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Overdraft Protection

We all make mistakes sometimes. When it happens to you, Brotherhood Bank has your back with overdraft protection. We offer two options to assist you in managing your account and avoiding overdrafts.

 

Automatic Transfer Program

If you maintain another checking account or a savings account with Brotherhood Bank, you may establish an automatic transfer link from that account to cover any overdrafts you may incur in your checking account, assuming you have sufficient funds available in the other account.

 

Program requirements:

  • You must be the owner and signer on both accounts in the transfer relationship
  • You must sign a form with one of our bankers, providing the account numbers and exact or incremental amounts for transfers

 

Overdraft Privilege

Overdraft Privilege is a discretionary service available to qualified checking accounts. With Overdraft Privilege, Brotherhood Bank may pay items overdrawing qualified accounts up to $400 for eligible Regular Checking accounts and $800 from other eligible accounts (includes applicable fees).

 

Overdraft Privilege fees may be imposed for covering overdrafts created by check, in-person withdrawal, ATM withdrawal, or other electronic means. This service is not intended for casual or everyday use, but only for protection against inadvertent record-keeping errors or occasional timing issues related to deposits.


Program requirements:

  • You must fill out and sign an application form. We will review your account and notify you within 30 days if you are approved.
  • To qualify, accounts must be open for a minimum of 30 days, have a positive balance, and meet certain minimum deposit requirements.
  • Customers must not be in default of any loan obligation to Brotherhood Bank, or be subject to legal or administrative levy.
  • Brotherhood Bank reserves the right to limit the number of accounts eligible for Overdraft Privilege.
  • Overdraft Privilege will not be active until you receive notification from Brotherhood Bank that you are enrolled.

 

A fee of $29 is charged for each overdraft created by check, in-person withdrawal, ATM withdrawal, or other electronic means (each debit or check paid). We do not assess overdraft or NSF fees when paying an overdraft item that result in an overdrawn account balance of $10 or less. The maximum amount of Overdraft or NSF fees we assess each day is $87. Brotherhood Bank & Trust has the choice to either pay the overdraft or not. Brotherhood Bank & Trust reserves the right to require repayment of any overdraft on demand.

 

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