Overdraft Protection and Overdraft Privilege

Overdraft Protection and Overdraft Privilege

Life happens! With our busy lives, it’s easy to make mistakes such as forgetting to deposit a check, make a transfer, or deduct your last debit charge from your balance. A simple error or balance miscalculation can lead to an unexpected shortage of funds. We understand that unexpected overdrafts occur from time to time. Our Overdraft Protection and Overdraft Privilege can help!




Additional Information

Overdraft Protection Link1: transfer from another deposit account you have at SENB Bank1

$15 per fee transfer

Overdraft Protection Line of Credit 1,2 Subject to interest Subject to credit approval
Overdraft Privilege1: Available with Standard Coverage or Extended Coverage (See chart below)

$34 overdraft fee per item

$34 fee assesses on every seven calendar days overdrawn.

Allows you to overdraw your account up to a disclosed limit to pay transactions.

1You can sign up by calling us at (309) 757-0700, emailing custserv@senb.com or stopping by any of our banking centers

2Subject to credit approval

To sign up, call us at (309) 757-0700, email custserv@senb.com or stop by any of our banking centers today!

Even if you have Overdraft Protection, Overdraft Privilege is still available as secondary coverage if the other Protection source is exhausted.  Please review the “What Else You Should Know” section on this page for other important information.

Overdraft Privilege – Transactions Covered

Standard Coverage (No action required)

Extended Coverage (Your consent required on consumer accounts)*

If you would like to select Extended Coverage for future transactions:

  • Call us at (309) 757-0700
  • Complete the online consent form by clicking here
  • Visit any SENB Banking Center
  • Complete a consent form and mail it to: 3535 Avenue of the Cities, Moline, IL  61265 or
  • email us at custserv@senb.com
ACH – Automatic Debits
Recurring Debit Card payments
Online Bill Pay items
Online Banking transfers
Teller window transactions
ATM withdrawals  
Everyday Debit Card transactions  

 *If you chose Extended Coverage on your consumer account, ATM withdrawals and everyday debit card transactions will be included with the transactions listed under Standard Coverage.  If you already have Extended Overdraft Privilege Coverage it is not necessary to request it again.  Business Accounts automatically have Extended Coverage.

You can discontinue the Overdraft Privilege in its entirety by contacting us at (309) 757-0700 or sending us an email at custserv@senb.com.

What Else You Should Know (consent form)

  • A link to another account or a line of credit may be a less expensive option than an overdraft.  A single larger overdraft will result in just one fee, as opposed to multiple smaller overdrafts.  Good account management is the best way to avoid overdrafts.  Use our Mobile Banking, Online Banking and Telephone Banking services to keep track of your balance.  For additional financial education resources, please visit www.mymoney.gov.
  • The $34 Overdraft Fee is the same fee amount that is charged if a check is returned as unpaid.  If multiple items overdraw your account on the same day, each item will be assessed an appropriate Overdraft Fee or a Return Item fee of $34.  All fees and charges will be included as part of the Overdraft Privilege limit amount.  Your account may become overdrawn more than the Overdraft Privilege limit amount because of a fee.
  • If your account balance remains overdrawn for longer than 7 Calendar days, we will charge your account an additional Overdraft Fee of $34 for every 7 Calendar days the account remains overdrawn beginning with day 7.
  • For consumer accounts, there is a limit of 6 Overdraft Fees ($204) per day we will charge.  We will not charge an Overdraft Fee if a consumer account is overdrawn by $5 or less.  These exceptions do not apply to business accounts.
  • Our general policy is to post items throughout the day and to post credits before debits.  Paper checks and ACH are posted in the order in which the items are received, while ATM, debit card transactions and all other transactions are posted in time stamp order.  However, because of the many ways we allow you to access your account, the posting order of individual items may differ from these general policies.  Holds on funds (described herein) and the order in which transactions are posted may impact the total amount of Overdraft Fees or Return Item Fees assessed.
  • Although under payment system rules, SENB Bank may be obligated to pay some unauthorized debit card transactions, SENB Bank will not authorize debit or ATM transactions unless there are available funds (including Overdraft Coverage options) to cover the transactions and any fee(s).
  • Giving us your consent to pay everyday debit card and ATM overdrafts on your consumer account (Extended Coverage) may result in you incurring Overdraft Fees for transactions that we would otherwise be required to pay without assessing an Overdraft Fee.  However, this would allow us to authorize transactions up to the amount of your Overdraft Privilege limit and may also help you avoid overdrafts in excess of your available balance that could result in suspension of your debit card.  If you consent to Extended Coverage on your consumer account, it will remain on your account until you otherwise withdraw it.
  • SENB Bank authorizes and pays transactions using the available balance in  your account.  SENB Bank may place a hold on deposited funds in accordance with our Deposit Account Agreement and Disclosure, which will reduce the amount in your available balance.  The available balance for checks, ACH items, and recurring debit card transactions is comprised of the ledger balance, less any holds on deposited funds and any debit card holds, plus the amount of the Overdraft Privilege limit and any available Overdraft Protection.  The available balance for ATM and everyday debit card transactions on accounts with Standard Coverage is the ledger balance, less any holds on deposited funds and any debit card holds, plus any available Overdraft Protection, but does NOT include the Overdraft Privilege Limit.  For accounts with Extended Coverage, the Overdraft Privilege Limit is included in the available balance for authorizing ATM and everyday debit card transactions.
  • Please be aware that the Overdraft Privilege amount is not included in your available balance provided through Online Banking, Mobile Banking or SENB Bank’s ATMs.
  • SENB Bank will place a hold on your account for any authorized debit card transaction until the transaction settles (usually within two business days) or as permitted by payment system rules.  In some cases, the hold may exceed the amount of the transaction.  When the hold ends, the funds will be added to the available balance in your account.  If your account is overdrawn after the held funds are added to the available balance and the transaction is posted to the available balance, an Overdraft Fee may be assessed.
  • Except as described herein, SENB Bank will not pay items if your account does not contain available funds (including the Overdraft Privilege limit) to cover the item(s) and the amount of any fee(s).
  • SENB Bank may suspend your debit card if you incur overdrafts in excess of the available balance in your account, including any Overdraft Privilege limit (as described herein).  Debit cards on your account will remain suspended until you make sufficient deposits so that your available balance, taking into account any Overdraft Privilege limit, is positive and then you contact us.
  • SENB Bank may also suspend your debit card if your account is overdrawn more than 32 consecutive calendar days.  Debit cards on your account will remain suspended until you make sufficient deposits so that your account balance is positive.
  • SENB Bank may also suspend your debit card if we are unable to contact you due to an incorrect mailing address or phone number(s).  You must contact us with your correct mailing address and/or phone number(s) to have your debit card reinstated.
  • If your debit card is suspended, you will be unable to use your debit card for purchases or to access your account at the ATM, and if you use your debit card for recurring payments, e.g., utilities, you are responsible to make other arrangements for your recurring debit payment(s).
  • New consumer and Business Checking accounts will receive a $100 introductory Overdraft Privilege limit at account opening that will be increased to $800 after 35 days in good standing for consumer accounts or to $1,500 after 60 days in good standing for business accounts.
  • An overdraft Privilege limit of $800 will be granted to eligible Consumer Checking accounts opened at least 35 days in good standing.
  • An Overdraft Privilege limit of $1,500 will be granted to eligible Business Checking accounts opened at least 60 days in good standing.
  • Overdraft Privilege is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any time without prior notice.
  • Overdraft Privilege may be discontinued if you default on any loan or other obligation to us, your account becomes subject to any legal or administrative order or levy, or if you fail to maintain your account in good standing by not bringing your account to a positive balance within 32 days for a minimum of one business day.  You must bring your account balance positive for at least one business day to have Overdraft Privilege reinstated.
  • Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in the Deposit Account Agreement and Disclosure.  The total (negative) balance, including all fees and charges, is due and payable upon demand.

If you have any questions about Overdraft Protection or Overdraft Privilege, please call us at (309) 757-0700 or visit a Banking Center 

Complete Overdraft Coverage Disclosure