Discretionary Overdraft Payment (“ODP”) Service
With Peoples Bank’s ODP service, you can protect yourself from the inconvenience of declined transactions and the additional fees normally charged to you by merchants for items returned. With our standard ODP service, if you inadvertently overdraw your account, we may cover your overdrafts up to a certain amount. ODP is not a line of credit; it is a complimentary service we are pleased to offer our customers. At our discretion, we may authorize the payment of items that could result in an overdraft to your account.
An additional overdraft payment option is to set up a link between another Peoples Bank account and your Peoples Bank checking account. This service provides for available funds from another Peoples Bank deposit account to be transferred automatically to your checking account, guarding you against unexpected cash flow shortages.
Our ODP service will charge your account a $27.50 per-item fee for overdrafts created by check, in-person withdrawal, ATM withdrawal, or other electronic means. If you do not restore your overdrawn account to a positive balance within 30 days, your participation in the service may be terminated. Whether your overdrafts will be paid is discretionary and we reserve the right not to pay. For example, we typically do not pay overdrafts if your account is not in good standing, or you are not making regular deposits, or you have too many overdrafts