Overdraft Disclosure

Overdraft and Nonsufficient Funds (NSF) Fees Disclosure

The following information is being provided to help you understand what happens if your account is overdrawn.  An overdraft occurs when there is not enough money in your account to cover/pay a transaction or item when it is submitted for payment at our financial institution.

The categories of transactions for which an overdraft fee or NSF fee may be imposed are any of the following:

  • Check
  • In-person withdrawal
  • ATM withdrawal
  • Bank-imposed fee
  • ACH debit
  • Debit card transactions
  • Point-of-sale transactions
  • Online banking transactions
  • Mobile banking transactions

Your account will be charged an Overdraft Item Fee, NSF Fee, Returned Item Fee, or Overdraft Privilege Fee (OD Privilege Fee) for each item that creates an overdraft balance, including any re-presentment of a previously returned item that continues to create an overdraft.

Please be aware that a returned item or returned transaction may be presented multiple times and that Farmers State Bank does not monitor or control the number of times an item or transaction is presented for payment.  This means that a single item drawn on your account may incur more than one NSF/Return Item Fee if it is re-presented and continues to create or increase an overdraft.

The charges are as follows:

Overdraft Item Fee: $30 per item                

Returned Item Fee: $30 per item, per presentment, including re-presentments of previously returned items

OD Privilege Fee: $30 per item

Daily Negative Balance Fee: $5.25 per day beginning on the 7th consecutive calendar day the account is overdrawn

The maximum number of daily overdraft charges is limited to eight (8) items paid.  Overdraft/NSF items that overdraw your total account balance at the end of the processing day by less than $10.00 will not assess any NSF/Overdraft fee. 

Beginning on the 7th consecutive calendar day your account is overdrawn, the daily negative balance fee will be assessed for each day your account remains overdrawn.  There is no limit to the amount of daily negative balance fees that may be assessed.  If your account has a negative balance, this per day fee will be added to the negative balance owed.

Farmers State Bank’s Payment of Overdrafts:
The decision to pay or honor withdrawals that overdraw your account continues to be at the discretion of Farmers State Bank.  For consumer accounts, we will not charge fees for overdrafts caused by ATM withdrawals or one-time debit card transactions if you have not opted-in to that service.

Transaction Clearing Order:
The payments you authorize against your account may not be presented to us in the order in which you authorized them.  The order in which they are presented to us for payment may affect the amount of overdraft/return item fees you incur.  Electronic transactions (Point of Sale debit card transactions, ATM withdrawals, ACH items, etc.) are posted first, followed by checks which are posted in the order they are presented to the bank to be paid.

Customer Repayment of Overdrafts:
If your account has had no deposit activity within a 60-day period and has a negative balance, Farmers State Bank may close your account.  To bring your account to a positive balance, you simply deposit the appropriate amount into your checking account.

Updates to Contact Information:
Anytime your contact information changes, please notify us to make arrangements for updating your mailing address, physical address, email address or any contact telephone numbers we have on file to avoid any interruptions in receiving mail or notifications from us.

We encourage you to avoid overdrafts whenever possible by managing your account responsibly. To closely monitor your account balance, we suggest you consider the following services offered by Farmers State Bank:

  • Online Banking-enroll online at farmersstatebankky.com or visit your local FSB location and inquire with any customer service representatives
  • FSBank@Go-Mobile banking app
  • Brella-Mobile app for accounts with debit cards; balance alerts available
  • Text Banking-addition to online banking service with balance inquiry
  • ABBI Telephone Banking-Balance and transaction inquiry

As always thank you for choosing us to meet your banking needs, give us a call at 606-593-5151 or 606-464-2626 anytime!

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