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Changes to Overdraft Coverage Service
What is it? What has
changed?
What does this
mean to you?
What do I
need to do?

Overdraft Coverage is a service provided by banks to authorize ATM and everyday debit card transactions even if the amount is more than the available balance. In exchange, banks charge clients a fee. A $36 overdraft fee may be incurred for each overdraft transaction.

In the past, this coverage has been provided automatically, but as of August 14, 2010, we ’ll need your authorization to accept overdraft coverage.

Overdraft Protection is a separate service available to SunTrust clients who request it. Overdraft Protection helps you avoid NSF fees by securely linking your checking account(s) to other SunTrust deposit, credit card or line of credit accounts to cover overdrafts when they occur. As long as the linked account balance is sufficient to cover the transaction, you will incur one $12.50 transfer fee on the day the overdrafts occur, regardless of the number of overdraft transactions. This can be more economical than the per item fee for Overdraft Coverage.
Learn more about Overdraft Protection.

You can have both Overdraft Coverage and Overdraft Protection on your account(s).

It only takes a minute or two to preserve the peace of mind that overdraft coverage can provide.


Make your coverage selection.
It only takes a moment to stay protected.
Sign On To Online Banking

Call 800.485.7279

Visit your local branch

Standard Overdraft Coverage: Frequently Asked Questions

If I choose to accept overdraft coverage, what does that mean?
It means you authorize SunTrust to pay ATM and everyday debit card transactions in excess of your available balance. When your transaction posts, a fee of $36 may be assessed if the amount exceeds the available account balance.

What if I do not accept overdraft coverage?
If you do not take action, your coverage will discontinue as of August 14, 2010. This means that any ATM or everyday debit card transaction that would result in an overdraft of your account(s) will be declined at the point of sale.

How long do I have to decide to accept overdraft coverage?
The Federal Regulation goes into effect on August 14, 2010 for existing accounts opened before July 1, 2010. On or after that date you are no longer covered unless you choose to accept overdraft coverage. You can accept overdraft coverage at any time, but after August 14, 2010 it will take two days to go into effect.

What happens if I miss the deadline?
If you do not accept coverage by August 14, 2010, your overdraft coverage will automatically be discontinued. This means that any ATM or everyday debit transactions resulting in an overdraft of your account(s) will be declined at the point of sale. If you contact us after August 14, we can reinstate your overdraft coverage at any time, but it will take two days to go into effect.

Are there other ways to accept overdraft coverage without going through Online Banking?
Yes. SunTrust clients can also call 800.485.7279 or visit their local branch to accept coverage.

Is anyone exempt from making a choice regarding overdraft coverage?
Business clients are not included and will continue to have overdraft coverage and will incur applicable fees. All consumer checking account clients at any bank are impacted by the new regulation and must accept overdraft coverage to continue their coverage.

Does overdraft coverage apply to SunTrust clients only?
No. Every bank and every consumer bank client is affected by the new Federal Regulation.

Is there a fee to accept Overdraft Coverage?
No. There is no fee to accept this service; however if you accept overdraft coverage and an item is paid resulting in an overdraft of your account, a fee of $36 may be assessed.

What fees will I incur if SunTrust covers my overdraft?
You may incur a fee of up to $36 each time an overdraft is covered on your account (s). If your account is overdrawn for 7 consecutive calendar days, you will incur a onetime additional fee of $36. Effective July 1, 2010, SunTrust will not assess fees on overdraft items that are less than $5.00.

How many times can I incur a fee in the same day?
Effective July 1, 2010, SunTrust will limit the number of fees you can incur per day to 6 Insufficient Funds (NSF), and 6 Unavailable Funds (UAF) fees.

Can I change my decision to accept this service?
Yes. You can change your decision to have overdraft coverage at any time. If you contact us after August 14, we can reinstate your overdraft coverage at any time, but it will take two days to go into effect.

What is the difference between overdraft coverage and Overdraft Protection?
Overdraft Coverage is a service provided by banks to authorize ATM and everyday debit card transactions even if the amount is more than the available balance. In exchange, banks charge customers a fee.

Overdraft Protection is an additional service that you can request. It allows bank clients to link their checking account(s) to other SunTrust funded checking, savings, money market, credit card or line-of-credit accounts to cover overdrafts. This has always been, and will continue to be, offered by SunTrust.

Does this change apply to checks or reoccurring payments from my account(s)?

No, the new regulation only applies to ATM and everyday debit card transactions. Automatic bill payments, checks and other transactions made using your checking account number are not affected by these new rules. We may authorize and pay overdrafts on these transactions and fees may be incurred. SunTrust pays overdrafts at our discretion, which means that we do not guarantee that we will always authorize and pay any type of transaction.




Accept Coverage Now

>Call 800.485.7279

>Visit your local branch

>Sign on to Online Banking

Additional Information

> Learn more about different overdraft scenarios, view illustrations of how overdraft coverage works for you, and
visit the Bank Statements blog.


 
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