Overdraft Privilege | Opt in

What You Need to Know about Overdrafts and Overdraft Fees

An overdraft occurs when the ledger balance of your account is not sufficient to cover a transaction, but we pay or cover the transaction anyway. We can cover your overdrafts in two different ways:

  1. We have standard overdraft practices that come with any account.
  2. We offer automated Overdraft Privilege (ODP) for qualifying accounts.
  3. We also offer Overdraft Protection programs, such as a link to a secondary Liberty account or to an overdraft line of credit, which may be less expensive than our standard overdraft practice or ODP service. To learn more, ask us about these programs.

This notice explains our automated ODP service.

What are the two levels of ODP service? 

If you consent to Basic ODP, we will automatically authorize and pay overdrafts for the following types of transactions:

  • Checks
  • ACH Transactions
  • Recurring debit card transactions

If you consent to Basic ODP + Enhanced ODP, we will automatically authorize and pay overdrafts for the following types of transactions:

  • Checks
  • ACH Transactions
  • Recurring debit card transactions
  • ATM transactions
  • One-time 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 even if we have paid them in the past.

If we do not authorize and pay an overdraft, your transaction will be declined.

What fees will be charged if Liberty pays your overdraft?

Under our automated ODP service:

  • We will charge you a fee of $29.95 each time we pay an overdraft.
  • Also, if your account is overdrawn for more than four business days, we will charge an additional $4.95 per day, starting on the 5th business day.
  • There is a limit of four overdraft/paid item fees and one continued overdraft fee per day we will charge you for overdrawing your account. Ex: ($29.95 x 4) + $4.95 = $124.75 maximum fees per day. 

What rights do you have concerning the automated ODP service?

Once your account qualifies, you (or any other joint account owner) have the right to opt-in or opt-out of the ODP service at any time by submitting the election form below. For more complete details on our ODP service and election options, please  visit with your Banker or refer to the Overdraft Privilege Election Form.

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*For business accounts, please enter organization name as it appears on your account

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