Who needs the hassle and embarrassment of a returned check, not to mention the expense of an overdraft fee and the inconvenience of denied ATM access. Here's how you can protect your checking account against overdrafts.
Deposit Account Overdraft Protection
Save yourself from costly overdrafts.
- If you overdraw your checking account, funds will be automatically transferred from another checking, savings or money market account to cover the amount of the overdraft.
- Funds will be transferred in multiples of $1.00.
- The fee for each transfer is only $10.00 per occurrence, significantly less expensive than an overdraft fee1.
Line of Credit Overdraft Protection
CheckCredit is a pre-approved line of credit that is available to you when you need it.
- Just write a check, use your debit card, make an ATM withdrawal, or perform any electronic transfer for an amount that is greater than your available balance.
- Funds will be added to your checking account in multiples of $100 up to your available credit limit.
- Pay back your line of credit whenever you wish. Otherwise, a payment will be automatically deducted out of your checking account on your statement date (equal to the greater of 5% of the balance or $50).
- Low annual fee of $35.
- 19.9% APR.
For those customers that don't qualify for CheckCredit, RediReserve is a pre-approved line of credit of $500.
- Write a check, use your debit card, make an ATM withdrawal, or perform any electronic transfer for an amount that is greater than your available balance.
- Funds will be added to your account for the exact dollar amount of the overdraft each night up to a maximum of $500.
- You don't have to remember to make a payment - First American will pay off any balance plus interest and fees with your next deposit.
- There is a nominal $5.00 monthly fee to keep the protection in place ($60 annually).
- 21.9% APR.
Talk to one of our bankers or apply online. Call (847) 952-3700 or stop into any of our branch locations.
RediReserve and CheckCredit subject to credit approval. 1Additional fees may apply if you exceed 6 transfers from a Savings or Money Market Account in a statement cycle. Whether your overdrafts will be paid is discretionary and we reserve the right not to pay. For example, we typically do not pay overdrafts if your account is not in good standing, or you are not making regular deposits, or you have too many overdrafts. We reserve the right to require you to pay an overdraft immediately or on demand. Under our standard overdraft practices: 1) We will charge you a fee of up to $39.50 each time we pay an overdraft, whether created by check, in-person withdrawal, ATM withdrawal, or other electronic means. If we do not pay an overdraft and return the item, we will charge the account a $39.50 fee per returned item. 2) If your account continues to be overdrawn, we will charge an additional fee of $5 per day starting 3 days after the account is first overdrawn. 3) The maximum number of fees assessed on paid overdraft items are limited to 6 per day, and 4) if you have chosen Overdraft Privilege, we will not charge an overdraft fee each time we pay an overdraft that overdraws your account by less than $10. Please view our Overdraft Privilege for information on opting in to overdrafts using your debit card.