What options are available for overdraft protection?

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. It comes with a cost of $5 per automated transfer.
  • 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. Contact us if you have questions!

Related Questions

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.

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 your savings link, give us call at 701-293-2400 or 800-423-3344, or stop by any of our convenient locations. We’ll be happy to assist you and answer any questions you may have!

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!

Great question! Online banking supports regular and principal-only loan payments made from a Gate City Bank checking or savings account. You can make a payment using a checking or savings account at another financial institution using external transfers.

When making a transfer to a loan, you’ll have the following options:

  • Payment due
  • Custom amount
  • Pay to $0 (available only for checking reserve or line of credit)
  • Principal-only payment

Please note: You must make your regular payment before paying an additional amount to the principal. You may receive an error message if you attempt to make a principal-only payment before making your regular payment on a mortgage loan.

Have Other Questions? We Can Help!

Message Us

Send questions and feedback.

Call Us

800-423-3344

Visit Us

Find a location near you.

1 Current loan qualifications apply. Other terms and conditions may apply. Rates subject to change.