Overdraft Solutions
We've all been there -- a small error in your checkbook, a deposit not made in time, etc. For one reason or another, everyone's bounced a check.
Our Overdraft Protection options can save you NSF fees and spare you the embarrassment of returned checks; but most importantly, overdraft protection can help you protect your credit.
Security Bank offers three types of overdraft protection to fit your individual needs. Contact us to determine which one is right for you.
- Line of Credit
Need a financial S.O.S.? Then try Security's Overdraft Solution, a line of credit now available from Security Bank. It's a hassle-free way to have access to the extra funds that are needed from time to time. Just write yourself a loan by writing a check on your Security Bank Checking Account.
- Peace of mind
- Avoid returned checks
- Eliminate NSF fees
- Subject to approval
How It Works
When you write a check or use your debit card for an amount greater than your account balance, Security Bank will advance funds from your overdraft line to the checking account in increments of $100. When you borrow on your S.O.S. account, your required monthly payment is 5% of your balance or $20, whichever is greater.
The current S.O.S. Interest Rate is 15.9% on outstanding balances. (Annual Percentage Rate of 15.9%)
- Automatic Transfer
The automatic transfer option for overdraft protection has the same benefits of the other overdraft protection products, only no loan application is needed. You only need a secondary checking or savings account established in order to fund your overdraft.
Once you are set up for the automatic transfer option, funds are automatically transferred from your secondary account to cover your checks. Each transfer is only a $7 fee.
- Overdraft Privilege
Security's Overdraft Privilege offers our customers in good standing an additional protection.
Overdraft Privilege does not require a loan application or a secondary account. It simply provides the customer with a $500 cushion on a checking account in case of unexpected expenses.
If a customer uses this service, they will be charged a minimal NSF fee.
Subject to approval.
Please see the Security Bank Overdraft Privilege Disclosure for details.
