Overdraft Allowance is an overdraft protection service that gives you peace of mind if you accidentally overdraw your account. Overdraft Allowance gives you the option to write that emergency check or make that withdrawal even if you fear it might overdraw your account. Bank of Kansas will pay, in some cases up to $700.
Bank of Kansas personal customers have Overdraft Allowance tied to their checking accounts.
- Gives you the security of having an overdrawn check covered
- Saves you the embarrassment of having a check returned
- Saves you the merchant returned check fee
- Prevents merchants from banning your check writing privileges due to returned checks
This is a service that Bank of Kansas offers personal checking customers.
- Service is activated 30 days after account opening
- Your account number and features remain the same
- The service is automatic if criteria/terms & conditions* are met
Overdraft Allowance comes with the following personal checking accounts: Preferred ($700 limit), Investor Select ($700 limit), Online Direct ($700 limit), Senior ($400 limit) and Free ($400 limit).
When will Overdraft Allowance Be Activated?
This personal checking account service can be utilized when you:
- Write a check
- Make a POS (point of sale) transaction or purchase**
- Use a PIN (personal identification number) to make a transaction or purchase.
- Withdraw money from an ATM**
**If you want Bank of Kansas to authorize and pay overdrafts on your ATM transactions and everyday CheckCard transactions, you will have to "Opt-in" for this type of coverage. It is no additional charge, we will just need a completed Opt-in form
giving us permission for that authorization.
*Bank of Kansas' Overdraft Allowance Terms & Conditions
Under the Bank of Kansas Overdraft Allowance program, and subject to the limitations in this section, Bank of Kansas may approve and pay overdrafts up to an outstanding limit of $400 for senior checking and free checking and $700 for all other personal checking account types. You agree that approving overdrafts is a discretionary courtesy, and not a right or an ongoing obligation.
Bank of Kansas extends this courtesy provided your account has been open for more than 30 days and is in good standing, which includes at least making regular deposits consistent with your past practices, the account having a positive available balance at least one day during a statement cycle, your not being in default on any loan or obligation to Bank of Kansas, and the account not
being subject to any legal or administrative order or levy.
ALL applicable insufficient fund/overdraft fees will be charged and included in the $400 for senior checking and free checking and $700 limit for all other personal checking accounts. Fees may be triggered by overdrafts created by check, in-person withdrawal, ATM withdrawal, POS or other electronic means. The total of the courtesy overdraft (negative) balance, including any and all bank fees and charges, is due and payable on demand.
Credit reporting agencies may be notified if you do not repay balances due. Bank of Kansas may, at its discretion and at any time, discontinue the Overdraft Allowance program, and declare all balances due and payable.
Refer to a current Bank of Kansas Schedule of Fees & Charges for specific fees related to the Overdraft Allowance program and insufficient funds.
Overdraft Allowance fees:
An overdraft fee of $28.00 is charged on each item paid. Plus a daily fee of $3.25 is charged for each day an account is in overdraft status (five free days per statement cycle.). Fees may be triggered by overdrafts created by check, in-person withdrawal, ATM withdrawal, POS or other electronic means if you choose to "Opt in" (according to Reg. E) with an authorization for Bank of Kansas to pay overdrafts on ATM and everyday debit card transactions. Account must be brought to a positive balance once every thirty days or demand will be made for payment of the negative balance including any overdrafts. Whether your overdrafts will be paid is discretionary and Bank of Kansas reserves the right not to pay. For example, Bank of Kansas typically does not pay overdrafts if your account or any loan with us is not in good standing, or you are not making regular deposits, or your account is subject to any legal or administrative order or levy.
Opting in for ATM and everyday CheckCard transactions means Bank of Kansas may authorize those transactions. If you do choose to have such transactions authorized for overdraft payment, you may REVOKE the agreement at any time. Call 1.866 222.4762 during normal business hours for additional information. Joint owners of the account may revoke the agreement.