An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:
1) We have standard overdraft practices that come with your account.
2) We also offer overdraft protection plans, such as a link to a savings account or line of credit, which may be less expensive than our standard overdraft practices. To learn more, please ask use about these plans by visiting a branch or calling 1-888-WSFSBANK.
This notice explains our standard overdraft practices.
What are the standard overdraft practices that come with my account?
We do authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- Automatic bill payments
We do not authorize and pay overdrafts for the following types of transactions unless you provide us with your consent (see below):
- 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.
If we do not authorize and pay an overdraft, your transaction will be declined.
In what order are transactions posted?
Transactions are generally posted at the end of each business day in the following order:
- First – Deposits that have become available to you.
- Second – Checks and other debit activity are processed from highest dollar amount to lowest amount.
What fees will I be charged if WSFS Bank pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee of $35 each time we pay an overdraft.
- We will charge you a fee of $35 for each item we return.
- Also, if your account is overdrawn for 5 or more consecutive business days, we will charge an additional $5 per day.
- There is no limit on the total fees we can charge you for overdrawing your account.
WSFS authorizes and pays overdrafts for ATM transactions and one-time debit card transactions if you are enrolled in Courtesy Overdraft Service. Courtesy Overdraft Service is available with all of our accounts that offer an ATM/debit card. To enroll, stop by your nearest WSFS Branch, call us at 1-888-WSFSBANK or login into WSFS Online Banking and change your Courtesy Overdraft Service settings under the Customer Service menu. For more details, please see the What You Need to Know About Overdrafts and Overdraft Fees document.
Option A (default) – You do not enroll in Courtesy Overdraft Service Your account is set up to decline any ATM or one-time debit card transactions that may overdraw your account when you have insufficient funds. Since these transactions will be declined, you will not be charged the overdraft-paid fee. We may authorize and pay other transactions types for which you will be charged the overdraft-paid fee.
Option B – You do enroll in Courtesy Overdraft Service Your account is set up to allow any ATM or one-time debit card transactions to be paid when you do not have enough money available in your account. The overdraft paid fee will be charged for each item we pay. We reserve the right not to pay an overdraft at our discretion.
What if I want WSFS Bank to no longer authorize and pay overdrafts on my ATM and one-time debit card transactions?
If you no longer want us to authorize and pay overdrafts on ATM and one-time debit card transactions, you may inform us of your decision through your Online Banking account, by visiting a branch or by calling 1-888-WSFSBANK.