Gulf Coast Bank is pleased to offer our customers a choice when it comes to overdraft services for your checking accounts. It is always best to prevent overdrafts from happening but mistakes do happen. You may choose to participate in any of our programs that work best for you or choose none at all. It’s your choice!
Automatic Transfers From Linked Account
Automatic Transfers from Savings or Money Market
This option links your Gulf Coast Bank personal or business checking account to a savings or money market and will transfer funds automatically when your checking account does not have enough funds to cover your transactions. If you write a check, authorize a payment or withdraw cash when there isn't enough money in your checking account, we will transfer available funds automatically to your checking account to cover the amount. Be sure to keep enough funds in your linked savings or money market account for transfers.
For Digital Banking Users: The amount displayed in the From drop box in the Funds Transfer Service is the amount available for transfer from and includes the Available Balance in your Savings or Money Market Account that is linked for Overdraft Protection. You are responsible for viewing the actual current Available Balance of each account from the Home Page prior to initiating a transfer.
To opt in to this service, please contact customer service at 504-561-6124 or 800-223-2360 or visit a local branch near you.
Service Features No enrollment or annual fee Peace of Mind Saves Money - Can help avoid NSF fees and return check fees from merchants Fees $10.00 per automatic transfer no matter the amount
Discretionary Overdraft Privilege
This program is available to personal and business customers for checks, bill payments, ACH payments and recurring debit card transactions. Transactions may not be processed in the order in which they occurred and the order in which transactions are processed may impact the total amount of fees incurred. As of July 1, 2011, this is an Opt In program. If you are not currently participating in the program, you must give us your consent if you wish to participate.
If you do need to use this program at any time, you should bring your account positive within 24 hours. Gulf Coast Bank can request payment of the negative balance and any fees at any time. If after 60 days your account balance has not been brought to a positive status, then we may refer your account to a collection agency and your account will be charged off. We will have the discretion to pay the overdraft, subject to the limit of your overdraft privilege and the amount of the overdraft fee. Payment of the overdrafts is at the discretion of the bank, and the bank can cease paying overdrafts at any time.
Remember, you may discontinue your participation at anytime for any of our overdraft protection services by contacting customer service at 504-561-6124, by visiting one of our local branches, or by completing our discretionary overdraft privilege form.
Service Features No enrollment or annual fee Saves Money – Can help avoid return check fees from merchants Fees $35.00 per paid NSF/Overdraft item $35.00 per returned NSF/Overdraft items Fees will be imposed for overdrafts created by checks, ACH, reoccurring debit card transactions, in person withdrawals, or by other electronic means.
ATM and One-Time Debit Transaction Opt In
This option is available for personal customers only. As of August 15, 2010, changes to the regulations for Overdraft Services have changed. In order for Gulf Coast Bank to pay a one-time, everyday debit card transaction, you must give us your consent or opt in to the service.
Please click here for information on what you need to know about overdrafts and overdraft fees, to revoke from a previous opt in election, or to opt in to this service.
Remember, you may discontinue your participation at anytime for any of our overdraft protection services by contacting Customer Service at 504-561-6124, by visiting one of our local branches, or by completing our Overdraft Election Form.
Service Features No enrollment or annual fee Fees $35.00 per paid NSF/Overdraft item $35.00 per returned NSF/Overdraft items Fees will be imposed for overdrafts created by checks, ACH, reoccurring debit card transactions, in person withdrawals, or by other electronic means.
How to Avoid Overdrafts
Even though the unfortunate happens from time to time and overdrafts do occur, Gulf Coast Bank is providing you with services and information to help protect yourself from reoccurring overdrafts.
- Review your statement and correspondences from Gulf Coast Bank as soon as you receive them. Reviewing these documents will help you keep track of your balance and help prevent costly errors in the future. Receive Online Statements and you will be able to review your monthly transactions sooner.
- Minimize ATM fees by using a Gulf Coast ATM or a Community Cash ATM. ATM fees for using another financial institutions ATM can quickly add up and reduce your available balance. Too often these fees are not considered by customers and can lead to an overdraft.
- Set up Account Alerts. We will send you a text or e-mail when your balance reaches a certain limit.
- Use Mobile Banking for your personal bank accounts. Transfer funds between your Gulf Coast Bank accounts and check your balances from the convenience of your phone.
- Enroll in Online Banking for your personal bank accounts or Business Online Banking. Check your balances 24/7 to monitor your accounts.
- Use Direct Deposit of your payroll or government checks. Your funds will be available to you immediately and you don’t have to wait until you can make a trip to the bank.
- Review Protecting Yourself From Overdraft and Bounced Check Fees.
For more on how to efficiently manage personal checking and savings accounts, visit the FDIC website.