Options for Personal Overdraft Coverage
Managing your accounts regularly is one of the best ways to avoid overdrafts. To help you when the unexpected occurs, we offer two types of overdraft coverage so you can choose what’s right for you.
(no action required)
|ACH - Auto Debits|
|Recurring Debit Card Payments|
|Teller Window Transactions|
|Everyday Debit Card Purchases|
|There is no cost for overdraft coverage unless you use it.
If you have an overdraft, there is a $36 fee per transaction ($29 for military accounts).
If your account qualifies, your checking account will automatically receive Overdraft Privilege - Standard Coverage which covers the transactions listed in the chart above. If you do not have sufficient funds during one of these transactions, this service will pay the transaction for you for a fee of $36 ($29 for military account),1,2,3 up to your overdraft limit.4
To also cover ATM withdrawals and everyday debit card purchases, you can sign up for Overdraft Privilege - Extended Coverage.5 Without this service, these transactions may be declined at the time of purchase if you do not have sufficient funds. You can sign up for Extended Coverage at account opening, or simply contact us through any one of the following channels:
- Visit a local branch
- Call us at (877) 803-4810
- Download & mail us a completed Overdraft Privilege Extended Coverage Consent Form
Of course, you can always discontinue Overdraft Privilege in its entirety, 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 discontinue, call us at (877) 803-4810 and press option 0.
|Another deposit account you have with us||$10 per transfer|
|Synovus Bank credit card for cash advance6||Subject to card fees + interest|
|Synovus Bank Line of Credit (LOC)6||Subject to LOC fees + interest|
|Overdraft Protection may help prevent overdrafts by automatically transferring funds to your checking account from another account, a credit card cash advance, or line of credit you have with us.|
Link your checking account to another Synovus deposit account, credit card, or line of credit through Overdraft Protection. This service applies to most checking account transactions and may help prevent overdrafts by automatically transferring funds to your checking account from one of the sources listed in the chart above.
Don’t have a savings account yet? Visit your local branch to meet with a banker and discuss what account options are best for you.
Managing Your Money
- Good account management is the best way to avoid unexpected overdrafts. Use My Synovus digital banking to keep track of your spending on the go. You can check your balance, set up low balance alerts, or easily transfer funds between your accounts.
- Linking another account or a line of credit with Overdraft Protection could be a less expensive option to cover unexpected overdrafts. A single funds transfer will result in one funds transfer fee and may provide the overdraft coverage you need, as opposed to multiple overdraft fees per transaction.
- Even if you have Overdraft Protection, Overdraft Privilege (Standard or Extended Coverage) provides secondary support if your other funding source is exhausted. You can use both types of overdraft coverage on your account.
- Synovus Budget Checking is an alternative account that does not offer overdraft coverage, but limits transactions that could overdraw your account based on your available balance (returns/declines ACH and some debit card transactions when funds are not available). This account features a low monthly fee8, and waived NSF 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.
What is an overdraft?
An overdraft occurs when you don’t have enough money in your account to cover a transaction such as a debit card purchase, bill payment, or check, but we pay it for you anyway. If you have an overdraft, there is a $36 overdraft fee per transactions ($29 for military accounts).
Without overdraft coverage, the transaction may be declined or returned unpaid at our discretion. If an item such as a check is returned unpaid, we will charge you a $36 non-sufficient funds fee ($29 for military accounts) per item.
How do I get Overdraft Privilege?
Every eligible checking account automatically has Overdraft Privilege - Standard Coverage. For new checking accounts, you will receive 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 limit of $100, $250, or $500, depending on account type and eligibility criteria.
If you want us to authorize and pay overdrafts caused by ATM and everday debit card transactions, then you will need to enroll in Overdraft Privilege - Extended Coverage by notifying us through one of the methods listed above.
What if I don’t want Overdraft Privilege?
You can unenroll from Overdraft Privilege - Extended Coverage at any time through the channels above. Without coverage, these overdraft transactions will not be paid, and your account could be charged a $36 non-sufficient funds fee ($29 for military accounts) for each returned item.
To discontinue Overdraft Privilege in its entirety (including Standard Coverage), call us at (877) 803-4810 and press 0 to speak to a Customer Care agent. Any overdrafts may be declined at the point of purchase or returned unpaid to the payee (unless you have Overdraft Protection available to cover the transactions), and your account may be charged a $36 non-sufficient funds fee ($29 for military accounts) for each returned item.
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 7 or more 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 or $174 for military accounts) 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.
- Our Order of Payment, which explains the order in which transactions are posted to your account, is provided below, in your Schedule of Fees and Charges, and on the back of your monthly statement. Overdraft coverage options are available on our website or through your banker or Customer Care. In addition, if you are eligible for or enrolled in our overdraft privilege program you will periodically receive a description of options for covering unexpected overdrafts, which contains more information regarding how items are deducted from your account balance, how you can prevent overdrafts from occurring, and how to prevent items from being declined for payment due to your account being overdrawn.
- 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. However, exceptions will occur. Holds on funds (described below) and the order in which transactions are paid may impact the total amount of overdraft 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).
- An overdraft can occur when one or more debit items (for example: check, ATM, debit card, etc.) attempts to clear your account in an amount that exceeds the Available Balance of your deposit account. “Available Balance” is calculated by taking the prior business day’s ending Ledger Balance and subtracting funds being held to cover pending transactions. A pending transaction is a transaction the bank is aware of but has not yet cleared your account and might include must-pay debit card transactions or deposits made to your account for which funds have not yet been collected. “Ledger Balance” is typically the balance from the close of the previous business day. Neither Ledger Balance nor Available Balance reflects any transactions the bank does not know about such as checks written but not yet received by the bank.
- 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 or rescind your access to Overdraft Privilege 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.