Washington Trust understands that
unexpected overdrafts occur from time to time. That's why we offer the Overdraft Privilege service. This service is offered on most
checking accounts except for the Simply Free and Student account which allows us to approve and pay overdrafts.
This means that, should you inadvertently overdraw your account, we may pay your items rather than returning them. The Overdraft Privilege service offers the following options:
Standard Overdraft Privilege
Covers overdrafts caused by checks, ACH, automatic debits, recurring debit card transactions and online Bill Pay.
If you would like to opt out of the Standard Overdraft Privilege service, please call us at 800-475-2265 or visit one of our branches.
Extended Overdraft Privilege
Covers
all overdraft transactions included in the Standard Coverage above; PLUS everyday consumer Debit Card point of sale
transactions.This coverage is not
automatic, you must opt-in to this option.Please refer to the What You Need to Know about Overdrafts and
Overdraft Fees disclosure which can be found on our website
www.washtrust.com, in branches and by request via 800-475-2265. If you would
like to opt-out of the Extended Overdraft Privilege service, please call us at
800-475-2265, visit your local branch, or complete our secure online form at www.washtrust.com/overdrafts.
Overdraft Privilege coverage limits are the same, regardless of whether you are enrolled in the Standard and/or Extended Overdraft Privilege option.
Coverage limits are:
$100.00
for the first 60 calendar days of account opening, then
$500.00
after the expiration of the introductory period, or
$750.00
if account receives two (2) or more DIrect Deposits in the amounts of $100.00 or more in a month
Please see below for additional
information regarding the above-mentioned services and our Overdraft Protection
service which may be more affordable than Overdraft Privilege service.
Additional
Information
Overdraft Protection Service:
■ Link to a Washington
Trust account1
■ Credit Reserve, Overdraft Line of Credit2
Even if you have Overdraft Protection, Overdraft
Privilege may still be available as secondary coverage if the other protection
source is exhausted.
Please be aware that Overdraft Privilege and/or
Overdraft Protection service are not included in your available balance
provided through online/mobile banking, telephone banking, ATMs or on a branch
receipt.
For fees charged by Washington Trust for
overdraft items paid by us, please refer to the Consumer Fee Schedule. There is a limit of $100 per business day on the total overdraft fees we can charge you for overdrawing your account.
Reversal of overdraft fees exceeding the $100 limit will occur within the next business day. Overdraft Privilege coverage limits include the total amount of all overdraft items at any time as well as
all related fees and charges. Your account may become overdrawn in excess of the
Overdraft Privilege service coverage limit amounts as a result of fees and charges. Once you exceed the Overdraft Privilege coverage limits,
items presented to your account with insufficient funds may be returned/declined.
The Extended Overdraft Privilege requires an opt-in.
Should you choose to opt out of Overdraft Privilege or is removed from Overdraft Privilege, your Extended Overdraft Privilege service will also be removed.
Giving us your consent to pay everyday debit
card point of sale transaction overdrafts may result in incurring overdraft
fees for transactions that we would otherwise be required to pay without
assessing an overdraft fee.
The order in which transactions are posted may
impact the total amount of overdraft fees assessed.
Overdraft Privilege service is not an overdraft
line of credit; it is a discretionary overdraft service that can be removed.
Overdraft Privilege service may be discontinued
if you default on any loan or other obligation to us, your account becomes
subject to any legal or administrative order or levy, or if you fail to
maintain your account in good standing by not bringing your account to a
positive balance within thirty-five (35) calendar days for a minimum of one
business day.
You also agree to be jointly and severally
(individually) liable for any account, shortage resulting from charges or
overdrafts, whether caused by you or another with access to this account, as
described in the Consumer Terms and Conditions of Your Account. The total
(negative) balance, including all fees and charges, is due and payable upon
demand.
Good account management is the best way to avoid
overdrafts. Use our mobile banking, online banking, and telephone banking
services to keep track of your balance.
For further information, please refer to the
Consumer Terms and Conditions of Your Account.