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OOPS! Overdraft Privilege sm Service Description (Policy)
(A Discretionary Overdraft Service)
It is the policy of First International Bank & Trust (“we”, “ us”, or “our”) to comply with applicable laws and regulations, and to conduct business in accordance with strict safety and soundness standards. A non-sufficient funds (overdraft/negative balance) may result from: A) The payment of checks, in-person withdrawals, ATM withdrawals, other electronic funds transfers, or other withdrawal requests you initiate; B) Payments authorized by you; C) The return of unpaid items deposited by you; D) Charging your account for our applicable service charges and fees; or E) The deposit of items to your account which, according to our Funds Availability Policy, are treated as not yet “available” or “finally paid”. We are not obligated to pay any item initiated for payment against your account if your account does not contain sufficient collected funds.
We will consider, without obligation on our part, approving your occasional and inadvertent overdrafts up to your assigned OOPS! limit rather than automatically returning, unpaid, any non-sufficient funds items that you may have, if your “eligible account type” is maintained in good standing, which includes at least: A) Continuing to make deposits consistent with your past practices and depositing at least $500 or more in your account within each thirty (30) day period; B) You are not in default on any loan obligation to us; C) You bring your account to a positive balance (not overdrawn) immediately or as soon as possible and at least once every thirty (30) days. (You have no legal right to defer payment of your outstanding overdrafts including our fees); and D) Your account is not the subject of any legal or administrative order or levy, such as bankruptcy or a tax lien. This discretionary* service will generally be limited to $500 overdraft (negative) balance for eligible Free Checking accounts, $700 overdraft (negative) balance for other eligible checking accounts. Our normal fees and charges including, without limitation, our NSF Paid Item fee and NSF Returned Item Fee (currently $30 per item) as set forth in our fee schedules will be included in these limits and will be charged for each transaction presented for payment against non-sufficient funds. We will charge our normal fee whether we approve the item for payment or not. Your account will be charged a $30 continuous negative balance fee each 7th day that your account is overdrawn.
We may refuse to pay an overdraft for you at any time, even if your account is in good standing and even though we may have previously paid overdrafts for you. You will be notified by mail of any non-sufficient funds items paid or returned that you may have; however, we have no obligation to notify you before we pay or return any item. The amount of any overdrafts including our fees that you owe us shall be due and payable immediately. If there is an overdraft paid by us on an account with more than one (1) owner on the signature card, each owner, and agent if applicable, presenting the item creating the overdraft, shall be jointly and severally liable including our fees
- Optional Overdraft Protection Services: We offer additional overdraft protection services that you may apply for. These include First Reserve, the established line of credit account, and/or funds transfer (from another account of yours with us) If you apply and are qualified for these optional services, you may save money on the total fees you pay us for overdraft protection services.
| First Reserve |
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21% APR* |
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Payment based on the outstanding balance |
| Funds Transfer |
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No Fee |
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*subject to change
- Ineligible Accounts and Limitations: Available only for eligible checking accounts that are maintained in good standing as defined above. Savings Type Accounts, Money Market Accounts, Public Fund/Charitable Organization Accounts, certain Trust Accounts, and Minor Accounts not of legal age are not eligible for this service. We may, in our sole option and discretion, limit the number of accounts eligible for OOPS! to one account per household and/or one account per taxpayer identification number.
- Eligible Account Types: The checking account types that are eligible for the OOPS! are: Free, First Club, Valu Plus, Championship, Now, Super Now, Charter, Business, and First Business checking.
- Eligible Transaction Types: NSF transactions initiated for payment against your checking account(s) may be approved/paid by us using, and up to, your assigned OOPS! limit, including our fees. The eligible transaction types will include, without limitation: Checks, in person withdrawal, ACH, Home or Internet Banking Bill Payment and Transfers, and Telephone Banking Bill Payments and Transfers. It is the policy of First International Bank & Trust to post checks in check number order, lowest to highest check number.
- You May Always Opt-Out: You may choose at any time not to participate in the OOPS! by notifying one of our customer service representatives at (800) 359-8092 PO Box 607 Watford City, ND 58854 who will explain what this (“Opt Out”) means, and the potential consequences, for you.
- If you need Help: Of course, overdrafts should never be used to pay ordinary or routine expenses and you should not rely on overdrafts to cover these expenses. If at any time you feel you need help with your financial obligations please contact a customer service representative at (800) 359-8092.
ALWAYS A DISCRETIONARY* SERVICE: Our OOPS! Occasional Overdraft Privilege Service does not constitute an actual or implied agreement between you and us. Nor does it constitute an actual or implied obligation of or by us. This service represents a purely discretionary courtesy or privilege that we may provide to you from time to time and which may be withdrawn or withheld by us at any time; without prior notice or reason or cause.
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