Banking ServicesOverdraft Protection
Protect yourself from the unexpected.
Deposit-To-Deposit Overdraft Transfer Service
If you have other checking, savings or money market accounts with IBERIABANK, you can authorize us to link those accounts to your checking account to cover overdrafts. This works by transferring the funds needed to cover your overdraft. Savings and money market transaction limitations apply.
Line of Credit
A Line of Credit can be attached to your checking account to cover overdrafts. This service requires you to complete an application. The amount of the Line of Credit is based on your credit worthiness. Subject to approval, including credit approval.
With Overdraft Privilege we will strive to pay your overdraft items; however, whether your overdrafts will be paid is discretionary and we reserve the right not to pay. Our decision to pay or return an item drawn on insufficient funds will be based on your overdraft limit and account activity. For example, we typically do not pay overdrafts if your account is not in good standing, or you are not making regular deposits, or you have too many overdrafts.
Many factors influence your Overdraft Privilege limit. It is based on but not limited to the following criteria: age of account, number of deposits, dollar amount of deposits, repayment patterns and deposit patterns. Overdraft limit is subject to change daily.
How to Opt in or Out of Overdraft Privilege
To opt in or out of Overdraft Privilege, coverage of ATM and everyday Debit Card transactions, please choose one of the following options:
- Complete and submit the Overdraft Decision Form.
- Opt in or out during account opening at the branch
- Contact us at (800) 682-3231
How soon can I use my Overdraft Services?
Deposit to Deposit Overdraft (OD) Transfer Service – After you have completed and returned the authorization request, generally this service is available for use within 3 business days.
Line of Credit – After you have signed your Line of Credit documents and requested the line to be linked to your deposit account, generally this service is available for use within 7 business days.
Overdraft Privilege – If you are a new active account holder, generally, you will have use of the Overdraft Privilege 60 days after the account is opened.
If I have more than one Overdraft Service, how do they work together?
If you have all these services - Deposit-to-Deposit Overdraft Protection Transfer is utilized first, then your Line of Credit is activated. When each of these is exhausted, then Overdraft Privilege will activate.
If I do not want Overdraft Privilege, how do I opt out?
You may call Customer Service at 800-682-3231 or visit any convenient location to have the service removed from one or more of your checking accounts. It is important for you to consider that there is no additional cost for Overdraft Privilege and that by opting out you are instructing us to return unpaid all items presented against insufficient funds. If you opt out, you will be charged an Overdraft (Return) Item Fee, per presentment, in case of insufficient funds. Clients who receive a Social Security, federal direct deposit, or any other entitlement benefit must opt out if they do not want the Bank to apply those funds to pay an overdraft.
What is the Posting Order of Items?
To assist you in handling your account with us, we are providing you with the following information on how we post transactional items to your account.
On each bank processing day, deposit and credit items post before debit items. Debit items post upon receipt in the following order: wire transfers, ATM and debit card transactions in authorization time and date order, paper checks in check number order, if available, checks without a check number post in low to high dollar amount order, then all other debit items in low to high dollar amount order. Other debit items include but are not limited to Automated Clearing House (ACH) items, checks converted to ACH by merchants or vendors, telephone and online banking one-time or recurring transfers, pre-authorized debits and account withdrawals. At times, certain debit items may not post in the above order due to missing or erroneous data or circumstances beyond our control.
If an item is presented without sufficient funds in your account to pay it, we may, at our discretion, pay the item (creating an overdraft) or return the item. Overdraft (Paid or Return) Item Fees are disclosed in the Miscellaneous Fee Schedule provided. The Miscellaneous Fees Schedule is subject to change.
We encourage you to keep careful records and practice good account management. This will help you to avoid creating items without sufficient funds and incurring the resulting fees.
Additional Information on Overdraft Protection Options
Fees may be imposed for any debit transaction that causes your account to be overdrawn, including by check, in-person withdrawal, or withdrawal/transfer by any other manual or electronic means. Unless you opt in for Overdraft Privilege, we will generally not authorize and pay ATM withdrawals and everyday debit card transactions that overdraw your account. We may continue to authorize, at our discretion, checks, other payments and debit card transactions that are set up to bill automatically even if you do not opt in.
If we elect to pay an overdraft item, you must deposit additional funds into your account promptly in an amount sufficient to cover the overdraft and any related fees.