Overdraft options for Rockland Trust customers
At Rockland Trust, we understand that accidental account overdrafts can happen from time to time.An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. Unexpected overdrafts can happen to anyone, and can be caused by a variety of circumstances, such as:
Rockland Trust has several services to help you manage your account.
OKtoPAY (for ATM and debit card transactions)< STRONG> OKtoPAY is an option that extends the same coverage as our standard Overdraft Privilege, but also covers ATM and debit card transactions. We will not authorize or pay overdrafts for these types of transactions unless you enroll for ATM and debit card OKtoPAY. All fees and charges are due and payable on demand. Standard overdraft charges apply and are counted against your overdraft privilege limit. 3
To sign up for OKtoPAY or our other overdraft protection services, please:
By signing up for OKtoPAY, you can avoid unexpected situations when using your ATM or debit cards. There is no fee to sign up for OKtoPAY, but our standard per item overdraft fees will apply if you overdraw your account.
Q: What is an overdraft? A: An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway.
Q: Do fees apply when an overdraft happens? A: Yes. Overdraft charges apply any time we pay an overdraft on your behalf regardless of which Overdraft Privilege option you select.
Q: What is the advantage of OKtoPAY? A: OKtoPAY extends the same coverage as our standard Overdraft Privilege, but also covers ATM and debit card transactions. To take advantage of OKtoPAY you must opt in to the program.
Q: If I opt in to OKtoPAY, will my debit and ATM card transactions always be covered? A: No. Items will not be paid when any amount exceeds your overdraft limit. It is not possible to determine in advance which individual transactions might be covered in the event of multiple overdrafts, pending debit card authorizations, or if your account is not in good standing.
Q: I already have an overdraft line of credit. Should I still sign up for OKtoPAY? A: Your overdraft line of credit will continue to be in effect as usual. If you would like to have additional overdraft protection in the event a transaction exceeds your available balance and credit line, then you should consider signing up for OKtoPAY .
Q: What is the difference between Overdraft Privilege and Overdraft Protection Line of Credit? A: Overdraft Privilege is a standard service that comes with certain account types and allows your account to go negative in order to pay an item. Overdraft Protection Line of Credit is a contractual agreement which transfers funds from the Line of Credit to your account in order to pay an item.
Q: If I sign up for OKtoPAY can I cancel it? A: Yes, you may revoke your consent to the payment of ATM or debit card overdrafts at any time.
Still have questions? Call 800.222.2299 or stop by any Rockland Trust branch to speak with a banker who can help you understand overdraft options and determine the best way to manage your account.