Important Information About Overdraft Coverage
For clients who manage their accounts responsibly, Tompkins Trust Company provides an Overdraft Courtesy as part of our standard overdraft practices for personal and business checking accounts.
Overdraft Courtesy may serve as a safety net for your account. In the event you don’t have sufficient funds available to cover a transaction, we may, at our discretion, advance funds to pay it, and our standard overdraft fee of $38 would be charged. Many customers who have had occasion to use Overdraft Courtesy appreciate that it prevented the embarrassment and inconvenience of a declined transaction, even though there was an overdraft fee.
Tompkins Trust Company is not obligated to pay any item presented for payment if your account does not contain sufficient available funds. Any discretionary payment by Tompkins Trust Company of an overdraft check (or item, such as an ATM withdrawal) does not obligate the bank to pay any other overdraft check (or item), or to provide prior notice of its decision to refuse to pay such check (or item).
What You Need To Know about Overdrafts and Overdraft Fees
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover overdrafts in two different ways:
- We have standard overdraft practices that come with your account.
- We also offer overdraft protection plans, such as a link to a savings account and overdraft line of credits, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.
IMPORTANT TERMS AND CONDITIONS FOR OVERDRAFT COURTESY
An overdraft fee of $38 is charged each time we cover an overdraft that results in a negative end-of-day available balance. Overdrafts may be created by checks, in-person withdrawals, ATM withdrawals or by other electronic means.
Once an overdraft has occurred, you must bring your account to a positive balance within thirty (30) days for a minimum of 24 hours.
Whether your overdraft will be paid is at Tompkins Trust Company's discretion, and we reserve the right not to pay. For example, we typically do not pay overdrafts if:
- You do not bring your account to a positive balance within every thirty (30) day period for a minimum of 24 hours
- You are in default on any loan or other obligation to Tompkins Trust Company
- You are subject to any legal or administrative order or levy
- Your use of the Overdraft Courtesy has been excessive or abusive