An overdraft is when you do not have enough money in your account to cover a transaction or withdrawal, but the bank pays the transaction on your behalf.
AB Overdraft Coverage covers the following transaction types:
- Checks and other transactions made using your checking account number
- Automatic bill payments
Overdraft Coverage covers the following transaction types:
- ATM Transactions
- Everyday debit card transactions
You may add or remove the Overdraft Coverage at any time by calling 800-662-0860 or visiting a branch and speaking with a Bank representative.
- An overdraft item paid fee is applied when you do not have enough money in your account to cover a transaction or withdrawal, but the bank pays the transaction on your behalf.
- An insufficient funds fee (NSF) is applied when an item is returned for insufficient or uncollected funds as a result of not having enough money available in the account to cover the transaction.
- The insufficient funds fee (NSF)is $34. For California residents the NSF fee is $25. For customers with an Online Checking product the NSF fee is $10.
- Overdraft Item Paid fee is $34. For California residents the Overdraft Item Paid fee is $25.
Overdraft Coverage remains in effect as long as you maintain your account in “good standing,” we may approve your overdraft items within your current available AB Overdraft Coverage limit as a noncontractual courtesy. For overdraft privilege consideration, your account is in “good standing” if you (1) make sufficient deposits to bring your account to a positive end-of-day balance at least once every 30 calendar days (including the payment of all bank fees and charges); (2) avoid excessive overdrafts* suggesting the use of AB Overdraft Coverage as a continuing line of credit and (3) have no legal orders, levies or liens against your account. (Refer to the “Overdraft Coverage” section in your Account Opening Disclosure for more details.
*Excessive use is defined as using the Overdraft Coverage on more than 6 occasions in a rolling 12-month period.
There is a daily cap of five (5) overdraft fees (per paid transaction or per return) that will be assessed to your account per day per account (paid or returned). Merchants may present multiple transactions in an attempt to get paid, including representing your check or sending the Bank a second or third ACH. The Bank will impose a returned item fee for each transaction (each attempt by a merchant to get paid) that is presented when your account lacks a sufficient available balance.
Affordable Checking, Convenience Checking, and Give-Back Checking.
You may Opt-Out of Overdraft Coverage by calling 800-662-0860 or visiting a branch and speaking with a bank representative. You will be required to sign and submit a "What You Need to Know about Overdrafts and Overdraft Fees" form; however, you may still be charged a $34 Insufficient Fund Fee (“NSF”). For California residents the NSF fee is $25.
Should you decide to consent to Overdraft Coverage and Opt-In, you may set up low balance automated alerts to notify you when your account drops below a certain threshold that you set. To set up an alert visit, https://amalgamatedbank.com/faqs/amalgamated-alerts/how-can-i-enroll-in-amalgamated-alerts, for a list of alerts.
- Login into your online banking account.
- Select “Customer Service”, and under Contact Option select “Manage Alerts”.
- Select “Account Number” and click “Go Icon”.
- Select “SMS” or “email notification”, then click the “Add this alert” icon to enroll.
You must receive, sign, and provide the "What You Need to Know about Overdrafts and Overdraft Fees" form.
Customers who have not “Opted-In” for ATM and one-time debit card coverage will not have their transactions approved if the balance is insufficient without the Overdraft Coverage amount, and no charges will be incurred by the customer should these items cause their account to be overdrawn.
Yes. You may Opt-Out of AB Overdraft Coverage by calling 800-662-0860 or visiting a branch and speaking with a bank representative.
Please be advised that if you decide to Opt-Out of AB Overdraft Coverage for transactions such as checks, and other transactions made using your checking account number including automatic recurring bill payments, these transactions will be declined, and a $34 -Insufficient fund fee (NSF) will be assessed. For California residents the NSF fee is $25.
No. You cannot choose to Opt-Out of the AB Overdraft Coverage if you want to Opt-In for ATM transactions and everyday debit card transactions; however, you can choose to remain enrolled in AB Overdraft Coverage to only cover Pre-authorized ACH transactions/Checks and Opt-Out of ATM transactions and everyday debit card transactions. If the customer chooses to Opt-Out of both, they must sign 2 forms titled ‘'What You Need to Know about Overdrafts and Overdraft Fees” as well as the AB Overdraft Coverage.
ATM and everyday (one-time) debit card transactions will be declined at the time of the transaction and a fee will be imposed.
Overdraft balances are charged off if they have remained in the account longer than 60 days. This is reported to the credit bureaus.
We use the available balance at the time transactions are presented to us to decide whether to authorize them for payment or make a return. We also use the available balance at the time transactions are posted and actually paid to decide whether to charge Overdraft Fees.
Amalgamated Bank will pay transaction amounts of $10 or less without a fee being assessed.