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Overdraft Protection

We understand that mistakes happen; setting up overdraft protection on your checking account can help you avoid overdraft fees and nonsufficient funds (NSF) fees when there is not enough money in your account to cover a transaction.

Asheville Savings Bank offers three Overdraft Protection options, Courtesy Overdraft, LinkStyle, and Overdraft Line of Credit, which provide you with benefits such as avoiding the embarrassment of returned or rejected items, avoiding charges levied by merchants, and enjoying peace of mind.


LinkStyle

When you link another Asheville Savings Bank account (savings, money market, or checking) to one of your LifeStyle checking accounts, funds will be automatically transferred as needed to cover an overdraft. Funds will be transferred in increments of $100, based on the available balance in the linked account. There is a $5 fee for each automatic transfer to a non-ConnectStyle Account. Electronic and third-party transfers, including automatic transfers, from SavingsStyle or MoneyMarketyStyle accounts are limited to six (6) per statement cycle by federal regulation.


Overdraft Line of Credit*

Asheville Savings Bank's Overdraft Line of Credit is a personal line of credit that can be linked to one of our LifeStyle Checking Accounts, providing constant overdraft protection. Overdraft Line of Credit also makes it easy to borrow money at any time, simply by writing a check. Funds are transferred from the line of credit to your LifeStyle checking as needed to cover an overdraft. Funds will be transferred in increments of $100, up to your available credit line. There is a $5 fee for each automatic transfer to a non-ConnectStyle Account.


Courtesy Overdraft

A Courtesy Overdraft limit of $50 is available for eligible personal checking accounts at account opening. Courtesy Overdraft limits of up to $500 are available for eligible personal checking accounts opened at least 30 days in good standing.** The depositor and each authorized signer are responsible for verifying that Courtesy Overdraft has been activated.Courtesy Overdraft is not offered to minor account holders, business accounts, fiduciary accounts or trust accounts.If you accidentally overdraw your account, according to the terms of the Courtesy Overdraft agreement, ASB may pay items drawn on your account up to a predetermined amount. If you surpass that predetermined amount, your items may be returned unpaid and charged a non-sufficient funds fee.

Asheville Savings Bank must get your permission to allow us to pay everyday debit card and ATM transactions into a negative balance and charge a fee.

Existing customers can agree to the payment of overdrafts for everyday debit card and ATM transactions by reviewing the disclosure and returning the Extended Coverage Consent form to any Asheville Savings Bank banking center, calling us at 828.254.1380, logging into Online Banking and following the link on the Customer Service tab, or visiting any of our 13 banking centers.

Click Here to review and print the Everyday Visa Debit and ATM Overdraft Disclosure and Extended Coverage Consent form.

Customers are assessed a $35.00 fee for each item paid using the Courtesy Overdraft service. The maximum number of fees that may be charged in a single day is six (6) for a daily total of $210.00. Asheville Savings Bank pays overdrafts at its discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. A negative account balance must be brought to a positive balance within thirty-two (32) days for a minimum of one business day. A fee will be imposed for overdrafts created by checks, ACH, Point-of-Sale, ATM withdrawals, in-person withdrawals, or by other electronic means. Click here to view the Overdraft Coverage Options Disclosure.


Money Management Counseling

You can take advantage of money management counseling by contacting OnTrack Financial Education and Counseling at 828-255-5166. They can assist you in managing your money and credit.

OnTrack offers credit counseling to individuals in Western North Carolina needing help with financial planning, money management skills, and credit issues. Educational classes are offered and in-person appointments are available with certified financial counselors in the areas we serve. Your personal credit counselor will work with you to:

  • Assess your current financial situation
  • Develop a spending plan that meets your needs
  • Establish financial goals you can achieve

For more information about preventing and managing overdraft fees, visit the FDIC’s web site. To obtain free access to your credit report from each of the three credit reporting agencies, we suggest visiting AnnualCreditReport.com.

Also visit our Financial Well-Being site.


Excessive Overdraft Notices

In compliance with FDIC guidance, Asheville Savings Bank sends a notice to those customers who have had 6 or more overdraft occurrences (items paid and fee assessed) within a rolling twelve (12) month period. If you wish to discontinue receiving these notices, please contact one of our Banking Centers for more information on how you can elect to discontinue any further notification.


*Subject to credit approval.

**Good Standing generally means:

  • Regular deposits are made which are sufficient to cover transactions
  • Account balance has not been overdrawn more than 32 consecutive days
  • No unsatisfied collection actions
  • No legal orders (liens, levies, court ordered holds, bankruptcies) are outstanding on the account

 


Visit one of our convenient Banking Centers if you would like to learn more about the overdraft protection program. You may opt-out (decline) participation in the programs at anytime. Be aware if you opt-out of the Courtesy Overdraft program, your items may be rejected or returned for non-sufficient funds and you may be subject to merchant fees.

For more information about preventing and managing overdraft fees, visit the FDIC’s web site. To obtain free access to your credit report from each of the three credit reporting agencies, we suggest visiting AnnualCreditReport.com.

For general inquiries contact us at:
800 222 3230 | customerservice@ashevillesavingsbank.com | PO Box 652, Asheville, NC 28802

Copyright 2015 Asheville Savings Bank