Overdraft Protection

We understand that mistakes happen; setting up overdraft protection on your checking account can help you avoid overdraft fees and nonsufficient funds (NSF) fees when there is not enough money in your account to cover a transaction. 

Asheville Savings Bank offers three Overdraft Protection options, CourtesyStyle, LinkStyle, and Overdraft Line of Credit, which provide you with benefits such as avoiding the embarrassment of returned or rejected items, avoiding charges levied by merchants, and enjoying peace of mind.


LinkStyle

When you link another Asheville Savings Bank account (savings, money market, or checking) to one of your LifeStyle checking accounts, funds will be automatically transferred as needed to cover an overdraft. Funds will be transferred in increments of $100, based on the available balance in the linked account. There is a $5 fee for each automatic transfer to a non-ConnectStyle Account. Electronic and third-party transfers, including automatic transfers, from SavingsStyle or MoneyMarketyStyle accounts are limited to six (6) per statement cycle by federal regulation.


Overdraft Line of Credit*

Asheville Savings Bank's Overdraft Line of Credit is a personal line of credit that can be linked to one of our LifeStyle Checking Accounts, providing constant overdraft protection. Overdraft Line of Credit also makes it easy to borrow money at any time, simply by writing a check. Funds are transferred from the line of credit to your LifeStyle checking as needed to cover an overdraft. Funds will be transferred in increments of $100, up to your available credit line. There is a $5 fee for each automatic transfer to a non-ConnectStyle Account.


CourtesyStyle

After a personal checking account has been opened for at least 60 days, CourtesyStyle, a discretionary overdraft service is available to accounts in good standing**. If you accidentally overdraw your account, according to the terms of the CourtesyStyle agreement, ASB may pay items drawn on your account up to a predetermined amount. If you surpass that predetermined amount, your items may be returned unpaid and charged a non-sufficient funds fee.

Asheville Savings Bank must get your permission to allow us to pay everyday debit card and ATM transactions into a negative balance and charge a fee. In order to continue paying these items, existing customers can opt-in (agree) to the overdraft protection service for everyday debit card and ATM transactions by reviewing the disclosure and returning the Opt-in form to Asheville Savings Bank or by visiting a local Asheville Savings Bank Banking Center.

 

Click Here to review and print the Everyday Visa Debit and ATM Overdraft Disclosure and Opt-in form.

 

Customers are assessed a $35.00 fee for each item paid using the CourtesyStyle overdraft service. The maximum number of fees that may be charged in a single day is six (6) for a daily total of $210.00. Asheville Savings Bank pays overdrafts at its discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.


Money Management Counseling

You can take advantage of money management counseling by contacting OnTrack Financial Education and Counseling at 828-255-5166. They can assist you in managing your money and credit.

OnTrack offers credit counseling to individuals in Western North Carolina needing help with financial planning, money management skills, and credit issues. Educational classes are offered and in-person appointments are available with certified financial counselors in the areas we serve. Your personal credit counselor will work with you to:

  • Assess your current financial situation
  • Develop a spending plan that meets your needs
  • Establish financial goals you can achieve

For more information about preventing and managing overdraft fees, visit the FDIC’s web site. To obtain free access to your credit report from each of the three credit reporting agencies, we suggest visiting AnnualCreditReport.com.

Also visit our Financial Well-Being site.


Excessive Overdraft Notices

In compliance with FDIC guidance, Asheville Savings Bank sends a notice to those customers who have had 6 or more overdraft occurrences (items paid and fee assessed) within a rolling twelve (12) month period. If you wish to discontinue receiving these notices, please contact one of our Banking Centers for more information on how you can elect to discontinue any further notification.


*Subject to credit approval.

**Good Standing generally means:

  • Regular deposits are made which are sufficient to cover transactions
  • Account balance has not been overdrawn more than 30 consecutive days
  • No unsatisfied collection actions
  • No legal orders (liens, levies, court ordered holds, bankruptcies) are outstanding on the account

Talk to our convenient Banking Centers if you feel the overdraft protection programs are not right for you. You may opt-out (decline) participation in the programs. Be aware if you opt-out of the CourtesyStyle program, your items may be rejected or returned for non-sufficient funds and you may be subject to merchant fees.

For more information about preventing and managing overdraft fees, visit the FDIC’s web site. To obtain free access to your credit report from each of the three credit reporting agencies, we suggest visiting AnnualCreditReport.com.

 
 

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For general inquiries contact us at:
800.222.3230  |    |  PO Box 652, Asheville, NC 28802

Copyright 2014 Asheville Savings Bank