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:
- We have standard overdraft practices that come with your account.
- We also offer overdraft protection plans, such as a savings account or line of credit, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.
This notice explains our standard overdraft practices.
⇒ What are the standard overdraft practices that come with my account?
We may authorize and pay overdrafts for the following types of transactions:
- Checks
- Other transactions made using your checking account number (such as ACH transactions)
- Recurring debit card transactions
We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (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.
In addition, if you ask us to pay overdrafts for ATM transactions and one-time debit card transactions, we can choose to discontinue this service at our discretion.
⇒ What fees will I be charged if WSFS Bank pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee of up to $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.
⇒ What if I want WSFS Bank to authorize and pay overdrafts on my ATM and one-time debit card transactions?
If you want us to authorize and pay overdrafts on ATM and one-time debit card transactions, you can enroll in Courtesy Overdraft Service. 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.