How can I set up a savings link to avoid overdrafts?

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:

• Savings Link: Link your savings as a back-up to your checking account. This service will automatically transfer funds from your Gate City Bank savings account to cover any transactions that may otherwise result in an overdraft fee.
• Checking Reserve Line of Credit: With a checking reserve line of credit, you pay finance charges on the amount you borrow in addition to an annual fee. You can even use the line of credit to cover short-term cash needs! Access the application here. Gate City Bank’s checking reserve line of credit amounts include a $1,000 minimum and $5,000 maximum. Other key factors:
  • Revolving, no maturity
  • 18% APR¹ (annual percentage rate)
  • $35 annual fee

Learn more about helpful hints and habits to avoid overdrafts or check out our BankOn checking account for even more ways to steer clear of overdraft fees.

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.

Speak with one of our helpful lenders to learn more about a checking reserve line of credit. They’ll be happy to assist you with the application process!

Recurring Transfers

If you’ve personally set up a recurring transfer in online banking and wish to stop it, simply navigate to “Move Money” and select “Transfers.” From there, open the “Scheduled” tab, choose the ellipses (three dots) next to your transfer and click “Cancel Series.”

If you’re using the mobile app, tap “Move Money” at the bottom of your screen, then hit “Scheduled Transfers.” From there, select the transfer and “Cancel Series.”

Note: If the recurring transfer is for a loan payment or any other payment set up by us on your behalf, please contact us. We’ll be happy to assist you!

Recurring Bill Payments

To stop a recurring bill payment in online banking, navigate to the “Move Money” tab and select “Bill Pay.” From there, select the bill in the “Pending Payments” section of the “Payment Center” and click “Cancel.” (You can also select “Change” to make edits to your recurring bill payment, but only when using a desktop.)

If you’re using the mobile app, tap “More” at the bottom of your screen, then “Bill Pay/Zelle,” “Bill Pay” and “Pay Bills.” From there, select the “Activity” tab, choose the payment and hit “Cancel.”

Recurring Zelle® Payments

To stop a recurring Zelle® payment in online banking, select “Zelle®” under the “Move Money” tab, then locate the payment in the “Pending” section and choose “Cancel.” (You can also select “Edit” to make changes to your payment.)

If you’re using the mobile app, tap “More” at the bottom of your screen, then “Bill Pay/Zelle,” “Zelle” and “Send money with Zelle®.” From there, select the “Activity” tab, choose the payment in the “Pending” section and hit “Cancel” or “Edit.”