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 banking office 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 processed at the end of each business day. If you do not have sufficient available funds for us to honor all debits without an overdraft, the order of processing may affect which items we honor (if any) and which items we dishonor (if any). We process deposits and most credits before debits. We may change the processing order from time to time but we will not use any order designed to increase the number of overdrafts and/or the amount of Overdraft Fees or NSF Fees.
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 a transaction over $10 creates or increases the OD balance to more than $50
- We will only charge you up to three (3) overdraft (or non-sufficient funds) fees each business day.
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 banking office, 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 – 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 fee will be charged for each item over $10 that we pay that creates an overdraft balance or increases the overdraft balance of more than $50; however, we will not charge more than three (3) overdraft fees in a single day. We reserve the right not to pay an overdraft at our discretion. You or we may discontinue Courtesy Overdraft Service at any time.
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 banking office or by calling 1.888.WSFSBANK.