Overdrafts

Who hasn't made an error of addition or subtraction in their checkbook? Sometimes overdrafts happen! But when they do, we've "got your back."

Overdraft Transfer – Use Your Money or a Loan to Cover Overdrafts

  • Available to all Free Checking account holders
  • Offers free, unlimited transfers from
    • Any of your savings accounts (excluding IRAs)
      • Savings accounts transfer in $100 increments
      • Money Market and Money Market Investor accounts transfer in $500 increments               
    • Any open line of credit loan in $100 increments
      • VISA® Credit Card
      • Signature Line of Credit
      • Home Equity Line of Credit

Call or come into one of our branches to add this service for your account.

Overdraft Privilege – We Cover Your Overdrafts When You Don't Have Funds Available

  • Generally available on one checking account per member
    • You must opt-in to overdraft privilege at the opening of your checking account
    • The checking account must be open for at least 60 days and all accounts must be in good standing
  • Non-Sufficient Funds (NSF) fee is charged for each item that overdrafts your account
  • Overdraft Privilege covers overdrafts that do not take your account negative by more than $400, inclusive of NSF fees
    • Only available for checks sent through the Federal Reserve and automatic (ACH) transfers setup for your checking account
    • Does not pay for Debit Card transactions, checks presented at one of our branches, or in-person withdrawals
    • The $400 is inclusive of all NSF fees
  • Your account must be brought to a positive balance within 30 days, otherwise future use of Overdraft Privilege will be suspended
  • Payment of overdrafts remain discretionary and Summit reserves the right not to pay
  • All requirements for maintaining your Overdraft Privilege are spelled out in the Overdraft Privilege Disclosure
  • You can choose not to participate in this service by completing the Opt-Out Form
Checkbook Maintenance Can Help You Avoid Overdraft Fees

We offer a self-guided course of checking account basics made available through our partnership with BALANCE Financial Fitness

If you have questions, just call or stop by your local branch.