OVERDRAFT SERVICES
First Bank understands that sometimes customers forget to enter a transaction in their check register, make a deposit, or miscalculate their balance – resulting in possible overdraft fees. Here are some helpful tips to make managing your accounts easier and help you avoid overdraft fees:
- Register for Online Banking or Mobile Banking to regularly monitor balances and transactions
- Establish Alerts to notify you by email or text when account balances reach defined thresholds
- Record every transaction you make in your check register
- Balance your account’s paper statement or eStatement every month
- Make a deposit to cover the overdraft and any fees when your account becomes overdrawn
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First Bank also offers several products and services that help you avoid or reduce overdraft charges.
Products that charge lower fees:
Preferred Credit
Preferred Credit is a fixed rate, unsecured revolving line of credit (subject to credit approval) that is accessible through the consumer’s checking account in the event the checking account is overdrawn (often referred to as Overdraft Protection). Funds will automatically transfer to your account should it become overdrawn, up to the pre-established limit.
Overdraft Transfer Accounts
Use funds in up to 2 separate checking, savings* or Money Market* accounts to fund your checking account in the event it becomes overdrawn.
Another alternative is:
Overdraft Privilege**
Overdraft Privilege may pay certain transactions that are presented against an insufficient checking account balance, up to the established limit. You’ll need to provide us authorization to pay ATM withdrawals and everyday debit card transactions through our Opt-in process.
If your account balance is overdrawn $5.01 or more for 10 or more consecutive business days, we may assess a 10-day overdraft fee of $40.00. No more than 10 insufficient funds fees will be charged each day.
Use the chart below to determine the product or service that best suits your needs.
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Preferred Credit |
Overdraft Transfer |
Overdraft Privilege |
What transactions will be covered? |
Check, ACH, Bill Payment, Transfer, In-person withdrawal, one-time and Recurring Debit Card payments, ATM withdrawals |
Check, ACH, Bill Payment, Transfer, In-person withdrawal, one-time and Recurring Debit Card payments, ATM withdrawals |
Check, ACH, Bill Payment, Transfer, In-person withdrawal, Recurring Debit Card payments***
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What is the cost? |
18% APR |
$10 per transfer. There is a $35 charge per insufficient item presented (max of $350). $40 additional fee if account remains overdrawn $5.01 or more for 10 or more consecutive business days. |
There is no cost for Overdraft Privilege. There is a $35 charge per insufficient item presented (max of $350). $40 additional fee if account remains overdrawn $5.01 or more for 10 or more consecutive business days. |
How do I register for the service/product? |
Visit the branch location nearest you and complete a Preferred Credit application. |
Visit the branch location nearest you and complete an Overdraft Transfer request form. |
No need to register. You’ll receive a welcome letter once your account is eligible for the service. |
How do I repay the advance? |
The greater of 3.5% of the outstanding principal balance plus interest or $25. |
N/A |
Deposit into your checking account to bring the balance positive within 60 days after the account becomes negative. |
How do I cancel the service/product? |
Send written notification to:
First Bank
Loan Services Department
PO Box 790269
St. Louis, MO 63179-0269 |
Visit the branch location nearest you |
Contact Overdraft Customer Service @ 800-864-6504 or Telephone Banking Customer Service @ 800-760-2265 |
Additional Resources for effectively managing your finances:
-Checkbook Resolution Form and Tips
-Protecting Yourself from Overdraft and Bounced-Check Fees
-FDIC Money Smart
-Financial Literacy and Education Commission
-Fiscal Fitness: Choosing a Credit Counselor
To find out more about our Personal Checking accounts, call or visit the First Bank location nearest you.
*Savings and Money Market accounts are subject to Federal Regulations which limit transactions. Please refer to the Deposit Account Information Brochure for more information.
** First Bank will have the discretion to pay overdrafts within the Overdraft privilege limit, but payments by First Bank is a discretionary courtesy and not a right of the customer or an obligation of First Bank to create an agreement or course of dealing on our part to allow overdrafts on any occasion.
*** For ATM withdrawals and everyday debit card transactions to be paid, you’ll need to provide us authorization through our Opt-in process.
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