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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.

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

Grocery BagsLet'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 Protection

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 Protection

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 Protection

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.

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.

  
   

With it

Without it

With it

With Both
(Overdraft Protection will be used first)

ATM Withdrawal

You take $40 out of your checking account for a concert.

Approved*
Fee = $0 if you make a deposit/transfer to cover the overdraft by cut-off that day; $36 fee otherwise.

Declined
No fees

Approved*
$10 is automatically transferred from your savings account and you are charged a $12.50 transfer fee unless you make a deposit/transfer to cover the overdraft by cut-off that day.

Approved
Overdraft Coverage is not used since your savings account had enough money to cover the transaction. You are charged a $12.50 transfer fee unless you make a deposit/transfer to cover the overdraft by cut-off that day.

One-time Debit

You use your debit card to buy a new TV for $600.

Approved*
Fee = $0 if you make a deposit/transfer to cover the overdraft by cut-off that day; $36 fee otherwise

Declined
No fees

Declined
There isn’t enough money in your savings account to cover the transaction. No money is transferred and no fees are charged.

Approved*
Since there isn’t enough money in your savings account, the transaction is approved using Overdraft Coverage instead. No fee if you bring your balance positive by cut-off that day; $36 fee otherwise.

Recurring Debit

You automatically pay your $60 gym membership fees each month.

These types of transactions are automatically opted-in to Overdraft Coverage. All may be approved at SunTrust’s discretion. If approved, all transactions over $5 will trigger a $36 overdraft fee.

Approved
$30 is automatically transferred from your savings account and you are charged a $12.50 transfer fee unless you make a deposit/transfer to cover the overdraft by cut-off that day.

Approved
Because enough money is available in your savings account, funds will be automatically transferred to your checking account and you will be charged a $12.50 transfer fee unless you make a deposit/transfer to cover the overdraft by cut-off that day. Remember, these types of transactions are automatically opted-in to Overdraft Coverage. So, if there hadn't been enough money in your savings account to cover the transactions, we would have approved these transactions at our discretion. If approved, a $36 overdraft fee applies unless you bring your balance positive by cut-off that day.

Check

You write your rent check for $500.

These types of transactions are automatically opted-in to Overdraft Coverage. All may be approved at SunTrust’s discretion. If approved, all transactions over $5 will trigger a $36 overdraft fee.

Approved
$470 is automatically transferred from your savings account and you are charged a $12.50 transfer fee unless you make a deposit/transfer to cover the overdraft by cut-off that day.

*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 Service is not available for all SunTrust products or product service areas. The $12.50 transfer fee for the deposit accounts, Access 3, consumer credit card and the personal or executive line of credit are charged to the protected deposit account. All advances are subject to funds availability. See your SunTrust representative for details.

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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