An overdraft occurs when you spend more money that you have available in your checking account and the bank pays your transaction anyway. A non-sufficient funds transaction is when WSFS declines the transaction and does not pay it, so it is returned unpaid. WSFS does not charge an NSF fee, but the person or business you were trying to pay may charge a late fee or returned payment fee.
With our Standard Overdraft Service that comes with your account, we may pay overdraft transactions at our discretion based on your account history, the deposits you make and the transaction amount. WSFS may authorize and pay overdrafts for these types of transactions for a fee:
- Automatic bill payments
- Recurring debit card transactions
We will not pay overdrafts on ATM transactions or one-time debit card purchases unless you opt-in to our Courtesy Overdraft Service. Overdraft protection lets you link accounts so you can transfer funds to your checking account or a line of credit that you have with us if a check, debit card or ATM transaction exceeds the available balance in your account. To learn more, please visit your local banking office or call 1.888.WSFSBANK.
No. We do not charge an additional fee if your account is overdrawn for consecutive days. We do suggest bringing your account balance to $0 or above as soon as possible to keep it in good standing.
Under our standard overdraft practices:
- We will charge you a fee of $35 each time a transaction over $10 creates or increases the OD balance to more than $50.
- We will only charge you up to three (3) overdraft fees each business day.
- Sign up for WSFS Online and Mobile Banking to frequently view your account balance to know how much you have to spend.
- Use Mobile Banking to transfer funds from one account to another using your mobile device, 24/7.
- Sign up for direct deposit. Have your paycheck automatically deposited into your account to get faster access to your funds.
- The easiest way to avoid overdrafts is to set up overdraft protection from another deposit account or line of credit that you have with us. We will not charge you a fee for this service, since these are funds that you already have available with us.* Contact your nearest banking office or call 1.888.WSFSBANK to set up the service.
Your transactions are generally processed at the end of each business day. If you do not have the available funds in your account for us to honor all of your transactions without an overdraft, the order of processing may affect which items we pay and which items we return. We process deposits and most credits before debits. While we may occasionally change the processing order, we will not use any order designed to increase the number of overdrafts and/or the amount of overdraft fees.
With our Courtesy Overdraft Service, you can set up your account to allow any ATM or one-time debit card transactions to be paid when you do not have enough money available in your account. This way your transaction will not be declined. You will incur an overdraft fee for each item excluding transactions less than $10.00 and transactions that do not increase your overdraft balance greater than $50.00. There is a maximum of (3) overdraft fees per day. Contact your nearest banking office or call 1.888.WSFSBANK to set up the service. You can enroll or un-enroll at any time by contacting us.