Overdraft Protection
Sometimes things don’t go as planned, and overdrawing your checking account just happens. Our Overdraft Protection will save you from the frustration and hassle of a bounced check or a declined debit card. If you make a purchase larger than your checking account balance, we’ll automatically transfer the necessary funds from your secondary BancorpSouth account to your checking account to cover the overdraft. Signing up is easy and may be done at any BancorpSouth branch, over the phone or through online banking.
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- Avoid the embarrassment of a bounced check
- Eliminate the retailer returned-check charge
- Feel more secure with a backup plan
Features and Benefits
- Have the peace of mind that BancorpSouth will pay a transaction, even though you may currently not have enough funds in your account
- Avoid the embarrassment of a bounced check
- Opt in to cover non-recurring purchases
- Determine your preferred choice of Overdraft Protection for your checking:
- Credit Card Overdraft Protection
- Credit Card Overdraft Protection works by charging your BancorpSouth MasterCard® or Visa® Credit Card for cash advances in the total amount of transactions drawn against your insufficient funds and depositing the amount into your checking account, up to the available cash advance limit on your credit card. All Credit Card Overdraft Protection transactions are subject to the rules and finance charge provisions applicable to cash advances under the Cardholder Agreement.
- Equity Credit Line Overdraft Protection
- Equity Credit Line Overdraft Protection works by issuing a line of credit and charging your credit line in the amounts of the transactions drawn against your insufficient funds, up to the available limit. An Overdraft Equity Credit Line fee and interest charges will be charged to your Equity Credit Line in accordance with the terms of your Equity Credit Line Agreement.
- Checking/Savings Account Overdraft Protection
- Checking/Savings Account Overdraft Protection works by linking your checking account to another one of your BancorpSouth checking or savings accounts. When you overdraft one account, funds will be debited from the linked account in the amount of the transactions drawn against your insufficient funds and deposited into your checking account up to the account’s available amount. A transaction fee will be charged for each transfer.
- Credit Card Overdraft Protection
Please remember that Overdraft Protection is only available if you sign up, and it only covers certain transactions. If you wish to have your ATM/debit transactions covered, you must opt in separately for this feature. Click here to learn more.
Requirements
Overdraft Protection is available when funds are available for transfer from one of the following:
- BancorpSouth checking account
- BancorpSouth savings account
- BancorpSouth line of credit
- BancorpSouth Credit Card
Fees
Overdraft Protection fees:
- BancorpSouth Checking Account: $10 per transfer
- BancorpSouth Savings Account: $10 per transfer
- BancorpSouth Equity Credit Line: $10 per transfer
- BancorpSouth Credit Card:
- 3% of the transfer amount
- Minimum: $10
- Maximum: $60
Credit Card Overdraft Protection
Credit Card Overdraft Protection works by charging your BancorpSouth MasterCard® or Visa® Credit Card for cash advances in the total amount of transactions drawn against your insufficient funds and depositing the amount into your checking account, up to the available cash advance limit on your credit card. All credit card Overdraft Protection transactions are subject to the rules and finance charge provisions applicable to cash advances under the Cardholder Agreement.
Equity Credit Line Overdraft Protection
Equity Credit Line Overdraft Protection works by issuing a line of credit and charging your credit line in the amounts of the transactions drawn against your insufficient funds, up to the available limit. An Overdraft Equity Credit Line fee and interest charges will be charged to your Equity Credit Line in accordance with the terms of your Equity Credit Line agreement.
Checking/Savings Account Overdraft Protection
Checking/Savings Account Overdraft Protection works by linking your checking account to another one of your BancorpSouth checking or savings accounts. When you overdraft one account, funds will be debited from the linked account in the amount of the transactions drawn against your insufficient funds and deposited into your checking account up to the account’s available amount. A transaction fee will be charged for each transfer.
What Is and Isn't Covered by These Changes?
If you do not opt in for Overdraft Payment Service for ATM and everyday debit card transactions, you are still enrolled for the Overdraft Payment Service for any other transaction (i.e. check).
Transactions that will be denied if you do not opt in include:
- "Everyday" Non-recurring Debit Card Transactions - everyday purchases using your Debit Card such as purchases at the gas station or the grocery store
- ATM transactions
Transactions that could still be honored and could overdraw an account by the bank paying the transaction (at its discretion) through the Overdraft Payment service include:
- Check or ACH
- Recurring Debit Card Transactions - auto drafts set up with a third party, such as a cable or satellite payment, that is automatically charged to your Debit Card monthly by the third party.
How Do You Opt In?
- Call Center - call the InfoLine at 1-888-797-7711
- Online - opt in by clicking a link within the Online Banking service
- Branch - opt in at your nearest BancorpSouth location