Personal Banking — Personal Checking

What You Need to Know About Overdrafts and Overdraft Fees

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay the item, resulting in a negative balance on your account. We can cover your overdrafts in two different ways:

  1. BSV Bounce Protection, our standard overdraft practice, sets an upper limit on the amount we will allow your account to overdraw.
  2. BSV Sideline Reserve is a pre-approved line that transfers funds into your checking account, up to the unused portion of the line, to pay an item that exceeds the balance in the account.

What are the standard overdraft practices that come with my account?

We do authorize and pay overdrafts for the following types of transactions:

  • Checks and other transactions made using your checking account number
  • Automatic bill payments

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.

If we do not authorize and pay an overdraft, your transaction will be declined.

We do not authorize and pay overdrafts for the following types of transactions unless you ask us to by selecting the first checkbox below and completing this authorization form:

  • ATM transactions
  • One-time debit card transactions

What fees will I be charged if The Bank of Southside Virginia pays my overdraft?

Fees charged are as follows:

  • Standard overdraft fees of $35.89 per item and a daily overdraft fee of $4.89 are charged when Bounce Protection is activated. There is a 5-item limit per day on the standard overdraft fee charge.

What if I want The Bank of Southside Virginia to authorize and pay overdrafts on my ATM and one-time debit card transactions?

If you also want us to authorize and pay overdrafts on ATM and one-time debit card transactions, check the first block below and complete the rest of the information in this form and then you sign. You may hand this form to BSV employee; mail it to: Overdraft Administrator, The Bank of Southside Virgina, PO Box 40, Carson, VA 23830, fax to 434-246-8402 or provide the information electronically in the section below. If you do not opt-in by following these steps, banking regulations prohibit BSV from including your Bounce Protection line in the available balance when authorizing ATM or one-time debit card transactions.

Overdraft Privilege Opt-In/Out Form

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