A math error. An unanticipated expense. Sometimes things happen, and you can wind up with not enough money in your account to cover a transaction. If you find yourself in an overdraft situation, Chesapeake Bank has your back and will pay for the transaction.
The best defense against an overdraft, though, is knowing how to monitor and manage your account. As your bank, we’re here to guide you and have plenty of useful information that can help.
“An overdraft occurs when you don’t have enough money in your account to cover a transaction, but Chesapeake Bank pays the transaction anyway.“
-Consumer Finance Protection Bureau
- Understand your available balance. At Chesapeake Bank, you can find your checking account’s available balance online, through your mobile device, at the ATM, or through our 24-hour phone service. This is the most current record we have of the money available to withdraw from your account or for the authorization of your next debit card purchase. However, your available balance includes only the authorized or pending payments that we know about. You may have authorized transactions that will make the amount truly available for your next purchase lower than what is known to us.
- What is one of the best ways to avoid having a negative balance or an overdraft? Write it down. Know all your outstanding obligations and consistently write them down in your personal transaction register. It doesn’t matter whether you use an online tracking tool or a paper-based register. What does matter is that you faithfully record every deposit, withdrawal, and purchase in your register and keep a current, accurate record of the money you truly have available. Consult your personal transaction record before making your next purchase or withdrawal.
- Use direct deposit for your paycheck. You will have access to your paycheck immediately.
- Keep a “pad,” or cushion of money, in your checking account to be safe, just in case you have forgotten to record a transaction.
- Enroll in electronic delivery of your statement through online banking. Electronic statements are a fast and secure way of receiving your account information for a quick review.
- Online, Mobile, and Text Banking – You can manage your accounts on the go by setting up balance alerts, transferring funds, and viewing transaction activity.
- Mobile Deposit – In addition to the features above, you can also make a check deposit within the app.
- Touch-Tone Teller – No access to a computer or device, no worries. With our Touch-Tone Teller System, you can set up your accounts and call 800-417-6675, 24/7 to monitor and transfer funds.
- Automated Transfer – Use this feature to set up a recurring transfer for a specific amount and date.
- Automatic Sweep – With this feature, you can link two accounts. If one account is overdrawn, a designated account can ”sweep” money to replenish funds for a minimal fee.
- Money Line Checking – This is a personal line of credit attached to a checking account. With approval, $100 increments can be disbursed up to the available credit limit to cover an overdraft.
- Easy Pay Privilege – This discretionary overdraft service provides a safety net for you up to a specified amount if your account becomes overdrawn. Your Easy Pay Privilege limit may be available for checks and other transactions made using your checking account number or automatic bill payment and recurring debit card payment.
If you’d like to learn more about these services, contact your home branch or call 877-436-9032.