What You Need to Know about Overdrafts and Overdraft Fees


New Federal Banking regulations will impact all consumers. These regulations give each consumer a choice on how to manage their accounts.

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. Old Point can cover your overdrafts in two different ways:

  1. We have standard overdraft practices that come with your account.
  2. We also offer overdraft protection plans, such as a link to a savings account, which may be less expensive than our standard overdraft practices.  In addition, we also offer an Overdraft Line of Credit which requires an application and credit approval. Once activated, the line of credit will provide overdraft protection by automatically transferring advances against the line into your checking account in increments of $100.  Interest will be charged on the amount outstanding on the line.  To learn more, ask us about these plans.

This notice explains our standard overdraft practices.


What are the standard overdraft practices that come with my account?

Unless you request this specific overdraft coverage service, banks will not be allowed to pay overdrafts and assess a fee for:

  • ATM transactions
  • Everyday debit card transactions

Your request allows Old Point to consider paying the overdraft for which you will incur a fee. This is your choice. If you do not request this service by completing the form below, or if Old Point chooses not to authorize the overdraft, your transaction will be declined.

Your ability to overdraw your account will be limited to:

  • Checks and other transactions made using your checking account number
  • Automatic bill payments

Old Point pays overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.

If we do not authorize and pay an overdraft, your transaction will be declined.


What fees will I be charged if Old Point pays my overdraft?

Under our standard overdraft practices:

  • We will charge you a fee of up to $30 each time we pay an overdraft.
  • The daily maximum is $150.

By completing the following form, I consent to have Old Point National Bank authorize and pay overdrafts on my ATM and everyday debit card (check card) transactions.