General Information
You may elect to have overdraft protection through automatic transfers from one or more designated Savings, Money Market, or Line of Credit accounts by calling customer service. The designated account is known as a donor account. Your designated donor account will be used to prevent overdrafts in your selected checking account that may be caused by the following debit transactions: checks drawn on your account, pre-authorized electronic deductions, ATM transactions, ACH, fees we charge, and other debit transactions you have selected for your account.
The amount transferred from your donor account will depend upon the amount of the debit transactions presented against insufficient funds and upon the available balance in the donor account. If the amount of available funds in your donor account exceeds the amount of debit transactions presented, then we will transfer the exact amount necessary from your donor account to cover all items presented. If the amount of debit transactions presented exceeds the amount of available funds in your donor account, then we will transfer the amount needed to pay the checks and other debit transactions that we can. Any remaining debit transactions will overdraw your account and may be paid or returned at our discretion and without prior notification. A fee will be assessed for any other debit transactions that overdraw your account in accordance with our Schedule of Fees.
Joint Accounts
When you elect to use a Line of Credit or deposit account as your donor account, and ownership is different from your checking account, you agree that all joint signers on the checking account may process transactions that overdraw the account prompting a transfer of funds from your donor account. You agree that you will hold the bank harmless for any transfer from your donor account and further agree that you will be liable for all amounts owed on your donor account, when the donor account is a Line of Credit account, even if you did not originate or gain benefit from the transaction that instigated the transfer from your donor account.
Savings and Money Market Accounts
Federal regulations limit the number of certain transactions each month involving Money Market and Savings accounts. For information and limitations, please refer to our Truth in Savings Disclosure according to the account type selected for Overdraft Protection.
Lines of Credit
If you select a Line of Credit account as your donor account, funds will be transferred in accordance with the terms and conditions of your Line of Credit Loan Note. A transfer will only occur if you have sufficient available funds in the Line of Credit account. You agree not to exceed the available credit limit we set for the account. If your Line of Credit account is 20 days or more delinquent, a transfer will not occur and fees will be charged for any overdrawn item in accordance with our Schedule of Fees. Please refer to your Line of Credit Note for applicable interest and fees that will be charged in the event that an overdraft transfer occurs.
Loan Payments
If we provide a loan payoff amount to you, the payoff calculation is valid only for payments received and credited to your account as of the date printed. Please email loanoperations@thebancorp.com for a formal payoff letter or to confirm a payoff amount prior to transferring funds.
Automated Telephone Banking and Transfer Service
You may access your account through our Automated Telephone Banking and Transfer Service by using a touch-tone telephone, your account number and your Telephone Banking PIN. Your account number and PIN act as your signature to authorize any requested transactions through the Telephone Banking service.
- Obtain current account balances and transaction information for Checking, Savings Money Market and Loan or Line of Credit Accounts
- Transfer funds among Checking, Savings, and Money Market Accounts
- Transfer funds from a Checking, Savings, or Money Market Account to make a Loan or Line of Credit Payment
- Change your Automated Telephone Banking PIN
For transfer transactions, your request will only be completed if you have sufficient funds in the account from which you wish to transfer funds, the accounts are linked for transfer capabilities, and the Telephone Banking PINs on both accounts are identical. Transfers are limited to $10,000 or less. Transfer requests made after 4:00 p.m. (EST) on a business day, or anytime on a non-business day, may not be completed until the following business day.
Internet Banking and Transfer Services
You may access your account through our Internet Banking and Transfer Services by entering your user ID and password. Your user ID and password act as your signature to authorize any requested transactions through the Internet Banking service.
You may use our Internet Banking service to:
- Obtain current account balances for checking, savings, money market, certificate of deposit, loan and line of credit accounts
- Obtain transaction information for checking, savings, money market and certificate of deposit accounts
- Transfer funds among checking, savings and money market accounts
- Obtain statements and check images
- Pay bills using our optional E-Bill Payment Services (fees may be assessed in accordance with our Schedule of Fees)
- Transfer funds from a line of credit to a checking, savings or money market account
- Make a loan payment from a checking, savings or money market account
For transfer transactions, your request will only be completed if you have sufficient funds in the account from which you wish to transfer funds and the accounts are linked for transfer capabilities. Dollar limitations may be set according to the account type and/or the type of online transfer service you are utilizing to transfer funds. These limitations are set for security reasons and are not disclosed for that reason. Transfers may be delayed based on the time of transaction and the type of transfer service you are utilizing to process the transfer.
If you have not logged on to view your account(s) for a period of at least 90 days, your Internet Banking services may be suspended without prior notice to you. If your Internet Banking services are suspended and you are a registered Bill Payment user, your Bill Payment services will also be suspended. To avoid an interruption to your Internet Banking and Bill Payment services, please log on to view your account(s) online at least once every 90 days.