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Overdraft Privilege

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 we pay it anyway. We can cover your overdrafts in two different ways:

  1. We have standard overdraft 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, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.

This notice explains our standard overdraft practices.

What are the standard overdraft practices that come with my account?

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 card withdrawal will be declined.

What fees will I be charged if First American Bank pays my overdraft?

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 $10.00.
  • The maximum number of fees assessed on paid overdraft items are limited to 6 per day.
  • Also, every day the account is overdrawn, starting 3 days after the account is first overdrawn, we will charge an additional $5.00 per day.

What if I want First American Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions?

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

How do I revoke my previous election?

If you would like to change your election, complete our secure form below. You can also call us at (847) 586-2323 and enter your information into our secure automated system. You may revoke Overdraft Privilege at any time through either of the options listed above or in the branch.

Fields marked with an asterisk(*) are required.

We will need the following information:

Last four digits of your Social Security Number

Overdraft Privilege Election

We respect and safeguard your privacy. This form is secure.

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