Overdraft Protection
Great news! If you have an overdraft protection service set up between your existing Dogwood deposit accounts, this service will continue as it has in the past. We are pleased to share that TowneBank does not charge transfer fees to move money between your accounts. If you have an overdraft protection service set up from your Dogwood Line of Credit, this service will also continue as it has in the past.
The Overdraft Privilege program will not carry over to TowneBank. The selection you made to have your ATM and everyday debit card transactions paid in the case of an overdraft will continue without interruption at TowneBank.
Our Standard Overdraft Practices
We authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- Automatic bill payments
Please note, we will not authorize and pay overdrafts for the following types of transactions unless you ask to:
- ATM Transactions
- Every day debit card transactions
We pay overdrafts at our discretion, which means we do not guarantee authorization and payment of every transaction. If we do not authorize and pay an overdraft, your transaction will be declined.
Additional Coverage Options
If you do not have overdraft protection measures in place, here are the available options we are pleased to offer:
Overdraft Protection Transfers
Talk with your banker about linking your checking account to another checking account or money market account. In the event of an overdraft, available funds will automatically be transferred, in $100 increments, to the linked account.
Online Banking Balance Notifications
Anyone enrolled in online banking can select those accounts to monitor. An email or text* notification will automatically be sent to you when those accounts hit your specified minimum balance.
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Apply for a line of credit^ that will transfer overdraft protection funds, in $100 increments, from your line of credit to the designated accounts of your choice. Coverline funds may also be used for purposes other than overdraft services.
* Your mobile carrier's web access and text messaging charges may apply. Availability may be affected by your mobile carrier's coverage area.
^ Subject to credit approval; applicable interest rates apply.