Overdraft Privilege

Here's what you need to know about overdrafts on debit card purchases and ATM cash withdrawals

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

1. We have standard practices that come with your account.
2. We also offer overdraft protection plans such as a link to a savings account or line of credit that may be less expensive than our standard overdraft practices.

With our Overdraft Privilege, we may authorize and pay overdrafts for the following types of transactions:

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

We may not authorize and pay overdrafts for the following types of transactions unless you opt-in (see below):

• ATM transactions
• 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 debit card purchase or ATM withdrawal will be declined.

 

Under our standard overdraft practices:

• We will charge you a fee of $39.50 each time we pay an overdraft that overdraws your account by more than $10.
• The maximum number of fees assessed on paid overdraft items is limited to six per day.
• Also, every day the account is overdrawn, starting three business days after the account is first overdrawn, we will charge an additional $5 per day.

• You can call us at (847) 586-2323 and enter your information into our secured automated system or you can visit one of our branches.
• Regardless of your initial decision, you may change your mind at any time.

• If you would like to change your election, you can call us at (847) 586-2323 and enter your information into our secure automated system or you can visit one of our branches.

We also have tools to help you avoid overdrawing your account.

• Online and Mobile Banking – Check your account balance, transfer funds, locate First American Bank branches and ATMs, and more 24 hours a day, 7 days a week.
• Account Alerts – Set alerts in Online and Mobile Banking to get notified if you’ve reached your specific balance limit.
• Bank-by-Phone – Call (847) 952-3000 to check your balance, verify your ATM withdrawals, and more.