Whether you’re on the hook for a sudden expense or you forgot to deposit funds, you may find yourself with an overdrawn checking account from time to time. To help you manage when the unexpected occurs, we offer two kinds of overdraft coverage.
Overdraft Protection links your checking account to another Synovus account or line of credit. This service applies to all checking account transactions and may help prevent overdrafts by automatically transferring funds to your checking account from one of these sources:
- Another Synovus deposit account ($10 fee per transfer)
- Synovus credit card cash advance (subject to credit approval; card fees and interest apply)
- Synovus line of credit (subject to credit approval; line of credit fees and interest apply)
To enroll, contact us or visit your local branch.
If your account qualifies, your checking account will automatically be covered by Overdraft Privilege Standard Coverage for checks, ACH and certain other transactions. If a transaction causes your checking account to be overdrawn, this service can pay the transaction for a fee of $36 ($29 for military accounts), 1,, up to the total overdraft limit.
Overdraft Privilege Standard Coverage applies to the following transactions:
- ACH—auto debits (e.g., your monthly gym membership or power bill)
- Recurring debit card payments
- Teller window transactions
To cover ATM withdrawals and everyday debit card purchases, you can sign up for Overdraft Privilege Extended Coverage. These transactions may be declined at the time of purchase if you are not enrolled and do not have sufficient funds. Simply contact us through any one of the following channels to see how you can get started with Extended Coverage:
- Enroll online now
- Call us at (877) 803-4810
- Download the Overdraft Privilege Extended Coverage Consent Form to enroll by mail
Of course, you can always opt out of Overdraft Privilege, but if you do, overdraft transactions will not be paid, and your account will still be charged a $36 non-sufficient funds fee ($29 for military accounts) for each overdraft transaction. To opt out, call us at (877) 803-4810.
What you need to know about Overdrafts and Overdraft Fees
Frequently Asked Questions
How much does Overdraft Privilege cost?
There is no cost for Overdraft Privilege unless you use it. If you have an overdraft, there is a $36 overdraft fee per transaction ($29 for military accounts) that causes your account to be overdrawn.
How do I get Overdraft Privilege?
Every checking account automatically has Overdraft Privilege Standard Coverage. For new checking accounts, you will receive Overdraft Privilege Standard Coverage with a $100 overdraft limit at account opening. After your account has been open for 31 days and is in good standing, your account will be covered by the full Overdraft Privilege limit of $500.
If you want us to authorize and pay overdrafts caused by ATM and everyday debit card transactions, then you will need to select Overdraft Privilege Extended Coverage by notifying us through one of the following options:
What if I don’t want Overdraft Privilege?
You can always opt out of Overdraft Privilege. If you do, any overdrafts will be declined at the point of purchase or returned unpaid to the payee (unless you have Overdraft Protection available to cover the transactions). Also, you will be charged a $36 non-sufficient funds fee ($29 for military accounts) for each transaction that is returned unpaid. To discontinue just the Extended Coverage portion of Overdraft Privilege, which authorizes us to pay overdrafts caused by ATM and everyday debit card transactions, please call us at 1-877-803-4810.
What else do I need to know about Overdraft Coverage?
- A link to another account or a line of credit could be a less expensive option than an overdraft. A single larger overdraft transaction will result in just one fee, as opposed to multiple smaller overdraft transactions.
- Even if you have Overdraft Protection, Overdraft Privilege is still available as secondary coverage if the other protection source is exhausted.
- Good account management is the best way to avoid overdrafts. Use My Synovus digital banking to keep track of your balance.
Additional Information on Fees and Charges
- The $36 overdraft fee ($29 for military accounts) is the same fee amount that is charged if a check is returned as unpaid. If multiple transactions overdraw your account on the same day, each transaction will be assessed an overdraft fee or a non-sufficient funds fee of $36 ($29 for military accounts). All fees and charges will be included as part of the Overdraft Privilege limit amount. Your account may become overdrawn in excess of the Overdraft Privilege limit amount as a result of a fee.
- If your account balance remains overdrawn for longer than 7 consecutive calendar days, we will charge your account an overdraft collection fee of $35 ($25 for military accounts).
- There is a limit of 6 overdraft fees ($216) per day we will charge. We will not charge an overdraft fee if your account is overdrawn by $5 or less.
- Giving us your consent to pay everyday debit card and ATM overdrafts may result in you incurring overdraft fees for transactions we would otherwise be required to pay without assessing an overdraft fee. However, this would allow us to authorize transactions up to the amount of your Overdraft Privilege limit. It may also help you avoid overdrafts in excess of your available funds, which could result in restriction on the use of your debit card.
- This section describes our general practice for paying transactions from your account. We may vary the order of payment if items are presented that cannot be returned unpaid. We reserve the right to change how we pay transactions from your account and will provide you notice of these changes. After the close of the business day, we add your deposits and other credits to your account. We then deduct any fees and charges owed to us. Finally, we deduct all items presented for payment. The order these items are deducted from your account balance is based upon the type of transaction and, for electronic transactions, when the transaction was performed by you or was received by us. First, we pay outgoing wire transactions in the order they were made. Then, we pay electronic transactions (First, we pay preauthorized ACH debits, then ATM transactions, and then debit card transactions.) in the order they were performed by you or were received by us. Next, we pay unnumbered checks and other items drawn on your account by dollar amount in ascending order. Finally, we pay checks drawn on your account in ascending check number order.
- The order in which transactions are posted may impact the total amount of overdraft or return fees assessed.
Restrictions and Holds
- Although under transaction processing requirements we may be obligated to pay some unauthorized debit card transactions, we will not authorize debit card or ATM transactions unless there are available funds (including Overdraft Coverage options, if applicable) to cover the transactions and any fee(s).
- Except as described in this document, we will not pay transactions if your account does not contain available funds (including the Overdraft Privilege limit) to cover the transaction(s) and the amount of any fee(s).
- We may restrict your debit card use if you incur overdrafts in excess of the available funds in your account, including any Overdraft Privilege limit.
- We will place a hold on your account (for up to three business days) for any authorized signature-based debit card transaction until the transaction settles. When the transaction is received for final settlement, the hold will be released and that amount added back to your “Available Balance” in conjunction with the settlement of the transaction to your account. If your account is overdrawn an overdraft fee may be assessed.
- Overdraft Privilege is not a loan or a line of credit; it is a discretionary overdraft service that can be withdrawn at any time without prior notice.
- Overdraft Privilege may be discontinued if you default on any loan or other obligation to us, if your account becomes subject to any legal or administrative order or levy, or if you fail to maintain your account in good standing by not bringing your account to a positive balance within 32 days for a minimum of one business day.
- All account owners will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in the Terms and Conditions of Your Account. The total (negative) balance, including all fees and charges, is due and payable upon demand.