Overdraft Privilege | Election Form
What You Need to Know about Overdrafts and Associated Fees
An overdraft occurs when the actual balance of your account is not sufficient to pay a transaction when it is presented to us for payment, but we pay the transaction anyway. We can pay your overdrafts in three different ways:
- We offer Overdraft Protection, where your account is linked to a designated funding account held at Liberty, such as a savings account or line of credit. This may be the least expensive alternative. To learn more, refer to our Overdraft Protection Disclosure.
- We have our standard Overdraft Practice that applies to any account.
- We also offer automated Overdraft Privilege and Enhanced Overdraft Privilege for qualifying accounts. For complete details, refer to our Overdraft Privilege Disclosure.
This notice briefly explains our automated Overdraft Privilege service.
What are the two levels of Overdraft Privilege service?
If you consent to Overdraft Privilege, we will automatically authorize and pay overdrafts, up to an approved limit, for the following types of transactions:
- Checks
- ACH transactions
- Bill payments
- Recurring debit card transactions
If you consent to Enhanced Overdraft Privilege, we will automatically authorize and pay overdrafts, up to an approved limit, for the following types of transactions:
- Checks
- ACH transactions
- Bill payments
- Recurring debit card transactions
- ATM transactions
- One-time debit card transactions
We authorize and 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 authorized and paid them in the past.
If we do not authorize an overdraft, your transaction will be declined. If we do not pay an overdraft, your transaction will be returned unpaid. We will charge you a Returned Item Fee and the merchant may also charge you a fee.
What fees will be charged if Liberty pays your overdraft?
Under our automated Overdraft Privilege service:
- We will charge you an Overdraft/Paid Item Fee of $29.95 each time we pay an overdraft.
- If your actual balance is overdrawn for more than four consecutive business days, we will charge an additional Continued Overdraft Fee of $4.95 per day, starting on the 5th business day and continuing until you bring your account to a positive actual balance.
- There is a limit of four Overdraft/Paid Item Fees and one Continued Overdraft Fee per day we will charge you for overdrawing your actual balance. Ex: ($29.95 x 4) + $4.95 = $124.75 maximum overdraft fees per day.
What rights do you have concerning the automated Overdraft Privilege service?
You (or any other joint account owner) have the right to opt-in or opt-out of the Overdraft Privilege or Enhanced Overdraft Privilege service at any time by submitting the election form below. If you opt-in, we will activate the service once we verify that your account meets the qualifying factors. For complete details refer to our Overdraft Privilege Disclosure.