Overdraft Protection

You have three different options to consider. Each provides protection from an inadvertent overdraft which might result in an embarrassing and expensive returned item. It may be that you opt for all three!

Overdraft Transfer Protection

Link your account to another Jacksonville Savings Bank checking or savings account. Transfers will occur in an amount sufficient to prevent an overdraft up to the full balance in the linked account. The fee per transfer is $2.

Note: Transfers from a savings account are limited to 6 per month.

Ready Credit

A pre-approved line of credit tied to your checking account. Transfers will occur in $50 increments sufficient to prevent an overdraft up to the full amount available in the line of credit.

Monthly payment or 5% of your Ready Credit borrowings ($20 minimum) deducted from your checking account on your statement date. Favorable interest rate compared to credit cards. Ready Credit applications available at all banking offices.

Overdraft Privilege Service

Rather than automatically returning unpaid all insufficient funds items that you may have, we will consider, without obligation on our part, payment of your reasonable overdrafts up to your assigned Overdraft Privilege  limit which is generally $800 for consumers and $1500 for businesses.  The limit will be $800 for eligible Personal accounts and $1500 for businesses once the account has been open and in good standing for 30 days.

You do not have to apply for this service and you do not need to sign any additional documents. Personal and business accounts qualify for Overdraft Privilege unless the account falls into one of the following excluded categories: minor accounts; money market accounts; IOLTA, trust or public funds accounts; accounts with a zero or negative balance greater than 32 days; accounts with levies, garnishments or bankruptcies; inactive accounts with no activity in the last 6 months; accounts held by customers who have loans past due greater than 30 days, and customers who have charge-off accounts with us. 

With the exceptions listed above, most of our checking account types are eligible. It is already a part of your Checking Account Agreement with us for checks, ACH and recurring debit card transactions and other recurring pre-authorized electronic funds transfers. If you are eligible for Overdraft Privilege and would also like for authorizations to be approved for debit card or ATM transactions that would normally be declined due to insufficient funds, you may complete a consent form.  Click on the link below to complete the form and drop it off at your nearest branch office.

Overdraft Privilege Consent Form

You can discontinue the Overdraft Privilege in its entirety by contacting us at 217-245-4111 or sending us an email at info@jacksonvillesavings.com.

What Else You Should Know

  • A link to another account or a line of credit is a less expensive option than an overdraft. A single larger overdraft will result in just one fee, as opposed to multiple smaller overdrafts. Good account management is the best way to avoid overdrafts. Use our mobile banking, Online Banking, and Jack telephone banking services to keep track of your balance. For additional financial education resources, please visit www.mymoney.gov.
  • The $25 Overdraft Fee is lower than the fee that is charged if a check is returned as unpaid. If multiple items overdraw your account on the same day, each item will be assessed an appropriate Overdraft Fee of $25 or a Return Fee of $27. All fees and charges will be included as part of the Overdraft Privilege limit amount. Your account may become overdrawn in excess of the Overdraft Privilege limit amount because of a fee.
  • For consumer accounts, there is no limit of the total Overdraft Fees per day we will charge. We will not charge an Overdraft Fee if a consumer account is overdrawn by $5 or less or if the amount of the item is $5 or less. This exception does not apply to business accounts.
  • We generally post items in the following order: 1) credits, 2) ATM and debit card transactions (low to high by dollar amount), 3) ACH debits (low to high by dollar amount), 4) checks (low to high by dollar amount); however, exceptions will occur. Holds on funds and the order in which transactions are posted may impact the total amount of Overdraft Fees or Return Fees assessed.
  • Although under payment system rules, Jacksonville Savings Bank may be obligated to pay some unauthorized debit card transactions, Jacksonville Savings Bank will not authorize debit card or ATM transactions unless there are available funds (including Overdraft Coverage options) to cover the transactions and any fee(s).
  • Giving us your consent to pay every day debit card and ATM overdrafts on your consumer account may result in you incurring Overdraft Fees for transactions that we would otherwise be required to pay without assessing an Overdraft Fee. However, this would allow us to authorize transactions up to the amount of your Overdraft Privilege limit and may also help you avoid overdrafts in excess of your available balance that could result in restriction or suspension of your debit card.
  • Jacksonville Savings Bank authorizes and pays transactions using the available balance in your account. Jacksonville Savings Bank may place a hold on deposited funds in accordance with our Deposit Account Agreement and Disclosure, which will reduce the amount in your available balance. The available balance for checks, ACH items, and recurring debit card transactions is comprised of the ledger balance less any holds on deposited funds and any debit card holds, plus the amount of the Overdraft Privilege limit and any available overdraft protection. The avaiIable balance for ATM and everyday debit card transactions on accounts with Standard Coverage is the ledger balance, less any holds on deposited funds and any debit card holds, plus any available overdraft protection, but does NOT include the Overdraft Privilege Limit. For accounts with Extended Coverage, the Overdraft Privilege Limit is included in the available balance for authorizing ATM and everyday debit card transactions.
  • Please be aware that the Overdraft Privilege amount is not included in your available balance provided through online banking, mobile banking or Jacksonville Savings Bank ATMs.
  • Jacksonville Savings Bank will place a hold on your account for any authorized debit card transactions until the transaction settles (usually within two business days) or as permitted by payment system rules. In some cases, the hold may exceed the amount of the transaction. When the hold ends, the funds will be added to the available balance in your account. If your account is overdrawn after the held funds are added to the available balance and the transaction is posted to the available balance, an Overdraft Fee may be assessed.
  • Except as described in this letter, Jacksonville Savings Bank will not pay items if your account does not contain available funds (including the Overdraft Privilege limit) to cover the item(s) and the amount of any fee(s).
  • Jacksonville Savings Bank may restrict or suspend your debit card use if you incur overdrafts in excess of the available balance in your account, including any Overdraft Privilege limit (as described in this letter). Debit cards on your account will remain suspended until you make sufficient deposits so that your available balance, taking into account any Overdraft Privilege limit, is positive and then you contact us.
  • Jacksonville Savings Bank may also suspend your debit card if your account is overdrawn more than thirty-two (32) consecutive calendar days. Debit cards on your account will remain suspended until you make sufficient deposits so that your account balance is positive.
  • Jacksonville Savings Bank may also restrict or suspend your debit card if we are unable to contact you due to an incorrect mailing address or phone number(s). You must contact us with your correct mailing address and/or phone number(s) to have your debit card reinstated.
  • If your debit card is restricted or suspended, you will be unable to use your debit card for purchases or to access your account at the ATM, and if you use your debit card for recurring payments, e.g. utilities, you are responsible to make other arrangements for your recurring debit payment(s).
  • Overdraft Privilege limits of up to $800 are available for eligible Personal Checking accounts opened at least 30 days in good standing and up to $1500.00 for eligible Business Checking accounts opened at 30 days in good standing.
  • Overdraft Privilege is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any time without prior notice.
  • Overdraft Privilege may be discontinued if you default on any loan or other obligation to us, your account becomes subject to any legal or administrative order or levy, or if you fail to maintain your account in good standing by not bringing your account to a positive balance within 32 days for a minimum of one business day. You must bring your account balance positive for at least one business day to have Overdraft Privilege reinstated.
  • Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in the Deposit Account Agreement and Disclosure. The total (negative) balance, including all fees and charges, is due and payable upon demand.

If you have any questions about Overdraft Protection or Overdraft Privilege, please call us at 217-245-4111 or visit a branch.