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OOPSTM (Occasional Overdraft Privilege Service) is a service available to eligible checking account customers1. This program is for checks and other transactions using your checking account number and automatic bill payments. With OOPS!, if you inadvertently overdraw your account, we have the option to cover your overdrafts, up to $800 (personal checking accounts) and $1,500 (business checking accounts), including fees2, saving you the embarrassment and inconvenience of a returned or declined item. This also may eliminate the fee charged to you by merchants for items returned to them. The OOPS! Program does not cover overdrafts for ATM withdrawals and everyday debit card transactions on personal checking accounts unless you opt-in.
Other Overdraft Protect Options
Overdraft Line of Credit
An overdraft line of credit is an unsecured loan that provides funds to cover transactions in the event you exceed the balance in your checking account3.
This option provides overdraft coverage by linking your checking account to another deposit account (checking, savings or money market4). If you exceed your checking account balance, we will automatically transfer funds from your linked account to cover the transaction.
1. In order to qualify for the OOPS! Program, an account must be open for at least thirty (30) days and have no NSFs. Also, the account owner must be current on all loan obligations with LifeStore and the account must not be subject to any legal or administrative order or levy, such as bankruptcy or tax lien. Please review the complete OOPS! Policy for more details.
2. For each overdraft we pay, we will charge the standard per item overdraft fee set forth in our fee schedule (currently $32.00). In addition, we will charge your account a $5.00 per day “daily negative balance fee”. Typically, we will start charging the daily negative balance fee after the tenth business day your account is overdrawn. Overdraft Privilege is a purely discretionary service and we are not obligated to pay any overdraft. Not all accounts are eligible and restrictions apply. For example, we typically do not pay overdrafts if your account is not in good standing or if you have too many overdrafts. We reserve the right to require you to repay your overdrafts immediately or on demand.
3. Overdraft lines of credit, as with all LifeStore loans, are made subject to credit approval.
4. Savings and money market accounts are subject to a limit of six (6) transfers per statement cycle.