Managing Overdraft Services

How do Overdraft Protection and Overdraft Coverage differ?

If you've ever found yourself in a spot where you're trying to make a simple purchase, like for groceries or gas, and your card comes back declined, don't worry—you're not alone. The occasional shortage of funds is not uncommon, but we know it's also not ideal. That's where Overdraft Protection and Overdraft Coverage come in. These Overdraft Services from SunTrust can help make sure your transactions are covered when you need them to be.

How do Overdraft Protection and Overdraft Coverage differ?
 

Check out this simple scenario for how Overdraft Services could work for you:

overdraft services grocery bags
 

Let's say you want to purchase $75 of groceries using your debit card, but you only have $50 in your checking account.

If you haven’t opted into Overdraft Protection or Overdraft Coverage, then your transaction would be declined and you’d have to find a different way to pay. But, if you were already enrolled in one, or both, this potentially embarrassing and inconvenient situation could be avoided.

Click the tabs below to see possible outcomes on how our Overdraft Services solutions can help:

Your $75 transaction is approved!

Your linked protection account had enough money to cover the overdraft. So we moved the $25 you needed from that account into your overdrawn checking account.

overdraft services piggy bank bill

Tip: If you make a deposit/transfer to cover the overdraft before the cut-off time that same day, you won’t be charged a fee. If not, a $12.50 overdraft transfer fee will apply. Learn More About Fees

Note: If you have both Overdraft Protection and Overdraft Coverage, SunTrust will use your Overdraft Protection first.

Your $75 transaction is approved!

SunTrust chose to cover the $25 difference of your transaction on your behalf.

overdraft services with overdraft coverage

Tip: If you make a deposit/transfer to cover the overdraft before the cut- off time that same day, you won’t be charged a fee. If not, a $36 overdraft fee will apply to all overdraft transactions $5 or greater..1 Learn More About Fees

Note: If you have both Overdraft Protection and Overdraft Coverage, SunTrust will use your Overdraft Protection first.

Your $75 transaction is declined!

If you don’t have either Overdraft Protection or Overdraft Coverage, one-time debit card and ATM transactions that exceed your account balance will be declined.

overdraft services without overdraft coverage

Get to know more about SunTrust Overdraft Services

Learn about your Overdraft Services options below, and see how one or both solutions can help you better manage your accounts and ensure that you’re not left stranded.

  • Overdraft Protection

    • How It Works:

      You link your SunTrust checking account to your other SunTrust checking, savings, money market, credit card or line of credit account and funds will be automatically transferred from your linked protector account when necessary to cover any shortfalls in your protected account.2

      Overdraft Protection can help you avoid overdrafts and/or declined transactions.  Once you have set-up Overdraft Protection, you will not incur overdraft fees if you overdraw your account and there are available funds in your protector account. There is a $12.50 transfer fee per day for this service.  You can avoid a fee if you transfer or deposit funds (and no hold is placed on the deposit) to cover the overdraft transaction (s) by the daily cutoff time, on the same business day.  (Note: The $12.50 overdraft protection transfer fee does not apply to Overdraft Assurance5 lines of credit and business credit cards.  See those account agreements and the Overdraft Protection Transfer Service section of the Deposit Account Rules and Regulations at suntrust.com/disclosures for more information.)

      Note: If your Overdraft Protection account is a savings or money market account, transfers will count towards the maximum number of six withdrawals and transfers per month per Regulation D and bank requirements. Review the Deposit Account Disclosures for more information.

      Accounts You Can Link:
      SunTrust checking, savings and money market accounts, credit cards, personal lines of credit, and Overdraft AssuranceSM lines of credit (see below).

      What It Costs:
      There is no charge to enroll, but if there are sufficient funds in your linked protector account, you'll pay a $12.50 transfer fee for each day a transfer is required (excluding transfers from Overdraft Assurance lines of credit and business credit cards; see below for details). Learn More About Fees >

      Enrollment:
      Overdraft Protection is optional. You can accept via Online Banking, by calling 800.SUNTRUST or visiting your local branch.

      You can avoid a fee if: you transfer or deposit funds (and no hold is placed on the deposit) to cover the overdraft transaction(s) by the daily cutoff time, on the same business day. Learn About Cut-off Times

      Overdraft AssuranceSM

      A version of Overdraft Protection that offers a special line of credit designed to cover overdrafts only.

      How it works:
      You’ll receive a $500–$5,000 line of credit4 based upon your credit qualifications. You link it to your checking account and funds are automatically transferred to help you avoid going into overdraft.

      What It Costs:

      • $7 monthly charge to your designated checking account for maintaining this line of credit—regardless of how little or much you use it5
      • No overdraft protection transfer fee4
      • No interest charged if funds are repaid back to your Overdraft Assurance account before the 4th calendar day after the transaction

      Learn More About Fees >

      Enrollment:
      Overdraft Assurance is optional and requires credit approval. You can apply by calling 800.SUNTRUST or visiting your local branch.

  • Overdraft Coverage

    • How It Works:
      You accept Overdraft Coverage to allow SunTrust to pay one time debit card transactions and ATM withdrawals when your available balance is not sufficient to cover them.3

      Note: Overdraft Coverage does not apply to check and ACH transactions; these will be approved at SunTrust’s discretion.

      Accounts You Can Link:
      None—this service does not require you to link another account. Keep in mind that SunTrust covers your bank overdrafts at its discretion, so we can't guarantee that we will always cover every transaction.

      What It Costs:
      You may be charged up to $36 for each overdrawn item. If the transaction amount we cover for you is less than $5, we will waive the overdraft/returned item fees on those transactions. The maximum number of overdraft and returned item fees we allow per day is six. Learn More About Overdraft Fees >

      Enrollment:
      Overdraft Coverage is optional. You can enroll via Online Banking, by calling 800.SUNTRUST or visiting your local branch.

      You can avoid a fee if: you deposit or transfer enough funds to cover your outstanding transactions by cut-off that day. Learn About Cut-off Times >

Learn how Overdraft Services are applied to different transactions.

The Scenario:
Your checking account balance = $30 and your savings account balance = $500.
Your savings account is linked as your protector account to cover overdrafts in your protected checking account with Overdraft Protection.

*All transactions are approved at SunTrust's discretion

To learn more about Overdraft Protection and all of our Overdraft Services, call 800.SUNTRUST or visit your local SunTrust branch.

DISCLAIMERS

1 You may change your Overdraft Coverage selection at any time. Overdraft Coverage does not apply to check and ACH transactions. All transactions are approved at SunTrust's discretion.

2 Overdraft Protection is not available for all SunTrust products or product service areas. The $12.50 transfer fee is applicable for deposit accounts, consumer credit cards, and lines of credit. All advances are subject to funds availability. The $12.50 overdraft transfer fee does not apply to Overdraft Assurance lines of credit and business credit cards. If you use your savings or money market account for Overdraft Protection, each transfer counts as one of the six limited transactions you are allowed each month from your savings account or per statement period from your money market account. If you routinely exceed these limitations, the Bank may close the account or convert it to a checking account. Please refer to our Fee Schedule and Deposit Account Agreement at www.suntrust.com/disclosures for additional details. If Overdraft Protection is provided by a credit card or line of credit, please also refer to that account agreement..

3 Overdraft Coverage is not available on Balanced Banking.

4 Overdraft Assurance is subject to credit approval, and if approved, transfers will be made up to your available credit limit.

5 A $7 monthly fee will be assessed to your designated checking account in order to maintain access to the Overdraft Assurance line of credit. If funds are not repaid back to the Overdraft Assurance account before the 4th calendar day after the date advances are posted to your credit line, interest will begin to accrue. APRs are fixed and standard APRs could range from 13% to 16% APR. Exclusions and limitations apply.

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