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    Overdraft Choices®

    Play Overdraft Video
    Call 1-800-922-9999
    Hello, world!

    Guidance to help you manage overdrafts and avoid fees

    Understand your overdraft options and avoid unexpected fees. Select a chapter below to learn more and watch a short video.


    What is an overdraft?

    An overdraft occurs when you don't have enough money available in your account to cover a transaction, but we pay it for you.

    For tips on how to avoid overdrafts, visit How can I avoid overdraft fees?

    Consumer Credit Counseling
    If you need additional help managing your finances, consider consulting a credit counseling agency. Refer to the Federal Trade Commission's (FTC) "Choosing a Credit Counselor " document, which includes a list of government-approved credit counseling agencies that provide low-cost credit counseling services.


     

     


    Why did I get that overdraft fee?

    You've spent more money than you have available in your account. A transaction that exceeds your Available Balance will cause your account to become overdrawn and a $37 overdraft fee1 will apply. Citizens may choose to pay this transaction (at our discretion).

    What is Available Balance?

    The portion of your Account Balance which is available for you to spend at any given time.


    Available Balance changes as you make transactions during the day.

    • Deposits increase Available Balance based on our Funds Availability Policy.
      Funds Availability Policy
      Our policy that governs the time between when you make a deposit and when you may use the funds.
    • Withdrawals and purchases made reduce Available Balance.

    Available Balance does not reflect:

    • Written checks that haven’t been cashed and posted (i.e., subtracted from your Account Balance).
    • Bill payments that you scheduled in online banking that haven’t posted yet
    • Pending pre-authorized debits such as utilities or subscriptions
      Pre-Authorized Debits
      Payments deducted automatically by a third party from your account on a recurring basis.

    Funds Availability - What does this mean?

    Different types of deposits are available at different times. Funds Availability determines when you can use your money.



    What's available when

    What's available when
    Immediately Same business day Next business day
    Available for same day withdrawals Available to pay checks and purchases that post to your account that night (and next day withdrawals) Available for next business day withdrawals, and to pay checks and purchases that post to your account the next night
    • Cash deposited with a teller or at our ATM
    • Wire Transfer
    • Electronic direct deposit
    • Cash deposited at our ATM up to 10PM local time on a business day
    • Citizens Bank check deposited with a teller any time or at our ATM up to 10PM local time
    • Non-Citizens Bank check, including Federal Government check, deposited with a teller any time or at our ATM up to 10PM local time

    How to find the availability status of your deposit.

    You can find your deposit availability in the My Accounts page in Online Banking, or in the Citizens Bank Personal Deposit Agreement





    Debit Card Overdraft Coverage

    Choose how you want the bank to handle debit card purchases and ATM transactions when you don't have enough money in the bank to cover them.


    Debit Card Coverage
      Debit Card Coverage
    How It Works We may cover withdrawals that overdraw your account so your transactions can be completed even though your account doesn't have the necessary Available Balance.
    Enroll if ...you want us to approve, at our discretion, ATM transactions and debit card purchases that overdraw your account. If approved, transactions are completed. Overdraft fees apply.
    Do not enroll if ...you want the bank to decline ATM transactions and debit card purchases that overdraw your account. To complete the transaction, you will need another form of payment. No overdraft fees apply.
    Fees
    • $37 Overdraft fee per item (maximum of 7 fees per day)1
    • $30 Sustained Overdraft fee charged on the 5th, 8th, & 11th business day if account remains overdrawn2
    How to Enroll: In Online Banking: Log In
    By Phone: 1-800-922-9999
    In Person: Find a Branch

    Enrollment choice does not apply to checks, ACH and recurring debit card transactions which are paid at our discretion.




    Plan Options - Protect my account from overdrafts



    For additional overdraft protection Citizens offers two types of plan options. Savings Overdraft Transfer and Overdraft Line of Credit - which may provide a less expensive alternative to paying overdrafts.



    Savings Overdraft Transfer3 Overdraft Line of Credit4
    How It Works When a transaction overdraws your account, an automatic transfer of available funds from your savings account will be made to cover the transaction. Note that savings accounts have withdrawal limits and overdraft transfers will apply to those limits. Transactions that overdraw your account will be paid using available funds from a line of credit attached to your checking account.
    Fees

    $12 Transfer fee per day3
    $0 on any day all transfers are for $5.00 or less with $5 Overdraft Pass®
    $0 Annual Fee

    $12 Transfer fee per day4
    $0 on any day all transfers are for $5.00 or less with $5 Overdraft Pass ®
    $30 Annual Fee
    Interest on outstanding balances
    Good For You If
    • You occasionally overdraw your account
    • You have sufficient available funds in savings to cover overdrafts
    • You only want to pay for a plan if you need it
    • You occasionally overdraw your account
    • You want the added protection and flexibility (you can borrow funds for any purpose) of a line of credit
    • You regularly monitor your account and repay advances from your line of credit

    You can enroll in either option:


    By Phone:
    1-800-922-9999

    In Person: Find a Branch

    $5 Overdraft Pass® - Will I be charged for all overdrafts?



    If you overdraw your account with a transaction of $5 or less or the overdrawn balance is $5 or less, we will not charge an Overdraft Fee. Checking and money market accounts come with $5 Overdraft Pass®, no need to enroll.

    How it works:

    • If any transaction of $5 or less or the overdrawn balance is $5 or less, we will automatically pay the transaction; we will not charge you the $37 overdraft fee1.
    • If you are enrolled in Debit Card Overdraft Coverage, we also cover ATM and Debit Card transactions of $5 or less.
    • If your account becomes overdrawn, avoid Sustained Overdraft Fees by bringing it back to a positive balance within 4 business days.
      Sustained Overdraft Fee
      A fee charged by us when your account remains overdrawn for 4 or more consecutive days.
    • If you have additional overdraft coverage, such as a Savings Overdraft Transfer Plan or an Overdraft Line of Credit, you will not be charged a transfer fee on any day in which all transfers are for $5 or less.


    Example
    Transaction Amount Balance Covered by $5 Overdraft Pass®
    Coffee Purchase, Debit Card $4 -$1 Yes
    Lunch Purchase, Debit Card $5 -$6 Yes
    Check 103 Cashed $85 -$91 No
    Check 101 Cashed $4 -$95 Yes

    Example

    Susan began the day with a $3 balance in her One Deposit Checking account. She made two small purchases and had two checks clear, which resulted in a negative account balance. She will not be charged an overdraft fee for the purchases she made or one of the checks (checks 101), since they were $5 or less.

    How can I avoid overdraft fees?





    The best way to avoid overdrafts and fees is to monitor your account balances and activity. Here are some tools that make it easy:

    Activate Fast Balance.®

    Securely check balances right from most mobile devices without having to log in to your accounts.

    Set balance alerts.

    Set up Online Banking email and text alerts to be notified when your balance is low, and to monitor specific transactions.

    Track your balance.

    Log in to Online and Mobile Banking daily to check your available balance and account activity. Remember to consider any outstanding checks or scheduled payments that have not been made.

    Pay bills automatically.

    You can set up bill payments when you know you have money in your account (like on payday) and set reminders to ensure you won't pay your bills late and incur costly fees.

    Sign up for direct deposit.

    Have your paycheck automatically deposited in your account to get faster access to funds on payday and ensure your money is available when you need it.



     

    FAQs about Overdraft Fees and Coverage

    • When can I see direct deposits in my account?

      Direct deposits will initially display on the My Accounts page of Online Banking when they come in to your account during the day. That evening, once the transaction is posted to your account the name is updated to show the respective payer of the transaction (for example: Acme Co. Payroll).

    • What should I do if my account becomes overdrawn?

      If your account becomes overdrawn, you should deposit money into your account as soon as possible. The amount you deposit must be sufficient to cover the overdraft plus any fees that have been assessed or may be assessed prior to your deposit becoming available. By depositing enough money to bring your account positive you will avoid further fees from being assessed.

    • What is Citizens Bank's Overdraft Fee?

      Overdraft Fees apply if you overdraw your account, don’t have the necessary Available Balance at the end of the day and we pay the transaction on your behalf. You will be charged an Overdraft Fee for each item paid. There is no fee for ATM withdrawals and everyday debit card transactions that are declined.


      Overdraft Fee:

      $37 per item paid


      We will limit to 7 the combined number of these Overdraft Fees and/or Returned Item Fees charged on any one day, up to a total of $259. If your account remains overdrawn for 4 consecutive business days, on the 5th business day we will charge a Sustained Overdraft Fee of $30. An additional $30 fee will be charged on the 8th business day if your account remains overdrawn for 7 consecutive business days, and on the 11th business day if your account remains overdrawn for 10 consecutive business days, up to a total of $90. Fee is waived for Private Checking with Interest and Private Money Market accounts.

    • How can I enroll in Debit Card Overdraft Coverage?
      You can enroll or unenroll in Debit Card Overdraft Coverage at any time over the phone by calling 1-800-922-9999 or at your local branch. Your decision is effective immediately once recorded. What You Need to Know about Overdrafts and Overdraft Fees
    • How much does it cost to have Savings Overdraft Transfer?

      You only pay for Savings Overdraft Transfer if you use it. There is a $12 Transfer Fee per day for each day a transfer(s) occurs. No transfer fee will be charged for any day on which all transfers are for $5.00 or less - $5 Overdraft Pass®

    • How much does it cost to have an Overdraft Line of Credit?
      There is a $30 Annual Fee plus a $12 Transfer Fee per day for each day a transfer(s) occurs. No transfer fee will be charged for any day on which all transfers are for $5.00 or less - $5 Overdraft Pass®. The Annual Percentage Rate (APR) for an Overdraft Line of Credit is 21% on the outstanding loan balance.
    • When can I see direct deposits in my account?

      Direct deposits will initially display on the My Accounts page of Online Banking when they come in to your account during the day. That evening, once the transaction is posted to your account the name is updated to show the respective payer of the transaction (for example: Acme Co. Payroll).

    • How do business days affect my account?

      At Citizens you can bank every day of the week; however certain activities, like deposits, are only processed on business days. A business day is any day other than a Saturday, Sunday or legal holiday (if the holiday falls on a weekend, the holiday is considered to be the following Monday).

      For example: Maria makes a deposit on Saturday. The deposit is considered made on the next business day, which is Monday. If Monday is a legal holiday (such as Memorial Day) then the deposit is considered made on Tuesday. Maria's funds will be available based on Citizens Funds Availability Policy from the business day the deposit is considered made.

    • What should I do if my account becomes overdrawn?

      If your account becomes overdrawn, you should deposit money into your account as soon as possible. The amount you deposit must be sufficient to cover the overdraft plus any fees that have been assessed or may be assessed prior to your deposit becoming available. By depositing enough money to bring your account positive you will avoid further fees from being assessed.

    • What happens if my account remains overdrawn?
      • If your account remains overdrawn for 4 consecutive business days, on the 5th business day we will charge a Sustained Overdraft Fee of $30. An additional $30 fee will be charged on the 8th business day if your account remains overdrawn for 7 consecutive business days, and on the 11th business day if your account remains overdrawn for 10 consecutive business days, up to a total of $90. Fee is waived for Private Checking with Interest and Private Money Market accounts.
      • We may also transfer funds from your other accounts to cover the overdraft.
      • Your account will be forwarded to our collections department, which will contact you to ensure that you are aware of the overdraft and to discuss ways to bring the account positive.
      • Finally, if the account has not been brought back to positive within 60 calendar days, the account will be closed and you may be reported to ChexSystems, a national clearinghouse of check writing information. This may impair your ability to open a checking account elsewhere.
    • What is Citizens Bank's Overdraft Fee?

      Overdraft Fees apply if you overdraw your account, don’t have the necessary Available Balance at the end of the day and we pay the transaction on your behalf. You will be charged an Overdraft Fee for each item paid. There is no fee for ATM withdrawals and everyday debit card transactions that are declined.


      Overdraft Fee:

      $37 per item paid


      We will limit to 7 the combined number of these Overdraft Fees and/or Returned Item Fees charged on any one day, up to a total of $259. If your account remains overdrawn for 4 consecutive business days, on the 5th business day we will charge a Sustained Overdraft Fee of $30. An additional $30 fee will be charged on the 8th business day if your account remains overdrawn for 7 consecutive business days, and on the 11th business day if your account remains overdrawn for 10 consecutive business days, up to a total of $90. Fee is waived for Private Checking with Interest and Private Money Market accounts.

    • What are Overdraft Plans?

      Overdraft Plans automatically transfer funds to your checking account before it is overdrawn.

      • Savings Overdraft Transfer - automatically transfer funds from a linked savings account.
      • Overdraft Line of Credit - automatically transfers funds from a linked line of credit.
    • What accounts are eligible for Savings Overdraft Transfer?
      Savings Overdraft Transfer can be linked to most Citizens Bank personal checking accounts. Ask your banker for eligible accounts.
    • How much does it cost to have Savings Overdraft Transfer?

      You only pay for Savings Overdraft Transfer if you use it. There is a $12 Transfer Fee per day for each day a transfer(s) occurs. No transfer fee will be charged for any day on which all transfers are for $5.00 or less - $5 Overdraft Pass®

    • Is there a limit to how many transfers can be made from my savings to my checking as part of Savings Overdraft Transfer?
      We do not limit the number of overdraft plan transfers that can be made from your account monthly. However, Federal regulations do limit the number of certain types of transactions from savings accounts to no more than six per calendar month. Savings Overdraft Transfer Plan transfers are included in the six transfers and pre-authorized debits permitted. If you exceed these limits three or more times during any 12-month period, we will change your savings account to a non-interest account that does not limit withdrawals. If your account is changed based on excessive transaction activity, the use of this account to provide overdraft plan transfers will continue uninterrupted. Please refer to your Deposit Account Agreement for more details.
    • What accounts are eligible for an Overdraft Line of Credit?
      An Overdraft Line of Credit can be linked to most Citizens Bank personal checking accounts. Ask your banker for eligible accounts.
    • How much does it cost to have an Overdraft Line of Credit?
      There is a $30 Annual Fee plus a $12 Transfer Fee per day for each day a transfer(s) occurs. No transfer fee will be charged for any day on which all transfers are for $5.00 or less - $5 Overdraft Pass®. The Annual Percentage Rate (APR) for an Overdraft Line of Credit is 21% on the outstanding loan balance.
    • Is there a limit to how many transfers can be made from my Overdraft Line of Credit to my checking?
      No, we do not limit number of overdraft plan transfers that can be made from your overdraft line.

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    $5 OVERDRAFT PASS: No Overdraft Fee will be charged on any overdraft item of $5 or less, including ATM and debit card overdrafts if you are enrolled in Debit Card Overdraft Coverage, or when your account is overdrawn and the total overdrawn amount at the end of the same business day is $5 or less.

    1We will limit to 7 the combined number of these Overdraft Fees and/or Returned Item Fees charged on any one business day, up to a total of $259. Whether your overdrafts will be paid is discretionary and we reserve the right not to pay. For example, we typically do not pay overdrafts if your account is not in good standing or if the overdraft amount is excessive.

    2If your account remains overdrawn for 4 consecutive business days, on the 5th day we will charge a Sustained Overdraft Fee of $30. An additional $30 fee will be charged on the 8th business day if your account remains overdrawn for 7 consecutive business days, and on the 11th business day if your account remains overdrawn for 10 consecutive business days, up to a total of $90.

    3Transfer Fee is waived for Platinum Checking, Platinum Plus Checking, Premier Checking with Interest, Premier Plus Checking with Interest and Private Checking with Interest accounts. Savings Overdraft Transfers are included in the 6 transfers and pre-authorized debits allowed from savings accounts per calendar month. Please refer to your Deposit Account Agreement for more details on Withdrawal Limitations.

    4Credit approval required. The Annual Fee is waived for Platinum Checking, Platinum Plus Checking, Premier Checking with Interest, Premier Plus Checking with Interest and Private Checking with Interest accounts. The $12 Transfer Fee is waived for Private Checking with Interest accounts. The Annual Percentage Rate (APR) for an Overdraft Line of Credit is 21% on the outstanding loan balance.
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