Overdraft Privilege, what is it? How can it help me? What are the risks? These are all great questions that are important to consider when making the decision whether this service is right for you and your banking needs.
Overdraft Privilege allows you to overdraw your account up to a disclosed limit for a fee in order to pay a transaction. Other than allowing PyraMax Bank to authorize and pay overdrafts on your ATM and debit card, it is a service that requires no action on your part, but provides a convenient and automatic safety net for your everyday transaction. It is not a line of credit, but a discretionary overdraft service that can be withdrawn at any time without prior notice.
Your service may be discontinued if you default on any loan or other obligation to the bank, your account becomes subject to any legal or administrative order or levy, or if you fail to maintain your account in good standing by not bringing your account to a positive balance within 32 days for a minimum of one business day.
Limits of up to $500 are available for eligible Personal Checking accounts opened at least 30 days in good standing and up to $1000 for eligible Business Checking accounts opened at least 60 days in good standing. Personal Checking accounts open over three years are eligible for A $750 limit. PyraMax Bank will charge you a fee of up to $35.00 each time you pay an overdraft created by checks, ACH, Point-of-Sale, ATM, withdrawals, in-person withdrawals, or by other electronic means.
If you would like to submit a form to authorize or decline PyraMax Bank to pay overdrafts on your ATM and everyday debit card transactions, please click here to fill out your form. If you have any questions about Overdraft Privilege, please submit your questions to email@example.com or call/visit your local branch.