Overdraft Options

We understand that overdrafts can happen from time to time. Sawyer Savings Bank offers three types of coverage to help you manage your accounts if the need arises.

Savings Overdraft

Use your current Sawyer Savings Bank savings account’s available balance to cover overdraft items in your checking account. There is a $5.00 per item fee and is limited to 6 transfers per month. There is no fee when you sign up and no annual fee to use the service. Avoid the fees of bounced checks or declined ATM transactions using the funds you already have in your savings account. Stop into a branch or send a message through online banking that you would like to utilize this protection.

Overdraft Line of Credit

Available to Sawyer Savings Bank customers with existing or new checking accounts and subject to credit approval. Revolving Line of Credit is linked to a customer’s personal checking account in amounts as low as $500.00. Line of credits will be activated in $100 increments, when a check, card, or automated item is clearing for an amount greater than the available balance in the checking account, in order to cover the overdrawn balance. You will be sent a monthly statement for the outstanding balance on the line of credit based on the current interest rate, minimum monthly payment of $10.00 will be withdrawn automatically from the attached checking account. Additional payments may be made at anytime or paid off in full. Stop into a branch or send a message through online banking that you would like to utilize this protection.

Overdraft Privilege Program

Automatically available to eligible Sawyer Savings Bank checking account; you can choose to have the service discontinued. Our Overdraft Privilege Program pays non-sufficient funds checks or automatic debits (including internet bill payment transactions) that you may have up to $800 for Personal checking accounts and $1,500 for Business checking accounts at our discretion and if your account is in good standing. We are never obligated to pay your overdrafts, even though we may have previously paid overdrafts for you. Restrictions apply and you are obligated to bring your account positive as soon as possible to keep your account in good standing. Our normal NSF or overdraft charges (refer to fee schedule) will apply to each item that would create an overdraft on your account and we will send you a notice each time an overdraft occurs.

Enhanced Overdraft Privilege Program

This is an enhanced feature of our Overdraft Privilege Program that will include automatic payments of ATM withdrawals and everyday debit card purchases (up to $800 for Personal checking account and $1,500 for Business checking account) which may overdraw your account, if you have provided us with your consent to do so. If you would like access to the Enhanced Overdraft Privilege Service for ATM withdrawals and One-Time Debit Card purchases, please CLICK HERE to complete the “opt-in” form. You can also call us at 888-772-1871 to “opt-in” or stop by any of our Branch locations. Once you “opt-in” we will send you a letter to confirm your choice. You may “opt-out” at any time by simply notifying us that you would like to do so. Again, service is offered at our discretion, restrictions apply and you are obligated to bring your account positive as soon as possible to keep your account in good standing. Our normal NSF/overdraft charges (refer to fee schedule) will apply to each item that would create an overdraft on our account and we will send you a notice each time an overdraft occurs.

*If your account is enrolled in the Savings Overdraft and/or Overdraft Line of Credit the Privilege Overdraft Program will only be used as the last resort. Savings Overdraft will always be used in full before the use of any other program.