Overdraft Protection



These options are designed to help you manage your money and protect you against the cost, embarrassment, and inconvenience of overdrafts. We recommend that you carefully review the overdraft protection options listed below and What You Need To Know About Overdrafts and Overdraft Fees so that you can choose the solution(s) that best fits your financial needs.

        Overdraft Service Options         Line of Credit Options  
                 
                     
                     



OVERDRAFT PRIVILEGE

Overdraft Privilege helps protect you against an accidental overdraft on your account by providing a safety net for emergencies or unexpected situations. Overdraft Privilege provides two different levels of protection, Standard Coverage and Standard + Extended Coverage. In each case there will be a per item fee of $35 each time BankFinancial pays an overdraft on your behalf with a maximum of five items per day. If you do not overdraw your account, you will never be charged an overdraft fee. With Overdraft Privilege, your options include:

  • Standard Coverage
    • As a BankFinancial Checking Account customer, your accounts are automatically enrolled in Standard Coverage
    • Standard Coverage only covers checks, ACH items and recurring debits (typically used for automatic payment of subscriptions, dues, utility payments, etc.)
    • IMPORTANT - This option does not cover ATM or everyday Debit Card transactions.
    • You can choose to opt-out of Standard Coverage (see No Coverage below) by:
      1. Logging into Online Banking and requesting via a Secure Form
      2. Calling our Customer Service Center at 800.894.6900 (Option 4)
      3. Visiting one of our branch locations

  • Standard + Extended Coverage
    • You can opt-in for Extended Coverage, which enhances Standard Coverage by covering ATM and everyday Debit Card transactions. You’ll gain peace of mind knowing that in case of emergency or an accounting error your transactions will be covered up to the amount of your limit. 
      o You can opt-in by stopping by
      1. Logging into Online Banking and requesting via a Secure Form
      2. Calling our Customer Service Center at 800.894.6900 (Option 4)
      3. Visiting one of our branch locations

  • No Coverage
    • You can remove the Overdraft Privilege coverage entirely by opting out of Standard Coverage, which means that if your checks or ACH items exceed the available balance in your account, they will be returned to the payee.
    • You will be charged a Returned Item Fee of $35 in addition to whatever fees the merchant may charge.

Overdraft Coverage Protection Comparison

Overdraft Caused By

ACH Pre-Authorized Payments

Reoccurring Debit

Checks

Online Bill Pay

Everyday Debit Card

ATM

No Coverage

O

P

O

O

O

O

Standard Coverage

P

P

P

P

O

O

Standard + Extended Coverage

P

P

P

P

P

P

Review What You Need To Know About Overdrafts and Overdraft Fees for more information.

 

SAVINGS SWEEP

If a SurePay® Overdraft Line Of Credit doesn't sound like the right fit, you can also establish a Savings Sweep between your BankFinancial Checking and Savings accounts. Funds are automatically transferred from your savings account into your checking account when your checking account funds are depleted. The automatic transfer includes the exact amount of your shortage, plus a $10.00 fee per occurrence.1

Ready to learn more? Set up a Savings Sweep today by:

  • Logging into Online Banking and requesting via a Secure Form
  • Calling our Customer Service Center at 800.894.6900 (Option 4)
  • Visiting one of our branch locations

1. $10.00 fee is charged to your designated savings account per occurrence. Transfers from your BankFinancial savings account will count against the number of withdrawals allowed per monthly statement period.  A $10 service fee will be charged for the excess transfer requests in accordance with the Customer Agreement And Disclosure Statement and Fee Schedule.

LIFELINE OF CREDIT

As a valuable feature available to both existing and new customers who open any BankFinancial Checking Account, LifeLine of Credit lets you breathe easier between paychecks and repayment options are easy and convenient.

  • We will obtain a six-month review of your previous banking history.
  • No Credit Score is obtained.
  • The review is based solely upon your account history at BankFinancial and/or other institutions over the past six months via an account history and/or statement review.

Click here for more details and to apply for a LifeLine of Credit!

SUREPAY

For those seeking more protection than LifeLine of Credit using a line of credit, SurePay is another way we manage shortfalls at a reasonable fee. SurePay is an unsecured line of credit tied to your BankFinancial checking account. Loan funds are used to pay checks presented against the checking account when the check amounts are greater than the available balance in the account.

Click here for more details on SurePay!