What is the difference between overdraft fees and NSF fees?

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.

To set up a savings link in online banking, navigate to “Accounts,” choose “Savings Link” and select your back-up account. If you’re using the mobile app, tap “More” at the bottom of your screen, then hit “Accounts” and “Savings Link” before choosing your back-up account. You can also contact us to set up a savings link.

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!

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.