An overdraft is caused when an item is presented to the bank that exceed funds in an account. An item may be a check, automatic withdrawal, or other debit. SBSU typically returns such item(s) to the depositor for non-sufficient funds.
SBSU offers two products that are designed to cover such items, as follows:
State Bank’s SureCash offers inexpensive overdraft protection. If funds are needed to pay items that exceed the balance in your account, money is automatically transferred in $100 increments. Apply here.
SureCash requires an application and credit approval. State Bank is an Equal Opportunity Lender. SureCash is available for ATM withdrawals and Point of Sale purchases (through your debit card).
For accounts that do not have SureCash, the Overdraft Permit (ODP) provides basic overdraft coverage for items that exceed the funds in an account. The ODP is automatically extended to qualifying customers (most qualify).
The ODP remains in the background and costs nothing unless it is used. When it is used, however, it covers items that would otherwise be returned.
SBSU charges our normal OD/NSF fee for any item presented that exceed the account funds (refer to our fee schedule), including items covered by the ODP. Interest accrues on an overdraft balance at 18% per annum.
The ODP initially covers only checks and automatic debits. To use your ODP with your debit card, call us at (435) 865-2394 and opt into our Reg E Overdraft Service. We will then make your ODP available at an ATM or POS terminal (Point of Sale).
Cancellation: You may opt-out of the ODP by calling us at (435) 865-2394. There is no charge for opting in or out.
A suspended permit is automatically reactivated when your account is brought current. A revoked permit, however, is reactivated only after (a) your account has returned to good standing and (b) you contact us to request reactivation.
Notification: SBSU sends a notice in the mail when the overdraft permit is extended to qualifying customers. This usually occurs 30 days after an account is opened.
The Overdraft Permit is a Non-Binding Service: and does not represent any type of agreement, duty, or contract (actual or implied) between you and the bank. SBSU may honor withdrawal requests that overdraw your account at one time but not another. Items drawn wholly or partially against insufficient funds may be returned to the depositor at bank discretion regardless of your ODP status.