What You Need to Know About TotalBank’s Overdraft Services

An overdraft occurs when you do not have enough money to cover a transaction. We all have made mistakes on our checkbook and have been “a little short” on money from time-to-time – we understand.

TotalBank can cover your overdrafts in two different ways:

What is Overdraft Privilege Service?

Our Overdraft Privilege Service is a standard useful service available on our domestic personal checking account products, whereby TotalBank may authorize and pay overdrafts on checks, ACH transactions, Automatic Bill Payments or other electronic withdrawals authorized by you. Enrollment into this service is automatic for qualifying accounts unless you choose to opt-out of the Overdraft Privilege Service. 

However, TotalBank’s Overdraft Privilege Service will not authorize and pay overdrafts for ATM withdrawals and one time Debit Card transactions unless you Opt-In to this enhanced feature.

If we do not authorize and pay an overdraft, your transaction will be declined and will be charged an NSF/Overdraft (OD) fee of $35 for each returned item. 

If we do authorize and pay an overdraft:
  • We will charge an NSF/Overdraft (OD) Fee of $35 per item each time you overdraw your account
  • A $5 daily continuous overdraft fee will be assessed beginning on the 6th business day of an overdraft balance, but will be limited to a maximum of 20 days.
  • We will not assess NSF/Overdraft (OD) fees if the total overdrawn amount is $10 or less.
  • There will be a limit of 3 NSF/Overdraft (OD) Fees per day.
This service represents a discretionary privilege or courtesy that we may provide to you from time to time or chose to discontinue at any time. If TotalBank does pay the overdraft on your account, the overdraft and overdraft fees must be paid immediately after the transaction was approved. If you prefer to speak with a banker, please call or visit your nearest TotalBank Banking Center.

How do I sign up for the Overdraft Privilege Service to cover ATM and One-Time Debit Card Transactions? 

Below are a few different ways in which you can Opt-In:
  1. Download the Overdraft Privilege Service Form.
  2. Mail the completed form to:
PO Box 450678
Miami, FL 33245-9782

Or fax the completed form to: (305) 476-6088

Or E-mail the completed form to: Optin@totalbank.com

Or Call or Visit your nearest TotalBank Banking Center.

    If after opting-in for ATM and one-time Debit Card transactions you would like to have this service removed from your account; you may do so by phone, mail, in person, by fax at (305) 476-6088, or email at optout@totalbank.com.
      To opt-out of our Overdraft Privilege Service for checks, ACH transactions and Automatic Bill Payments, please come in and see one of our relationship bankers. 

      What is the Overdraft Protection Service?

      The Overdraft Protection Service is different from the Overdraft Privilege Service in that the Overdraft Protection Service links your TotalBank checking account to a savings or other eligible account. If there is a transaction for which there are insufficient funds in your account to cover a check, withdrawal or automatic payment you have authorized, we will automatically transfer funds from your linked account, provided there are funds available in the linked account, and charge you the overdraft transfer fee. This is a less costly option, if you ever overdraw your account.

      • We will charge a $10 transfer fee per day you overdraw.
      • We will not assess a transfer {or an NSF/Overdraft(OD)} fee if the total overdrawn amount is $10 or less.
      To obtain the Overdraft Protection Service to cover ATM and one-time debit card transactions, you must be enrolled in both the Overdraft Privilege Service for ATM and One Time Debit Card Transactions as well as the Overdraft Protection Service. If there are insufficient funds in your linked account, you will be charged our standard overdraft fees.

      If you prefer to speak with a banker, please call or visit your nearest TotalBank Banking Center.

      How do I sign up for Overdraft Protection Service?

      You can come in and speak to your account officer who will walk you through the process. 

      Whatever your decision, TotalBank gives you flexibility - if you opt-in you can cancel at anytime.

      Overdrafts should never be used to finance ordinary or routine expenses, and you should not rely on overdrafts to cover these expenses. Some linked accounts may have transaction limits, please refer to your account opening disclosures for more information regarding account transaction limits. If for any time you feel you need help with your financial obligations or would like to discuss these options, please call us at (305) 448-6500 or contact your local banking center