Hyde Park Bank: Preventing Overdrafts

Tools to Help You Avoid Overdraft Fees

Sometimes mistakes happen, and you miscalculate the balance in your checking account. Or you don’t have time to make a deposit to your account before you need the funds.

An overdraft will occur if you write a check, authorize a payment, or make a withdrawal when there are not enough funds in your account, regardless of whether we elect to pay or decline the transaction.¹ Under our standard overdraft practices, we will charge you a fee of $32 for each item that contributed to the overdraft, up to a maximum of three per day. Also, if your account is overdrawn for three or more calendar days, we will charge an additional $5 per day.²

Fortunately, we offer a choice of overdraft protection plans and account management tools to help you:

Prevent overdraft fees or fees from payees for returned checks or late payments
Avoid the embarrassment of a declined transaction due to insufficient funds in your checking account.

Overdraft Protection Plans

Automatic access to funds in addition to the money in your checking account can help cover an overdraft. We offer two overdraft protection plans to choose from:

Overdraft Transfer is a link between your checking account and your Hyde Park Bank savings or money market account. In the event your checking account is overdrawn, we’ll transfer funds from your linked account. Sign up by completing our Overdraft Transfer Enrollment Form.

Cash Reserve is an overdraft line of credit linked to your checking account.³ In the event your checking account is overdrawn, we’ll transfer funds from your Cash Reserve credit line and bill you for the amount borrowed, plus accrued interest.⁴ Contact our loan department at 773.752.4600 to apply.

For both Overdraft Transfer and Cash Reserve:

There is no enrollment fee or annual fee
Transfers are made in $100 increments
For each transfer, a $12 fee is deducted from your checking account.²

Account Management Tools

Knowing the status of your balance, deposits, and payments can help you avoid making purchases that might overdraw your account. We offer several free account management tools with every personal checking account to help you keep track:

Direct Deposit saves you a trip to the Bank and is the fastest and most secure way to get recurring deposits into your account. Get started by completing our Direct Deposit Enrollment Form.

Balance Inquiries can be made through Personal Online Banking or MoneyLine Telephone Banking 24 hours a day. When funds are low, use either system to transfer funds from another linked Hyde Park Bank account.

E-mail Alerts can be set up using criteria you select to let you know when your account reaches a specified minimum balance, when your account has been funded with a transfer or deposit, or when a specific check has cleared. After you are enrolled in Personal Online Banking, just sign in and click Customer Service and Add an Alert to get started.

Online Bill Payment is a feature of our Personal Online Banking service that allows you to schedule payments at intervals best suited to your cash flow.

The Bank’s decision to pay a transaction is discretionary. Examples of payments and withdrawals include checks paid, withdrawals from a teller, wire transfers, Online Banking transactions, preauthorized debits and other electronic transactions.
Fees current as of May 1, 2011, or the fee as disclosed in our Personal Banking Services and Fees brochure, whichever is higher. Limits on transfers from savings or money market accounts, as disclosed in our Personal Deposit Accounts brochure, apply to Overdraft Transfers.
Subject to credit approval.
Please see Cash Reserve loan agreement for rates and other information.