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How To Avoid Overdraft Fees  

  • In order to help you effectively manage your account, Colony Bank offers a number of free services and useful tips to help you avoid overdraft fees:

Free Services 

  • Access to your account balances, in real-time, via Online Banking, Automated Telephone Banking, Mobile Banking, or at any Colony Bank ATM or ATM within the PULSE or Jeanie Networks.
  • Balance alerts via email or telephone for Online Banking.
  • No-fee transfers to and from Colony Bank checking and savings accounts through Online Banking, Automated Telephone Banking, Mobile Banking, or at any Colony  Bank ATM.

Overdraft Protection

  • Linked Accounts - Link your checking account to a savings account or another checking account for overdraft protection. Should you overdraw your account, money from your savings will be transferred automatically to cover it for a minimal transfer fee. [For current fees, please refer to our list of fees and service charges] This is a less expensive alternative to paying an overdraft fee and provides assurance that your checks will be paid, provided there is enough money in your savings to cover the overdraft.  Please remember Savings and Money Market accounts do contain limitations on the number of transfers that are allowed per month. You may make no more than six transfers or withdrawals out of such an account per statement cycle (not counting transactions made at ATMs or at banking offices). Transfers made by telephone, personal computer or funds automatically transferred from a savings or money market account to another deposit account for overdraft protection are counted toward the six total permitted transfers or withdrawals per statement cycle.      
  • Freedom Line of Credit – This is a short-term Line of Credit (LOC) used to advance funds automatically from the established line to cover an account when the balance drops below zero. You must apply and be approved for this product.  Although it does not have a transfer fee, you will be charged interest on the outstanding balance. 

 From time-to-time, we may cover an inadvertent overdraft for you. However, please know that Colony Bank has no obligation or makes any guarantee to do so.

Useful Tips

  • Regularly check your account balance and recent transactions by utilizing the free services listed above or by contacting a Customer Service Representative at any of our convenient locations. 
  • To avoid service fees, do not write checks or perform transactions if you have an insufficient balance in your account.
  • Do not write a check unless you know you have the funds to cover the amount. With today's electronic check processing, the time between when a check is deposited or written and when the money is actually withdrawn from your account is minimal or none.
  • Consider Direct Deposit for immediate availability of funds.
  • Keep your register updated. Record transactions daily and keep a current balance. If you do not know how much money is in your checking account right now, then you are at risk of overdrawing your account.
  • Swipe mindfully, make a point to record ATM withdrawals and debit card purchases in your check register as soon as you make them. One of the easiest ways to lose track of your money is to forget to record these transactions.
  • Don't forget about automatic bill payments. Be sure to record the amounts before the money is transferred out of your account. 
  • Immediately correct your register if you receive notice of an NSF, overdraft, or return of a deposited item, and remember to deduct any related service fees.
  • Bank charges, such as monthly maintenance, ATM, and other fees add up. Remember to account for these in your checking account register.
  • Reconcile your account to your monthly statement to identify any unauthorized transactions and to ensure accuracy in your record keeping. Take a few minutes each week reviewing your account online to make sure you've recorded all your transactions, and that your balance is in line with what the bank records indicate.  

To learn how to more effectively manage your personal finances, the Federal Trade Commission (FTC) provides information on Choosing a Credit Counselor at the following web address:

http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre26.shtm 

 

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Colony Bank will never contact you and ask for you to provide your online banking credentials. debit card number, PIN, or any information printed on your debit card. Keep your personal information secure. Beware of emails, robo calls, voice mails and text messages requesting online banking or debit card information. Please contact Customer Service at 1-800-873-6404 if you have any questions or concerns about your personal banking information.

 

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