When opening a checking account, you have the ability to choose whether or not you would like Gate City Bank to consider paying ATM withdrawals and everyday debit card transactions when the funds are not available in your account. If you would like to change your selection at any time, simply give us a call, send us a message from online banking or stop by one of our convenient locations.
An overdraft fee occurs when you try to spend more money than you have available in your checking account. Rather than denying the transaction, the bank will allow the purchase by advancing the funds to cover the purchase, with a nominal charge to your account.
Overdraft fees can involve check, ACH or debit card transactions. Some banks will occasionally forgive an overdraft fee to help you cover other essential expenses from your account. However, it’s best to review your bank’s account agreements to understand the policy on handling overdrafts.
When it comes to protecting yourself from overdraft fees, you have two main options – connecting your Gate City Bank checking account with your savings account or adding a reserve line of credit to provide extra peace of mind:
The best way to prevent overdraft fees is to know your daily balance, manage your monthly budget and try not to spend more money than you have available, but mistakes do happen. Learn more about some habits you can adopt to avoid surprise overdraft fees.
Overdrafts occur when a transaction is paid even though you do not have an adequate balance to cover a transaction presented. At Gate City Bank, a fee is incurred for this type of transaction.
Non-sufficient funds (NSF) refers to when a transaction is declined or returned because you do not have an adequate balance to cover a transaction presented. At Gate City Bank, there is no fee for this type of transaction.
To locate a current list of the total amount you have paid year-to-date in overdraft fees, please reference your most recent checking account statement (last page).
To view your online statements or notices from your Gate City Bank online banking account:
You can also view statements and notices from our mobile app:
Note: Please log in to online banking from a web browser to view statements and notices from any closed accounts.
1 Current loan qualifications apply. Other terms and conditions may apply. Rates are subject to change. Alrighty – see ya later!