What is an Overdraft Fee?
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.
Overdraft Fee Protection
Combining your Gate City Bank checking account with a line of credit provides extra protection from overdrafts. You can even use the line of credit to cover short-term cash needs! With a Checking Reserve Line of Credit, you pay finance charges on the amount you borrow in addition to an annual fee.
Gate City Bank Checking Reserve Line of Credit amounts:
Other key factors:
To apply for a checking reserve line of credit, contact a member of our lending team, and they will work with you to answer any questions you have, determine if you qualify and review details about a line of credit with Gate City Bank.
We’re Here for You
We are committed to create a better way of life for our customers, communities and team members. This is part of our mission and way of life, and it will not change. Whether you’re experiencing financial hardship or simply lost track of your account balance, we’re here to help. Contact us and we will work with you to find the right solution to meet your needs.
*Current loan qualifications apply. Other terms and conditions may apply. Rates subject to change.