Important Overdraft Service Information
Life is busy. We understand.
Mistakes happen. You forget to drop off your deposit, record a purchase in the check register or miscalculate, and you end up spending more money than you have in your account. We understand things like that happen to responsible people. For many years, Great Western Bank has provided overdraft services to our customers when those mistakes happen. But now, the government requires us to ask your permission to provide you with CheckHonor Plus, our overdraft service that protects you from being denied when you have insufficient funds in your account and use your debit or ATM card at a merchant or ATM.
Beginning August 15, 2010, if we do not have your permission to continue this service, you could be left standing with an unpaid tab at a restaurant or a cart full of groceries. To avoid those situations, many of our customers would rather pay a fee and have Great Western Bank make the payment even if there are not enough funds in the account to cover the charge.
Please take a moment to review the information about the overdraft protection options that are available to you to determine the coverage that best suits your needs.
Easy to Enroll
If you decide to take advantage of the convenience that CheckHonor Plus provides for your debit and ATM card, please complete the form below. Or just give us a call at 1.877.787.5999.
Check HonorPlus will take effect on your account within 48 hours (Monday-Friday) of us receiving your request.
Please contact your local banker with any questions you might have.
What you need to know about overdrafts and overdrafts fees
What is an overdraft?
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. Great Western Bank can cover your overdrafts in one of two ways:
- We have standard overdraft practices that come with your account.
- We also offer overdraft protection plans, such as a link to a separate savings or checking account or an overdraft line of credit, 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?
As a standard practice, we do authorize and pay overdrafts for:
- Checks and other transactions made using your checking account number
- Automatic preauthorized bill payments
We do not authorize and pay overdrafts for the following unless you ask us to through CheckHonor Plus (see below):
- ATM transactions
- Everyday (onetime, non-recurring) debit card transactions
Great Western Bank pays overdrafts at our discretion, which means we do not guarantee that we will always 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 Great Western Bank pays my overdraft?
Under our standard practices:
- We will charge you a fee of up to $33 each time we pay an overdraft.
- If your account is overdrawn for 5 or more consecutive business days, we will charge an additional $10 per day. Continuous overdraft fee not applicable in Iowa.
- The daily limit for overdraft fees is $165 per account. There is no limit on the total fees we may charge you for overdrawing your account.
What do I do if I want Great Western Bank to authorize and pay overdrafts on ATM and everyday debit card transactions using CheckHonor Plus?
If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, please complete the form below or call 1.877.787.5999.