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Overdraft Protection: Understanding Your Overdraft Options
Account Alerts |
Overdraft Protection |
Overdraft Honor |
Debit Card Overdraft Service |
Overdrafts Happen, but We’ve Got Your Back.
An overdraft occurs when you do not have enough money in your account to cover a purchase but we pay it anyway. At WesBanco, we realize that your life is busy and that sometimes overdrafts happen.
We offer several ways to help you manage your finances and you can rest easy knowing you have options:
- Account Alerts are the best way to keep up to date with your finances and receive bank account alerts when your balance is running low to help avoid overdrafts and fees. Explore the demo to learn how to enable and manage Alerts.
- Overdraft Protection is the best way to you avoid fees and still allow your transactions to go through seamlessly. You can set up Overdraft Protection by linking your checking account to a savings account or line of credit. When you do not have enough money in your checking to cover an expense, we will pull the funds from your linked account to cover it at no cost.
- Overdraft Honor is our standard overdraft service and is included in most checking accounts at account opening. It acts as a credit line with a $50 limit that can increase with time and is based on your account activity. If you have insufficient funds, we will draw from the overdraft line to cover the difference up to the limit. You will be charged standard overdraft fees until the balance is repaid and your account is back in good standing.
- Optional Debit Card Overdraft Service, when selected, authorizes us to allow everyday ATM withdrawals and debit card purchases, even when you have insufficient funds. When opted into this overdraft service, transactions will go through but with an accompanying overdraft fee. You must opt-in to allow us to pay these types of transactions from the overdraft line. If you do not wish to opt-in to this overdraft option, you do not need to take actions. Standard overdraft fees will apply if you opt-in.
Consider your lifestyle, spending habits, and budget to determine which overdraft option is best for you. Below are some considerations to help guide your overdraft selection.
| Opt-In: | Not Opting-In: |
| You DO want us to try to cover your ATM and everyday debit card transactions if insufficient funds exist. | You DO NOT want us to cover your everyday debit card and ATM transactions if insufficient funds exist. |
| Using these services will incur overdraft fees. | We will not charge you any overdraft fees and your transaction will be declined. |
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Understand the Standard Overdraft Fees
WesBanco’s Overdraft Honor and Optional Debit Card Overdraft Service provide coverage so payments and transactions can be made even if funds are missing. However, covering your everyday debit and ATM transactions outside of your balance does require us to charge reasonable fees for each overdraft item:
- We will charge you a fee of up to $35 each time we pay an overdraft. We will not charge the fee if your account is overdrawn by $5 or less, or the transaction item is less than $1.
- If your account is overdrawn for ten (10) consecutive days, we will charge a $10 Collection Fee and an additional $10 Collection Fee each ten (10) days thereafter.
- There is a limit of five (5) or $175 on the total fees we can charge you for overdrawing your account per business day.
We recommend repaying the credit limit and bringing your account back into good standing as soon as possible to avoid extended overdraft fees. Each of our customers have unique experiences and circumstances informing which overdraft coverage is best. That is why we encourage you to customize your overdraft preferences to fit your lifestyle. Rest easy knowing that you have overdraft options, no matter what difficulties life throws your way.
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WesBanco operates branches and offices in 8 states. Over the past decade, we have built a national reputation as a safe, sound and profitable bank holding company that always strives to do better by its customers.
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