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Overdraft Privilege
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How Overdrafts OccurBounce ProtectionOverdraft Protection
Sweeps Account DescriptionComparison Chart

HOW DO OVERDRAFTS OCCUR?

Although Bank of Luxemburg does not encourage overdrafts, the bank understands that situations may arise that cause an overdraft. Overdrafts occur when you write a check, withdraw money from an ATM, use your debit card, or make an electronic payment for more than the amount available in your checking account. The bank makes the choice to either pay the amount of the item anyway or return the item to the individual (or business) you authorized.

If the item is paid, even though you do NOT have the funds in your account, the bank can extend you an overdraft privilege--for a fee--to cover the items. The purpose of overdraft privileges is to save customers the embarrassment, additional fees from merchants, and other problems caused by returned checks. Our 3 Overdraft Privilege Options are convenient services that provide you and your family with financial flexibility in times when you many not have sufficient funds in your account.


WHAT IS OVERDRAFT ASSURANCE PROGRAM:
  • A courtesy overdraft protection plan available on your personal checking account.
  • An overdraft privilege limit is automatically assigned to you based on the type of consumer checking account you hold with the bank.
  • Offers an extra level of protection in case of account reconciliation error.
  • The plan is available so checks, ATM transactions, debit card purchases, automatic bill payments and other electronic transactions will process through your account, even though the funds may not be available at the time in your account.
  • With the plan, you will still pay an overdraft privilege fee for each item that overdraws your account for the service protection. You will still be in good standing with the people you do business with since the items will not be returned to the merchant.
  • There is no set-up charge for this service. You will receive a $30.00 fee per overdraft, with a daily maximum overdraft cap of $150.00.

WHAT IS OVERDRAFT PROTECTION Line of Credit:
  • A personal line of credit plan that is available to use with your personal checking.
  • Use your good credit to qualify for the loan plan and your checking account becomes your personal loan account.
  • Once approved, the overdraft protection line of credit is available to you as an unsecured loan to cover checks, ATM transactions, debit card purchases, automatic bill payments and other electronic transactions which process through your account, even though the funds may not be available at the time in your account.
  • The plan can help avoid costly overdraft charges.
  • You control when you need to use your personal Overdraft Protection account.
  • You have the freedom of having a reserve fund at your command.
  • There is no set-up charge for this service. The current interest rate applies on all outstanding balances. You will receive a $15.00 annual fee for the service.

WHAT IS A SWEEP ACCOUNT:
  • Optional overdraft coverage that allows customers to link their checking account to another Bank of Luxemburg checking or savings account that is used to cover overdrafts.
  • Convenient and cost effective way to use your own funds to cover occasional overdrafts in your checking account.
  • The sweep is available to you to cover checks, ATM transactions, debit card purchases, automatic bill payments and other electronic transactions which process through your account, even though the funds may not be available at the time in your account.
  • There is no set-up change for this service. You will receive a $10.00 charge for the daily transfer.

OVERDRAFT PRIVILEGE OPTIONS
Options Details Costs Associated with the Privilege
Overdraft Assurance Program
  • Available on all consumer checking accounts
  • No credit check required
  • The protection limit is based on the type of checking account you carry with the bank
  • No set-up fee
  • You are only charged if you use the privilege service
  • $30.00 per overdraft
  • $180.00 daily maximum charge
Overdraft Protection Line of Credit
  • Available on all consumer checking accounts
  • Optional coverage through a personal unsecured line of credit
  • Credit check required
  • Automatic Payback program is established to pay back the line of credit
  • Advances occur in $100.00 increments
  • No set-up fee or application fee
  • 18% annual percentage rate (APR)
  • $30.00 annual fee
  • Finance charges accrue immediately when the overdraft protection line is advanced
Sweep Account
  • Optional coverage to link your checking account to a Bank of Luxemburg checking or savings account to cover overdrafts
  • Sweeps occur in $50.00 increments
  • Use your funds to cover occasional overdrafts
  • No set-up fee
  • $10.00 charge for the daily transfer
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