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When you do not have sufficient funds to cover a transaction, and your bank pays it regardless, it is commonly referred to as an overdraft.
Salem Five covers overdrafts in two different ways:
This notice explains our standard overdraft practices.
What are standard overdraft practices that come with my account?
We do authorize and pay overdrafts for the following types of transactions:
We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):
We pay overdrafts at our discretion, which means it does 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 Salem Five pays my overdraft?
Under our standard overdraft practices:
What if I want Salem Five 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, you can do so by choosing one of the following options: