Overdraft Permit / Emergency Cash

Note: This program is not a low-cost overdraft service. We still charge our normal fee for each overdraft item presented to the bank. However, if your account has an Overdraft Permit in good standing, we will pay items up to the set limit instead of returning them.   Moreover, for emergency cash call the OD Permit Specialist at 435-865-2396 during banking hours (M-F 8 AM – 5 PM).  We'll temporarily add the value remaining on your OD Permit to your account, which you may then withdraw from an ATM or use at a store's checkout terminal.  Our usual NSF fee will be charged for each overdraft transaction presented to the bank.  The Overdraft Permit is issued to qualified customers (excluding those with SureCash) and may be suspended or revoked if the account is not returned to a positive balance within a timely manner.

SureCash Overdraft Protection

State Bank offers inexpensive overdraft protection through our SureCash Line of Credit. Funds are transferred automatically in $100 increments and cost $3 per transfer. Please stop by your nearest branch to fill out an application or download the application below. SureCash requires credit approval. State Bank is an Equal Opportunity Lender. The SureCash line of credit is available for ATM withdrawals and Point of Sale purchases (through your debit card).

Apply for a SureCash Line of Credit (You must have an existing SBSU Checking account.)

What Causes an Overdraft?

An overdraft is caused when an item is presented at the bank for payment that exceeds the funds available in an account. An item may be a check, an electronic withdrawal, a fee or service charge, a returned deposit item, a withdrawal against funds upon which the bank has placed a hold, remotely printed checks, an automatic withdrawal, or any combination of the above.

How much does the Overdraft Permit Cost?

There is no cost unless you use it. However, we charge our normal overdraft fee of $22 per item regardless if we pay or return the item. The benefit of having an active Overdraft Permit is that we may pay the item, therefore avoiding even more fees imposed by the depositor. Interest accrues on an overdraft balance at 18% per annum. Typical interest on a $300 overdraft balance for two weeks is about $2.08.

This Permit is Valuable -- Keep it Active: Checks returned for insufficient funds can get expensive. Retailer fees (typically $25) combined with bank NSF fees ($22) often add up to more than the original check. An active overdraft permit may help you avoid some of the expense and embarrassment of dealing with returned checks.

Limits to the Overdraft Permit

There are limits to this program. We expect that you will return your account to a positive balance within 15 calendar days of the first overdraft. And our leniency toward paying items into the overdraft extends no further than the following:

• $300 (Personal Free Checking)
• $500 (all other checking, including all business)
• See your nearest branch office for additional restrictions and limitations.

 

Qualifying Factors for the Overdraft Permit

• Account has been opened for at least 30 days with no significant overdrafts and no significant items charged back.
• Those who sign on the account are neither currently delinquent nor involved in a past charge-off with any other SBSU loan or account.
• Account or customer is not the target of an IRS levy or other legal proceeding (i.e. garnishment or bankruptcy).
• Savings, Money Market and all Non-Profit checking accounts are excluded.
• See your nearest branch office for further details.

Notification: SBSU sends notice in the mail when the overdraft permit is extended to qualifying customers. This usually occurs 30 days after an account is opened.

Accounts With SureCash Are Not Eligible: SureCash* is an alternate program for overdraft protection that requires an application and credit approval. Accounts backed with SureCash already have a great overdraft protection plan and are therefore not eligible for a separate Overdraft Permit.

The Overdraft Permit is a Non-Binding Service: SBSU reserves the right to return any item at any time drawn on uncollected or insufficient funds without notice and without suspending or revoking this permit.

This non-binding overdraft permit is provided only as a service and does not represent any type of agreement or duty (actual or implied) between SBSU and its customers. Banks, including this one, are never bound, obligated, or required to pay an item that causes an overdraft in an account. The Overdraft Permit nether changes nor modifies State Bank's duty or obligation with respect to paying or returning items that cause an overdraft.

* SureCash requires credit approval. State Bank is an Equal Opportunity Lender