Overdraft Opt-In

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 practices that come with your account.
2. We also offer overdraft protection plans, such as a link to another account, which may be less costly than our standard overdraft practices.  To learn more, ask us about these plans.

This notice explains our standard overdraft practices. 

What are the standard overdraft practices 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 will not authorize and pay overdrafts for the following types of transactions without your consent:
  • 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 Chambers Bank pays my overdraft?

Under our standard overdraft practices:

• We will charge you a fee of up to $30.00 each time we pay an overdraft
• We will not charge you a fee if your account is overdrawn less than $5.00 on any given day
• There is a limit of $180.00 per day on the total fees that we can charge you for overdrawing your account

What if I want Chambers 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, call (479) 394-5161 or complete the form below and present it at a branch or mail it to: Chambers Bank; 300 Highway 71 South #A; Mena, AR 71953. You can revoke your authorization for Chambers Bank to pay these overdrafts at any time by any of the above methods. Your revocation must include both your name and your account number so that we can properly identify your account.

Download Form: Chambers Bank Overdraft Opt-In

Overdraft Coverage Options: Overdraft Privilege and Overdraft Protection

Life happens! Chambers Bank understands that unexpected overdrafts occur from time to time... Overdraft Coverage can help. 

Overdraft Coverage Options

The choice is yours. Consider these ways to cover overdrafts:

¹Call us at (479) 394-5161, email us at [email protected], or come by a branch to sign up for this service;
²Subject to credit approval.

Overdraft Protection services apply to all transactions and may help prevent overdrafts by automatically transferring funds to your checking account from another account you may have at Chambers Bank for a fee. 

Overdraft Privilege allows you to overdraw your account up to the disclosed limit for a fee in order to pay a transaction.

* If you choose Extended Coverage, ATM withdrawals and everyday debit card transactions will be included with the transactions listed under Standard Coverage. If you already have Extended Overdraft Privilege coverage, it is not necessary to request it again. Business accounts automatically have Extended Coverage.

You can discontinue the Overdraft Privilege in its entirety by contacting us at (479) 394-5161.

What Else You Should Know

• A link to another account is a less expensive option than an overdraft. A single, larger overdraft will result in just one fee, as opposed to multiple smaller overdrafts.
• Even if you have overdraft protection, Overdraft Privilege is still available as secondary coverage if the other protection source is exhausted.
• Good account management is the best way to avoid overdrafts. Use our mobile banking, Internet banking, and telephone banking services to keep track of your balance.
• The $30.00 Overdraft Fee is the same fee amount that would be charged if a check was returned as unpaid. If multiple items would overdraw your account on the same day, each item would be assessed an appropriate Overdraft Fee or an Insufficient Fee of $30.00. All fees and charges will be included as part of the Overdraft Privilege limit amount. Your account may become overdrawn in excess of the Overdraft Privilege limit amount as a result of a fee.
• For consumer accounts, there is a limit of 6 Overdraft Fees ($180.00) per day we will charge. We will not charge an Overdraft Fee if a consumer account is overdrawn less than $5.00. These exceptions do not apply to business accounts.
• We post items in the following order: 1) credits, 2) ATM and debit card transactions (in the order received), 3) checks (check number order), 4) ACH debits (order received). The order in which transactions are posted may impact the total amount of Overdraft Fees or Insufficient Fees assessed.
• Although under payment system rules, Chambers Bank may be obligated to pay some unauthorized debit card transactions, Chambers Bank will not authorize debit card or ATM transactions unless there are available funds (including Overdraft Coverage Options) to cover the transactions and any fee(s).
• Giving us your consent to pay every day debit card and ATM overdrafts may result in you incurring Overdraft Fees for transactions that we would otherwise be required to pay without assessing an Overdraft Fee. However, this would allow us to authorize transactions up to the amount of your Overdraft Privilege limit and may also help you avoid overdrafts in excess of your available funds that could result in restriction of your debit card.
• Except as described in this letter, Chambers Bank will not pay items if your account does not contain available funds (including the Overdraft Privilege limit) to cover the item(s) and the amount of any fee(s).
• We may restrict your debit card use if you incur overdrafts in excess of the available funds in your account, including any Overdraft Privilege
• Chambers Bank will place a hold on your account for any authorized debit card transaction until the transaction settles (usually within two business days) or as permitted by payment system rules. In some cases, the hold may exceed the amount of the transaction. When the hold ends the funds will be added to the available balance in your account.  If your account is overdrawn after the held funds are added to the available balance and the transaction is posted to the available balance, an Overdraft Fee may be assessed.
• An Overdraft Privilege limit of $100.00 is available for eligible Personal and Business Checking accounts at account opening.
• Overdraft Privilege limits of up to $500.00 are available for eligible Personal Checking accounts opened at least 35 days in good standing and $750.00 for eligible Personal Checking accounts opened for over three years.
• Overdraft Privilege limits of up to $1,000.00 are available for eligible Business Checking accounts opened at least 60 days in good standing.
• Overdraft Privilege is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any time without prior notice.
• Overdraft Privilege may be discontinued if you default on any loan or other obligation to us, your account becomes subject to any legal or administrative order or levy, or if you fail to maintain your account in good standing by not bringing your account to a positive balance within thirty-two (32) days for a minimum of one business day.
• Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in the Deposit Account and Disclosure Agreement. The total (negative) balance, including all fees and charges, is due and payable upon demand.

If you have any questions about Overdraft Protection or Overdraft Privilege, please call us at (479) 394-5161 or visit a branch.