If You Have Questions, We have answers.
Asheville Savings Bank must get your permission to allow us to pay everyday debit card and ATM transactions into a negative balance and charge a fee. In order to continue paying these items, existing customers can opt-in (agree) to the overdraft protection service for everyday debit card and ATM transactions by reviewing the disclosure and returning the Opt-in form to Asheville Savings Bank or by visiting a local Asheville Savings Bank Banking Center.
Click Here to review and print the Everyday Visa Debit and ATM Overdraft Disclosure and Opt-in form.
How does Asheville Savings Bank’s Courtesy Style Discretionary Overdraft Service work?
An overdraft occurs when a check, automatic draft, bill payment, ACH, debit card purchase or ATM withdrawal is presented and the amount is greater than the balance in your checking account. For a fee, Asheville Savings Bank may cover the items taking your account into a negative balance. Asheville Savings Bank pays overdrafts at its discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. A fee of $35 is applied each time the account is overdrawn.
What is an everyday debit card transaction?
This is a single purchase made with your debit card on a regular day-to-day basis (i.e. grocery stores, gas stations, restaurants).
What is a recurring debit card transaction?
This is a payment that you have preauthorized to come out of your account at a regular interval to cover such recurring expenses as utilities, gym memberships, subscriptions, insurance premiums, etc.
What other overdraft protection services does Asheville Savings Bank offer?
Asheville Savings Bank offers overdraft protection options, such as a link to an Asheville Savings Bank savings account or to a traditional Overdraft Line of Credit which may be less expensive than standard courtesy overdraft services.
- Overdraft Protection Tied to a Savings Account
You can continue to earn interest on your deposits while protecting yourself from overdraft fees. Your Asheville Savings Bank Savings account can be linked to your personal checking account, and if your checking account is overdrawn, funds are automatically transferred to cover the overdraft. There is a $5 fee for each automatic transfer to a non-Connect Style Account. Electronic and third-party transfers, including automatic transfers, from savings accounts are limited to six (6) per statement cycle by federal regulation.
- Overdraft Line of Credit
Asheville Savings Bank Overdraft Line of Credit is a personal line of credit that can be linked to your Asheville Savings Bank Checking Account, providing constant overdraft protection. Overdraft Protection Line of Credit also makes it easy to borrow money at any time, just by writing a check. There will be a $5 fee for each automatic transfer. Subject to credit approval.
Contact your local Asheville Savings Bank Banking Center for more information.
Will I have overdraft protection for checks and electronic payments if I don’t opt in?
Yes. The new regulations only require opt in for everyday debit card and ATM transactions.
What fees will I be charged if Asheville Savings Bank pays my overdraft?
A $35 overdraft fee will apply for each item that Asheville Savings Bank authorizes and pays when you do not have sufficient funds in your account at the end of processing. Asheville Savings Bank limits the number of total overdraft fees that we charge your account to 6 per day. This includes ATM, one-time debit card, ACH items, bill pay, checks, and recurring debit card transactions.
Will there be additional fees if my account is overdrawn for a certain number of consecutive days?
No. Asheville Savings Bank charges a one time fee per transaction.
I have a joint account? Do all account owners have to sign the opt-in form?
No, only one account owner is needed to make a decision for opt-in or opt-out.
What if I change my mind and want to change the status of my overdraft protection?
You have the ability to change your Overdraft Protection Service status and opt-out at any time on your account. Contact your local Asheville Savings Bank Banking Center for more information. Place link to ASB office locations here.)
How can I prevent incurring overdraft fees?
Asheville Savings Bank offers online banking to help you keep track of how much money is in your account. You can call 866.802.0001 toll free to check your account balance.
Where can I get more information on overdraft protection services regulations?
Additional information can be found at www.federalreserve.gov/consumerinfo or contact your local Asheville Savings Banking Center.
We understand that mistakes happen. Returned Check Protection from ASB can help you avoid the fees and embarrassment of bounced checks and denied debit card transactions.
If you accidentally overdraw your account, according to the terms of the Return Check Protection agreement, ASB may pay items drawn on your account up to a predetermined amount. If you surpass that predetermined amount, your items may be returned unpaid.
Ways to Avoid Overdrawing Your Account
Talk to us about how Asheville Savings Bank products can assist with Overdraft Protection:
- Savings Account *
- Money Market Account*
- ASB Line of Credit **
* Limit of 6 electronic transactions per month.
** Subject to credit approval.
Once you open any of the above accounts, link them to your checking account to protect yourself from future occurrences. This way, if a transaction exceeds the balance in your checking account, funds will be transferred through the Overdraft Protection program to cover the overdraft if funds are available in the linked account. There is a $5 fee for each overdraft transfer from a savings or money market account to a non-Connect Style account
Benefits to Overdraft Protection include:
Peace of mind: Anyone can make a mistake. A back-up plan can eliminate worry.
Pay less: Transfer fees are less expensive than overdraft fees.
Protect yourself from other fees: You won’t incur late fees or returned check fees from creditors.
ASB offers easy enrollment in our Courtesy Style Overdraft Protection program. Stop by your local Banking Center and the banking center staff can link your accounts for you.
- Enroll in ASB Online Banking.
Take advantage of our online banking service to help you budget, save and control your money. ASB offers online tools to assist you in these efforts.
- Make informed decisions about where you are spending your money.
- Schedule bills to be paid on time through online Bill Pay.
- See pending transactions and balances to get a snapshot of your current financial picture.
- Utilize ASB telephone banking services.
Call (828)254-1380 or (800)222-3230, toll free, to gain access to your account information 24/7, including current balance and information on recent transactions.
Maintain current records of your bank activity.
- Record all check and debit card transactions
- Record all automatic withdrawals and deposits
- Balance your checking account to your bank statement on a monthly basis.
If you have questions about a transaction, contact your local Banking Center for assistance.
- Choose to opt-out of all overdraft payment programs.
Talk to your local banking center staff if you feel the Courtesy Style overdraft protection program is not right for you. You may opt—out (decline) participation in any of our programs. Be aware if you opt out of the Courtesy Style Overdraft Protection program, your items may be rejected or returned for non-sufficient funds and you may be subject to merchant fees for returned items.
Money Management Counseling
You can take advantage of money management counseling by contacting OnTrack Financial Education and Counseling at 828-255-5166 or visit their website at www.ontrackwnc.org. They can assist you in managing your money and credit.
OnTrack offers credit counseling to individuals in Western North Carolina needing help with financial planning, money management skills, and credit problems. Educational classes are offered and in-person appointments are available with certified financial counselors.
Your personal credit counselor will work with you to:
- Assess your current financial situation
- Develop a spending plan that meets your needs
- Establish financial goals you can achieve