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We understand that unexpected overdrafts occur from time to time, our overdraft options can help.

Overdraft Coverage Options

The choice is yours. Consider these ways to cover overdrafts:

Service Cost
Overdraft Protection Link to Another
Account you have at Peoples Bank of East Tennessee1
$5.00 fee per transfer
Overdraft Privilege $35 Overdraft Fee per item.

1Call us at (423) 442-7262, email us at OPM@PeoplesBank-TN.com,
or come by a branch to sign up or apply for these services.

Overdraft Protection services apply to all transactions and may help prevent overdrafts by automatically transferring funds to your checking account from another account you may have at Peoples Bank of East Tennessee.

Overdraft Privilege allows you to overdraw your account up to the disclosed limit for a fee in order to pay a transaction. Even if you have overdraft protection, Overdraft Privilege is still available as secondary coverage if the other protection source is exhausted. Please review the “What Else You Should Know” section included with this letter for other important information.

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Overdraft Privilege Coverage Chart

Transactions Covered with Overdraft Privilege Standard Coverage
(No action required)
Extended Coverage

(Your consent required) *

If you would like to select Extended Coverage for future transactions:

  • call us at (423) 442-7262
  • complete the online consent form found by clicking here
  • visit any branch
  • complete the enclosed consent form and mail it to us at P. O. Box 128, Madisonville, TN  37354-0128
  • e-mail us at OPM@PeoplesBank-TN.com
Checks X X
ACH – Automatic Debits X X
Recurring Debit Card Payments X X
Online Bill Pay Items X X
Internet Banking Transfers X X
Telephone Banking X X
Teller Window Transactions X X
ATM Transactions   X*
Everyday Debit Card Transactions   X*

*If you choose Extended Coverage, ATM withdrawals and everyday debit card transactions will be included with the transactions listed under Standard Coverage

You can discontinue the Overdraft Privilege in its entirety by contacting us at (423) 442-7262 or sending us an e-mail at OPM@PeoplesBank-TN.com.

What Else Should You Know

  • A link to another account may be a less expensive option than an overdraft. A single larger overdraft will result in just one fee, as opposed to multiple smaller overdrafts. Good account management is the best way to avoid overdrafts. Use our mobile banking, Internet banking, and telephone banking services to keep track of your balance. For additional financial education resources, please visit www.mymoney.gov.
  • The $35 Overdraft Fee that is charged is the same fee amount that is charged if a check is returned as unpaid. If multiple items overdraw your account on the same day, each item will be assessed an appropriate Overdraft Fee or a Returned Item Fee of $35. All fees and charges will be included as part of the Overdraft Privilege limit amount. Your account may become overdrawn more than the Overdraft Privilege limit amount because of a fee.
  • For consumer accounts, there is a limit of $210.00 per day in total fees we will charge you for overdrawing your account. We will not charge an Overdraft Fee if a consumer account is overdrawn by $10.00 or less on any given day or if the amount of the item presented is $10.00 or less. These exceptions do not apply to business accounts.
  • If an item is returned because the available balance in your account is not sufficient to cover the item and the item is presented for payment again, Peoples Bank of East Tennessee will charge a Returned Item Fee each time it returns the item because it exceeds the available balance in your account. If, on representment of the item, the available balance in your account is sufficient to cover the item Peoples Bank of East Tennessee may pay the item, and, if payment causes an overdraft, charge an Overdraft Fee.
  • This describes the posting order for purposes of determining overdrafts. Our general policy is to post items throughout the day. (1) Force-paid item from the prior days processing, deposits and credits according to the dollar amount with the smallest items first, (2) Peoples Bank ATM transactions first, then foreign ATM withdrawals second according to the dollar amount with the smallest items being processed first, (3) everyday debit card transactions are posted first, then recurring debit card payments, according to dollar amount with the smallest items processed first, (4) wire transfers according to the dollar amount with the smallest items being process first, (5) electronic items without a check number by transaction code in numerical order, (6) over the counter debits with a check number by transaction code in numerical order, (7) checks and ACH with a check number post in check number order, (8) fees and service charges post last. However, because of the many ways we allow you to access your account, the posting order of individual items may differ from these general policies. Holds on funds (described herein) and the order in which transactions are posted may impact the total amount of Overdraft Fees or Returned Item Fees assessed.
  • Although under payment system rules, Peoples Bank of East Tennessee may be obligated to pay some unauthorized debit card transactions, Peoples Bank of East Tennessee will not authorize debit card or ATM transactions unless your account’s available balance (including Overdraft Coverage Options) is sufficient to cover the transactions and any fee(s).
  • Giving us your consent to pay everyday debit card and ATM overdrafts on your consumer account (Extended Coverage) may result in you incurring Overdraft Fees for transactions that we would otherwise be required to pay without assessing an Overdraft Fee. However, this would allow us to authorize transactions up to the amount of your Overdraft Privilege limit and may also help you avoid overdrafts in excess of your available balance. You will need to give us your consent again if you want Overdraft Privilege to pay ATM and everyday debit card transactions if your Overdraft Privilege limit is removed for any reason and then later reactivated.
  • Peoples Bank of East Tennessee authorizes and pays transactions using the available balance in your account. Peoples Bank of East Tennessee may place a hold on deposited funds in accordance with our Funds Availability Policy, which will reduce the amount in your available balance. The available balance for checks, ACH items, and recurring debit card transactions is comprised of the ledger balance, less any holds on deposited funds and any debit card holds, plus the amount of the Overdraft Privilege limit and any available overdraft protection. The available balance for ATM and everyday debit card transactions on accounts with Standard Coverage is the ledger balance, less any holds on deposited funds and any debit card holds, plus any available overdraft protection, but does NOT include the Overdraft Privilege Limit. For accounts with Extended Coverage, the Overdraft Privilege Limit is included in the available balance for authorizing ATM and everyday debit card transactions.
  • Please be aware that the Overdraft Privilege amount is not included in your available balance provided through online banking, mobile banking, or Peoples Bank of East Tennessee’s ATMs.
  • Peoples Bank of East Tennessee will place a hold on your account for any authorized debit card transaction until the transaction settles (usually within three business days) or as permitted by payment system rules. In some cases, the hold may exceed the amount of the transaction. When the hold ends, the funds will be added to the available balance in your account. If your account is overdrawn after the held funds are added to the available balance and the transaction is posted to the available balance, an Overdraft Fee may be assessed.
  • Except as described herein, Peoples Bank of East Tennessee will not pay items if the available balance in your account (including the Overdraft Privilege limit, if applicable) is not sufficient to cover the item(s) and the amount of any fee(s).
  • Peoples Bank of East Tennessee may suspend your debit card if we suspect or identify fraudulent transactions posting on your account.
  • If your debit card is suspended, you will be unable to use your debit card for purchases or to access your account at the ATM, and if you use your debit card for recurring payments, e.g., utilities, you are responsible to make other arrangements for your recurring debit payment(s).
  • An Overdraft Privilege limit of $500 will be granted to eligible Consumer Checking accounts at account opening. An Overdraft Privilege limit of $1,000 will be granted to eligible Business Checking accounts at account opening.
  • Overdraft Privilege is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any time without prior notice.
  • Overdraft Privilege may be discontinued if you default on any loan or other obligation to us, your account becomes subject to any legal or administrative order or levy, or if you fail to maintain your account in good standing by not bringing your account to a positive balance within 32 days for a minimum of one business day. You must bring your account balance positive for at least one business day to have Overdraft Privilege reinstated.
  • Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in the Terms and Conditions of Your Account   Deposit Account Agreement and Disclosure. The total (negative) balance, including all fees and charges, is due and payable upon demand.

 

If you have any questions about Overdraft Protection or Overdraft Privilege, please call us at (423) 442-7262 or visit a branch.

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If you’d like to open an account, you can request more information and we will contact you at our earliest convenience. Alternatively, you can stop by any of our branches to discuss your banking needs.

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