Overdraft Privilege

Do I have Overdraft Privilege?

At times, unanticipated expenses can leave you with too little cash in your checking account. Having a check returned due to insufficient funds can be an embarrassing and humiliating experience. At St. Johns Bank, we want to do our part to save you from the possibility of ever having this occur. That's why we created Overdraft Privilege, a special overdraft privilege for St. Johns Bank checking customers. With this feature activated on your checking account, you will know that your transactions will be honored up to your Overdraft Privilege limit.

What is Overdraft Privilege?

Overdraft Privilege is an overdraft privilege service requiring no action on your part. You do not have to sign anything. Your Overdraft Privilege limit amount will be automatically assigned according to your type of checking account.

How does Overdraft Privilege work?

As long as you maintain your account in "good standing" [defined as (1) making sufficient deposits and bringing your account to a positive end-of-day balance at least once every 30 calendar days (including the payment of all bank fees and charges); and (2) there are no legal orders, levies, or liens against your account], St. Johns Bank may honor overdrafts up to the Overdraft Privilege limit on your account. When you use Overdraft Privilege, you must keep in mind that the bank's normal Paid into Overdraft fee for each transaction will be deducted from your limit. The Paid into Overdraft fee is deducted from your account each time an insufficient check or debit item is presented for payment from your account. As in the past, the bank will notify you by mail when an overdraft occurs. No interest will be charged on the overdraft balance.

What is St. Johns Bank's Paid into Overdraft fee?

The fee for the payment of each overdraft is $32.00.

How do I know when I use the overdraft limit?

You will receive an overdraft notice in the mail each time items are paid. You can also receive the notice electronically if you have enrolled for eStatements through NetConnect. The notice will show the check number, amount and the Paid into Overdraft fee. You should subtract the total fees from your checkbook.

I have two checking accounts. Can I get Overdraft Privilege on both?

Yes. If you have multiple accounts for your household or entity, you may have a limit on each eligible account.*

What if I go beyond my Overdraft Privilege limit?

Overdrafts beyond your established Overdraft Privilege limit may result in a check or debit item being returned to the payee. The normal Returned NSF fee will be charged per check or debit item and assessed to your account. An NSF notice will be sent by mail or electronically to notify you of our actions.

What are some of the ways I may have access to Overdraft Privilege?

Generally, you may access your Overdraft Privilege through:

  • Checks and other debits cashed at teller windows
  • NetConnect
  • TeleConnect  
  • ATM/Visa Check Card (provided you have opted in)
  • ACH debit transactions
  • Checks issued to a third party
  • All transactions that currently are honored through your account

Why do I need to opt in to Overdraft Privilege for ATM transactions and one-time Visa transactions?

Regulations require us to get your permission to allow you to access your Overdraft Privilege for any one-time debits made with your ATM/Visa debit card. Unless you opt in, we will not authorize these transactions if you do not have sufficient funds. Consider the following scenarios where Overdraft Privilege would be useful:

  • It's a Saturday evening and you need cash from an ATM, but your account doesn't have enough money in it.
  • There are long lines at the store, and when it's your turn to pay the checker tells you that your debit card is being declined for insufficient funds.

How quickly must I repay my Overdraft Privilege?   

You should make every attempt to bring your account to a positive end-of-day balance as soon as possible, and must do so within 30 calendar days. If you are not able to do so, you will receive a letter from St. Johns Bank informing you of the situation and your options. If, after a period, your account has not been brought to a positive end-of-day balance, we will have no option but to close your account and take other steps to recover funds.

What does my Overdraft Privilege cost?

Overdraft Privilege costs you nothing unless you use it. However, you should keep in mind that you will be charged a Paid into Overdraft fee for each item paid under Overdraft Privilege.

Do business checking accounts qualify for Overdraft Privilege?

Yes, certain business checking accounts qualify for Overdraft Privilege.

How soon can I use my Overdraft Privilege?

This service may be available to our new customers after a 30-day waiting period, assuming your account is in "good standing" as defined above.

What is my Overdraft Privilege limit?

To find your Overdraft Privilege limit, locate your account type in the listing below.

  • Rewards Checking - $400
  • Value Checking - $400
  • Premier Checking - $700
  • Money Market Account - $700
  • Business Checking - $1,000
  • Free Business Checking - $500
  • Small Business Checking - $1,000
  • Business NOW - $1,000

When I call St. Johns Bank's 24-Hour TeleConnect service to get my balance, is my Overdraft Privilege limit included?

The current balance reflected through TeleConnect will not include the Overdraft Privilege limit assigned to your account; however, the available balance will include the limit.

Will the Overdraft Privilege limit be reflected when I check my balance using NetConnect?

The assigned Overdraft Privilege limit will not be included in your current balance shown on NetConnect, however, when you make a transfer, you will see the Overdraft Privilege limit included in your available funds for transfer amount.

What are some of the ways I can cover overdrafts at St. Johns Bank?

The best way to avoid overdrafts and bounced check fees is to manage your account so you don't overdraw it. However, if a mistake occurs, St. Johns Bank offers other ways to cover overdrafts in addition to Overdraft Privilege.

Ways to Cover Overdrafts at St. Johns Bank Associated Fees
Good Account Management $0
Overdraft Line of Credit 18% APR**
Link to Savings Accounts $5 per transfer
Overdraft Privilege Paid into Overdraft fee of $32 for each item

In addition, you may establish an alert through your NetConnect account to monitor your balance and receive notices.

What is considered excessive usage of Overdraft Privilege?

Overdraft Privilege should not be used as a line of credit or as a regular source of funds, but rather as a convenience to cover inadvertent overdrafts and as a safety net to help in emergencies where there may be a non-recurring shortage of funds. When you have used the Overdraft Privilege feature of your account on more than six occasions where a fee was charged within the last twelve months, we will send you a notice to remind you of this.

How do I opt out of Overdraft Privilege?

If you no longer wish to continue your Overdraft Privilege, you may opt out of the privilege at any time, but you are responsible for any overdrawn balances at the time of opting out. Normally, we will not approve overdrafts for you without a means for funding them. Please call one of our experienced customer service representatives at (314) 428-1059 ext. 3025 if you would like to opt out of Overdraft Privilege.

Who can I contact for credit counseling information?

For information about credit counseling, contact the Federal Trade Commission at 1-877-FTC-HELP or their website at http://www.ftc.gov/ or contact many of the non-profit credit counseling service organizations for free credit counseling, such as Money Management International at 866-889-9347 or their website at http://www.moneymanagement.org

*St. Johns Bank reserves the right to limit participation to one account per household or entity and to discontinue this service without prior notice.
**Subject to credit approval. Annual Percentage Rate subject to change without notice.

An insufficient balance could result in several ways, such as (1) the payment of checks, electronic funds transfers or other withdrawal requests; (2) payments authorized by you; (3) the return of unpaid items deposited by you; (4) bank service charges; or (5) the deposit of items which, according to the bank’s Funds Availability Policy, are treated as not yet available or finally paid.

We are not obligated to pay any item presented for payment if your account does not contain sufficient funds. However, if you maintain your account in good standing, we may approve your overdrafts within your current available Overdraft Privilege limit as a non-contractual courtesy. Your account is in good standing if (1) you make sufficient deposits and bring your account to a positive end-of-day balance at least once every 30 calendar days (including the payment of all bank fees and charges); and (2) there are no legal orders, levies or liens against your account. In the normal course of business, we generally pay electronic transactions first, cashed checks next, and then other checks in check number order. We reserve the right to change this order of payment without notice to you if we suspect fraud or possible illegal activity affecting your account. Please be aware that the order of payment of items may create multiple overdrafts during a single banking day for which you will be charged our Paid into Overdraft fee of $32 for each overdraft paid. Also, due to the nature of point-of-sale (POS) transactions, it is possible that you could be authorized to complete a POS transaction with sufficient funds available, but when we finally receive the POS transaction other transactions have posted and eliminated the sufficient funds that were available. When this occurs, a Paid into Overdraft fee is assessed on insufficient funds items in the order they are finally received.

You may opt out of the privilege at any time, but you are responsible for any overdrawn balances at the time of opting out. Normally, we will not approve an overdraft for you in excess of the predetermined amount assigned to your account type. So as not to exceed your limit, please note that the amount of the overdraft plus the bank’s Paid into Overdraft fee of $32 (per item) will be deducted from the overdraft limit.

We may refuse to pay an overdraft at any time, even though we may have previously paid overdrafts for you. For example, we typically do not pay overdrafts if your account is not in good standing as defined above.

You will be charged a Returned NSF fee of $32 for each item returned. You will be notified by mail of any NSF items paid or returned that you may have; however, we have no obligation to notify you before we pay or return any item. The amount of any overdraft plus our Paid into Overdraft fee of $32 and/or a Returned NSF fee of $32 that you owe us shall be due and payable upon demand, but if no demand is made, no later than 30 calendar days after the creation of the overdraft. If there is an overdraft on an account with more than one (1) owner on the signature card, each owner and agent, if applicable, shall be jointly and severally liable for all overdrafts inclusive of fees.

Overdraft Privilege should not be viewed as an encouragement to overdraw your account. As always, we encourage you to keep track of your account balance by entering items in your check register, reconcile your check book regularly, and manage your finances responsibly. If you would like to have this service removed from your account, please call (314) 428-1059, Ext. 3025.

Please note that your Overdraft Privilege limit may be available for covering overdrafts created through checks that you write, a withdrawal through a teller, ATM/Visa (provided you have opted-in), TeleConnect or NetConnect. The limit will not be included in your current balance.


LIMITATIONS: Overdraft Privilege is a non-contractual courtesy that is available to individually/jointly owned accounts and commercial entities in good standing. St. Johns Bank reserves the right to limit participation to one account per household or entity and to discontinue this service without prior notice.