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What You  Need to Know About Overdrafts and Overdraft Fees

An overdraft occurs when you do not you have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:

1. We have standard overdraft practices that come with your account.
2. We also offer overdraft protection plans, such as an overdraft line of credit or a link to a savings account, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.

What are the standard overdraft practices that come with my account? 

We do authorize and pay overdrafts for the following types of transactions:

• Checks and other transactions made using your checking account number
• Automatic bill payments

We do not authorize and pay overdrafts for the following types of transactions unless requested:

• ATM Transactions
• Everyday debit card transactions

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined.

What fees will I be charged if Guaranty Bank pays my overdraft? Under our standard overdraft practices:

• We will charge you a one-time fee of $36 each time we pay an overdraft, not to exceed $180 per day.
• Also, if your account is overdrawn on any day, you will be charged a fee equal to the overdrawn amount multiplied by a daily periodic rate of 00.02191%.

What if I want Guaranty Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions? If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions, please return the response card provided below or call or visit your nearest Guaranty Bank location.

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We Also Offer Overdraft Privilege

Overdraft Privilege is a service the bank extends to customers who consistently keep their accounts in good standing. Guaranty Bank understands that every once in a while, you may:

• Make a mistake balancing your checkbook

• Forget to record a deposit or withdrawal

• Have to guess at what transactions a joint owner has made

What does that mean to you?

• You may avoid high charges from merchants for returned checks.

• Consideration of payment of your occasional overdrafts, including our customary overdraft charges.

• This is a discretionary service, which means we can’t promise to always pay your overdrafts, some restrictions do apply and not all checking accounts will be eligible. You should not rely on this service to pay ordinary or routine expenses – and you should never rely on overdrafts as a means to cover these expenses or use this service as a line of credit.

Are there any fees?

Please be aware that the payment of items is not a right or guarantee. The payment of items presented today does not guarantee that future items presented will be paid. Each presented item that would overdraw your account, whether paid or returned, is subject to our customary overdraft or non-sufficient funds fee as set forth in our fee schedule (currently $36). Although there is not a limit on the total fees we will charge a business account for overdrawing, NSF and/or Overdraft fees will be capped to no more than five (5) overdraft fees per day for consumer accounts.

What is the overdraft limit on my account?

Guaranty Bank’s Overdraft Privilege is a discretionary service and is generally limited to a $500 to $800 overdraft limit for eligible personal checking accounts; or a $1,000 to $1,500 overdraft limit for eligible business checking accounts. Please note that per item overdraft fees count toward your Overdraft Privilege Limit. Overdraft Privilege is extended only to accounts in good standing. Please review the attached Overdraft Privilege Service Policy for an explanation of good standing account characteristics and other details about our Overdraft Privilege service.

Does this apply to debit card or ATM transactions?

Federal regulations require consumer account holders to choose whether they want to “Opt-In” to allow us to authorize and pay overdrafts on ATM and everyday debit card transactions. You may revoke your affirmative consent to have ATM and everyday debit card transactions considered for payment under Overdraft Privilege without removing other items from the service. Simply inform us of your preference.

Do I have to participate in the Overdraft Privilege program?

Participation in Overdraft Privilege is optional. You may opt-out of the service any time by notifying one of our customer service representatives.

Do you have any other overdraft programs?

Yes, we also offer an overdraft line of credit and overdraft protection linked to another account of yours with us, such as a savings account. If you apply and are approved for these optional services, you may save money on the total fees you pay us for overdraft protection services.

If you have any questions please call us at 800-847-7454 and we’ll be happy to help you!