banking are:
- eStatements/eNotices – Receive your monthly account statements and account notices via online banking or secure email.
- Messenger Account Alerts – Immediate notification by text message or email for balance related situations.
What happens when my account is overdrawn?
Transactions that cause your account to be overdrawn can be paid (covered by the bank) or returned (item is returned to the payee unpaid) at the bank’s discretion. This means we do not guarantee that we will always authorize and pay the transaction that caused the overdraft on your account.
What fees will I be charged if my account is overdrawn?
Unless you have our Overdraft Protection Service described above, under our standard overdraft practices (as stated in our fee disclosure):
• We will charge you an overdraft fee (or nonsufficient funds fees) for each item each time you overdraft your account.
• Also, if your account is overdrawn for 3 or more consecutive business days, we will charge an additional daily fee.
ATM and Point of Sale (POS) Debit Card Purchases (Opt-in Rule):
In 2010, Federal regulations took effect allowing clients to choose whether or not to opt-in to the Bank’s overdraft program for ATM and debit card transactions. By choosing to opt-in, the bank may process the debit card or ATM transactions that exceed your account balance and charge an overdraft fee. If you do not opt-in, the bank will decline your ATM withdrawals and debit card transactions at the ATM or POS terminal if you do not have enough money in your account to cover the withdrawal or purchase.
What if I want Citizens Financial Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions?
If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, call 888-226-5237 or complete the form (Reg E Opt In/Out Form) below and either present it at a branch convenient to you, or mail it to: Citizens Financial Bank, Attn: Support Services, 707 Ridge Rd., Munster, IN 46321.
Citizens' Transaction Posting Order
We post/process transactions to your account in the following order:
- Credit transactions (Deposits, ACH Credits)
- Debit transactions
- Point-of-Sale (POS) – dollar amount lowest to highest
- ATM withdrawal – dollar amount lowest to highest
- ACH/Electronic Payments – dollar amount lowest to highest
- Over-the-counter teller withdrawals – dollar amount lowest to highest
- Checks – check number order lowest to highest
Looking for more information on Overdrafts? Try the following resources: