Overdraft Protection

 

These options are designed to help you manage your money and protect you against the cost, embarrassment, and inconvenience of overdrafts. We recommend that you carefully review the overdraft protection options listed below and What You Need To Know About Overdrafts and Overdraft Fees so that you can choose the solution(s) that best fits your financial needs.

BankFinancial Overdraft Options

  1. Overdraft Privilege
  2. Overdraft Line Of Credit
  3. Savings Sweep

Overdraft Privilege

Overdraft Privilege helps protect you against an accidental overdraft on your account by providing a safety net for emergencies or unexpected situations. Overdraft Privilege provides two different levels of protection, Standard Coverage and Standard + Extended Coverage. In each case there will be a per item fee of $35 each time BankFinancial pays an overdraft on your behalf with a maximum of five items per day. If you do not overdraw your account, you will never be charged an overdraft fee. With Overdraft Privilege, your options include:

  • Standard Coverage
    • As a BankFinancial Checking Account customer, your accounts are automatically enrolled in Standard Coverage
    • Standard Coverage only covers checks, ACH items and recurring debits (typically used for automatic payment of subscriptions, dues, utility payments, etc.)
    • IMPORTANT - This option does not cover ATM or everyday Debit Card transactions.
    • You can choose to opt-out of Standard Coverage (see No Coverage below) by:
      1. Logging into Online Banking and requesting via a Secure Form
      2. Calling our Customer Service Center at 800.894.6900 (Option 4)
      3. Visiting one of our branch locations
  • Standard + Extended Coverage 
    • You can opt-in for Extended Coverage, which enhances Standard Coverage by covering ATM and everyday Debit Card transactions. You’ll gain peace of mind knowing that in case of emergency or an accounting error your transactions will be covered up to the amount of your limit. 
      o You can opt-in by stopping by
      1. Logging into Online Banking and requesting via a Secure Form
      2. Calling our Customer Service Center at 800.894.6900 (Option 4)
      3. Visiting one of our branch locations
  • No Coverage
    • You can remove the Overdraft Privilege coverage entirely by opting out of Standard Coverage, which means that if your checks or ACH items exceed the available balance in your account, they will be returned to the payee.
    • You will be charged a Returned Item Fee of $35 in addition to whatever fees the merchant may charge.

Overdraft Coverage Protection Comparison

Overdraft Caused By

ACH Pre-Authorized Payments

Reoccurring Debit

Checks

Online Bill Pay

Everyday Debit Card

ATM

No Coverage

O

P

O

O

O

O

Standard Coverage

P

P

P

P

O

O

Standard + Extended Coverage

P

P

P

P

P

P

Review What You Need To Know About Overdrafts and Overdraft Fees for more information.

 SurePay - Overdraft Line Of Credit

When you have a cash shortfall between paychecks, options like a Payday Loan or Deposit Advance may seem like a reasonable solution, until you look at the costs.  For instance, did you know that the on average finance charge for a 2-week $100 Payday Loan ranges from $15 to $30? In addition the loan is accompanied by an Annual Percentage Rate (APR) ranging from 300% to 750%. For loans shorter than two weeks, the APR can be even higher!1

As an alternative, BankFinancial offers SurePay® Overdraft Protection2, an unsecured line of credit through your BankFinancial Checking account. SurePay® helps you manage shortfalls and features a reasonable fee, Annual Percentage Rate (APR) and repayment term.

How It Works

  • You can access your SurePay® Overdraft Protection by writing a check or by using your BankFinancial Debit Card. Funds are automatically advanced into your checking account in $50 increments (up to your approved credit limit) when your checking account funds are depleted.
  • Your checking account is automatically debited for monthly payments, or you can pay off the balance at any time.
  • Minimum monthly payment is $25 or 5% of the outstanding balance, whichever is greater. You can make principal payments at any time.
  • The fee for each transfer is only $10.003 per occurrence, significantly less expensive than an overdraft fee.
  • The Annual Percentage Rate of 18% (APR) is lower than many credit cards.4

Ready to learn more? Apply for a SurePay Overdraft Line Of Credit today by:

  • Calling our Customer Service Center at 800.894.6900 (Option 4)
  • Visiting one of our branch locations

1. Source: paydayloansonlineresource.org as of 12/16/14 2. Subject to credit approval. 3. $10.00 fee is charged to your designated checking account per occurrence and is limited to one fee per day. 4. APR is charged daily on the outstanding principal balance.

  Savings Sweep

If a SurePay® Overdraft Line Of Credit doesn't sound like the right fit, you can also establish a Savings Sweep between your BankFinancial Checking and Savings accounts. Funds are automatically transferred from your savings account into your checking account when your checking account funds are depleted. The automatic transfer includes the exact amount of your shortage, plus a $10.00 fee per occurrence.1

Ready to learn more? Set up a Savings Sweep today by:

  • Logging into Online Banking and requesting via a Secure Form
  • Calling our Customer Service Center at 800.894.6900 (Option 4)
  • Visiting one of our branch locations

1. $10.00 fee is charged to your designated savings account per occurrence. Transfers from your BankFinancial savings account will count against the number of withdrawals allowed per monthly statement period.  A $10 service fee will be charged for the excess transfer requests in accordance with the Customer Agreement And Disclosure Statement and Fee Schedule.