Overdraft options for Rockland Trust customers
What you need to know about your overdraft options
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:
- An electronic deposit becomes delayed.
- Mathematical mistakes overstate your checkbook balance.
- Joint account holders make unplanned transactions on the same day.
Rockland Trust has several services to help you manage your account.
Overdraft Protection Line of Credit 1
An Overdraft Protection Line of Credit provides automatic coverage up to your available credit line whenever you write a check or make a withdrawal for more than your checking account balance.
Overdraft Protection from Savings
Overdraft Protection from Savings automatically withdraws funds from your savings account and deposits them into your checking account in the event of an overdraft 2 .
Overdraft Privilege and OKtoPAY
Overdraft Privilege is our standard overdraft service that comes with certain accounts. With this service, Rockland Trust may authorize and pay checks written, automatic bill payments, and other electronic transactions that exceed your current account balance (as long as your account is in good standing). If you inadvertently overdraw your account, we may cover your overdrafts and any associated fee(s), thus saving you the inconvenience of any bounced checks and fees normally charged to you by merchants for checks returned to them. All fees and charges are due and payable on demand. Standard overdraft charges apply and are counted against your overdraft privilege limit. 3
The standard Overdraft Privilege program does not cover overdrafts caused by ATM and debit card transactions.
OKtoPAY 4 (for ATM and debit card transactions)
OKtoPAY is an option that extends the same coverage as our standard Overdraft Privilege, but also covers everyday debit card purchases and ATM withdrawals. We will not authorize or pay overdrafts for these types of transactions unless you enroll for our OKtoPAY Debit Card Services. 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:
Advantages of having OKtoPAY
- Greater flexibility managing money.
- Flexibility for handling situations when unforeseen expenses deplete your account balance.
- Reduces your chances of having a debit card transaction denied.
Frequently asked questions
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 into 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.
2. Transfers are limited to a maximum of six per calendar month.
3. Overdraft charge (our standard charge) is $35 for each debit transaction more than $5 that creates an overdraft on your deposit account. Negative balance fee is $35 — charged on 5th consecutive business day your deposit account balance is negative. “18/65” accounts will be charged a $5 per item overdraft charge.
4. OKtoPAY is an optional feature for personal accounts only. Business accounts are unable to opt out of this feature, and thus, may incur overdraft fees on one-time ATM and debit card transactions that are paid against insufficient account balances.