What Causes an Overdraft?

An overdraft is caused when an item is presented to the bank that exceed funds in an account. An item may be a check, automatic withdrawal, or other debit. SBSU typically returns such item(s) to the depositor for non-sufficient funds.

SBSU offers two products that are designed to cover such items, as follows:

SureCash

State Bank’s SureCash offers inexpensive overdraft protection. If funds are needed to pay items that exceed the balance in your account, money is automatically transferred in $100 increments.

• SureCash requires credit approval.
• Transfers to your SBSU checking account from SureCash cost $3 each.
• You must have a SBSU checking account.

SureCash requires an application and credit approval. State Bank is an Equal Opportunity Lender. SureCash is available for ATM withdrawals and Point of Sale purchases (through your debit card).

Overdraft Permit / Emergency Cash

For accounts that do not have SureCash, the Overdraft Permit (ODP) provides basic overdraft coverage for items that exceed the funds in an account. The ODP is automatically extended to qualifying customers (most qualify).

The ODP remains in the background and costs nothing unless it is used. When it is used, however, it covers items that would otherwise be returned.

SBSU charges our normal OD/NSF fee for any item presented that exceed the account funds (refer to our fee schedule), including items covered by the ODP. Interest accrues on an overdraft balance at 18% per annum.

The ODP initially covers only checks and automatic debits. To use your ODP with your debit card, call us at (435) 865-2394 and opt into our Reg E Overdraft Service. We will then make your ODP available at an ATM or POS terminal (Point of Sale).

Cancellation: You may opt-out of the ODP by calling us at (435) 865-2394. There is no charge for opting in or out.

Limits to the Overdraft Permit

Dollar Limits

• $500 – Free Checking, Classic 55, BIG Interest, Image300, Student, and Small Business.
• $1000 – Emerald Elite, Personal or Business Interest, and Commercial Business.

Time Limits

• The ODP is suspended if your account remains overdrawn for 15 calendar days.
• The ODP is revoked if your account remains overdrawn for 30 calendar days.

Reactivation

A suspended permit is automatically reactivated when your account is brought current. A revoked permit, however, is reactivated only after (a) your account has returned to good standing and (b) you contact us to request reactivation.

Qualifying Factors for the Overdraft Permit

• Account has been opened for at least 30 days with no significant overdrafts and no returned deposit items.
• Deposits are greater than the dollar limit of your Overdraft Permit.
• Those who sign on the account are neither currently delinquent nor involved in a past charge-off with any other SBSU loan or account.
• Current contact information is on file at the bank.
• Account or customer is not the target of an IRS levy or other legal proceeding (i.e., garnishment or bankruptcy).
• Savings, Money Market, and Non-Profit accounts are excluded.
• See your nearest branch office for further details.

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

The Overdraft Permit is a Non-Binding Service: and does not represent any type of agreement, duty, or contract (actual or implied) between you and the bank. SBSU may honor withdrawal requests that overdraw your account at one time but not another. Items drawn wholly or partially against insufficient funds may be returned to the depositor at bank discretion regardless of your ODP status.