What You Need to Know About Overdrafts and Overdraft Fees
An overdraft occurs when you do not have enough money in your account to cover a transaction, but the Bank pays it anyway. We can cover your overdrafts in two different ways:
- We have standard overdraft practices that come with your account.
- We also offer overdraft protection plans, such as a link to another deposit account, which may be less expensive than our standard overdraft practices. To learn more, ask us about this plan.
This notice explains our standard overdraft practices.
What are the standard overdraft practices that come with my account?
We do authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- Automatic bill payments
We do not authorize and pay overdrafts for the following types of transactions unless you ask us to:
- ATM transactions
- Everyday 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 transaction will be declined.
What fees will I be charged if Lakestone Bank & Trust pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee of up to $30 each time we pay a overdraft (businesses will be charged $40 for each overdraft).
- We will charge you a fee of $5 each time we transfer money from another deposit account using Courtesy Overdraft Transfer Service. You can enroll for this service at any office.
- There is a daily maximum of $150 in total fees we will charge you for overdrawing your account (this limit only applies to personal accounts).
What if I want Lakestone Bank & Trust to authorize and pay overdrafts on my ATM and everyday Debit Card transactions?
If you also want us to authorize and pay overdrafts on ATM and everyday Debit Card transactions, call 810.664.2977, or visiting one of our branches or mailing us notice at P.O. Box 250, Lapeer, MI 48446.