What You Need to Know about Overdrafts and Overdraft Fees

An overdraft occurs when you do not 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 services that come with your account.
2. We also offer overdraft protection services, such as link to a savings account, which may be less expensive than our standard overdraft services. To learn more, ask us about these plans.

This notice explains our standard overdraft services.

 What are the standard overdraft services 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 you authorize us to (see below):

• 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 First South Bank pays my overdraft?

Under our overdraft protection services:

• You may link savings accounts to your checking account to transfer available funds to cover overdrafts on your checking. There is a $10 per transfer fee for this service.
• You may link a Reserve line of credit or home equity line of credit to your checking account to cover overdrafts. There is a $10 per transfer fee for this service. Subject to credit approval and interest rate applicable.

Under our standard overdraft services:

• You may opt-in (below) so we may authorize and pay your everyday ATM and debit card transactions for an overdraft fee of $20 per overdraft. There is no fee to opt-in to myShield and no fee if you never use it. If a transaction creates an overdraft of $10 or less, we will not charge an overdraft fee for the item. We will not assess more than five (5) overdraft fees on an account in a single business day. At any time you can change your mind and opt out of this option.
• A $35 overdraft fee applies to each paid overdraft item created by a check, automatic bill payment, or other transaction made using your checking account. If a transaction creates an overdraft of $10 or less, we will not charge an overdraft fee for the item. We will not assess more than five (5) overdraft fees on an account in a single business day.
• If none of the above options are set up on your account, you will be charged a $35 Return Item fee each time we pay a standard overdraft.

 What if I want First South Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions?

If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions:

• Contact our customer care center at 1-888-993-7664 or
• Complete the form below and present it at your local branch or mail it to First South Bank, Attn: Deposit Operations, P.O. Box 2047, Washington, NC 27889.
• or Submit the Opt In form below.

Opt In/Opt Out for Overdraft Services.

Complete the form below to opt in or opt out of overdraft services. All fields are required. By electing to use this means of indicating your participation, you also agree to receiving a confirmation of your election in an electronic format.

If you still have questions, you may contact us by phone at 888.996.7664, by email or at a branch.