Overdraft Protection FAQs

As further described in the Terms and Conditions of Your Account, when the dollar amount of one or more items exceeds the applicable available balance of your account, at our discretion and without notice to you, we may pay or return some or all of the items.  If we pay such items, payment will result in a negative available balance on your account and create an overdraft. The “available balance” means the amount of money in your account that you can use, withdraw, or transfer. The available balance may increase or decrease throughout the day based on the account activity. Any holds associated with your account reduce the available balance. Additional information regarding your available balance (and how you can obtain the available balance of your account) and how we apply the available balance for purposes of overdrafts and returned items is provided in the Terms and Conditions of Your Account. If we pay the item presented to us even though the item exceeds the applicable available balance of your account, you may be charged a “Paid Item/Overdraft Fee.” If we return the item presented to us without paying it and the returned item was intended to compensate a third party (e.g., a store, your landlord, or the phone company), the third party may charge you a fee for the returned item. In addition to any fees charged by third parties, for business accounts, we may also charge a “Return Item/Insufficient Funds Fee.”

There are certain fees for overdrafts and returned items that may apply to your account (Please note: These fees apply to all accounts, whether or not the account is eligible for or qualifies for one or both Overdraft Privileges).

If we pay an item that results in an overdraft on your account based on the applicable available balance (including a second or subsequent request for payment), we may charge a Paid Item/Overdraft Fee of $36.00 per occurrence. However, the following exceptions apply:

• We generally will not charge a Paid Item/Overdraft Fee for an item that results in an available balance that is negative by $5.00 or less.
• For consumer accounts only, we will not charge Paid Item/Overdraft Fees for overdrafts caused by ATM withdrawals or point-of-sale (non-recurring) debit card transactions if you have not opted into our Additional Overdraft Privilege program, which is optional.
• We will not charge a Paid Item/Overdraft Fee for ATM or point-of-sale (non-recurring) debit card transactions if the available balance at the time of the transaction was sufficient to cover the authorized amount.

There is no limit on the number of Paid Item/Overdraft Fees that we may charge you per day.

If we return an item that would have resulted in an overdraft on your account had the item been paid during our posting process (including a second or subsequent request for payment), you may be charged a fee by the party that presented the item for payment. Additionally, for business accounts, we may also charge a Return Item/Insufficient Funds Fee of $36.00 per occurrence. For business accounts, we may charge Return Item/Insufficient Funds Fees for returned items even if your account is not eligible for, does not qualify for, or you have opted out of, our Standard Overdraft Privilege, and there is no limit on the number of Return Item/Insufficient Funds Fees that we may charge you per day.

These tips and tools can help you keep track of the money in your account to help you avoid overdrafts and returned items.  Remember that even following these tips will not necessarily avoid all overdrafts, returned items, and related charges and fees.

• Use the convenient tools Simmons Bank offers to help you keep informed about your deposit account and your available balance.  Among those tools are Online Banking, Mobile Banking, our automated phone system, the balance inquiry feature at ATMs, and our low balance email and text alerts. (Please note that the order in which items are displayed in your account history may not be the order in which these transactions posted to your account.  Also remember that not all funds in your account may be available for immediate withdrawal or other use.)
• Keep your checkbook register up to date and calculate the amount you have left in your account after each transaction.  (Remember to anticipate and record any recurring automatic bill payments.  Promptly, adjust your account register if you receive a notice of any returned deposited item.  Don’t forget to deduct any fees and charges, including for overdrafts.  Reconcile your account register to your monthly statement or Online Banking or Mobile Banking statement and promptly notify Simmons Bank of any errors or unauthorized transactions.)  
• Consider keeping additional funds in your account as a cushion, and use direct deposit.
• Debit card transactions at some merchants (e.g., gas stations and hotels, particularly those where the PIN is not used) may result in temporary authorization holds, which may exceed the final transaction amount.  This reduces your available balance.
• After depositing funds in your account, wait at least an extra business day before you attempt to use those funds.
• Information is power!  If you would also like credit counseling information, there are a variety of organizations (including nonprofit organizations) that provide readily available information.

Simmons Bank offers Overdraft Protection Transfer Services that link your deposit account to a funding account, such as a savings account, money market account, or a line of credit.   If you sign up for our Overdraft Protection Transfer Services, we will automatically transfer available funds from your funding account in the event that you do not have a sufficient available balance in your deposit account to cover an item.  All Simmons Bank loan products are subject to credit approval and will include interest charges and may include other fees.

For eligible accounts, we offer two types of Overdraft Privileges: a Standard Overdraft Privilege and an Additional Overdraft Privilege. 

Standard Overdraft Privilege: With our Standard Overdraft Privilege, we will generally pay (subject to our sole and absolute discretion) items except ATM withdrawals and point-of-sale (non-recurring) debit card transactions that overdraw your account up to the overdraft limit. The Standard Overdraft Privilege is provided to all qualifying accounts unless you choose to decline it. (Additional information about qualification for overdraft privileges and information on how to decline this privilege is in the Overdraft Privilege Disclosure.)

Additional Overdraft Privilege: With our Additional Overdraft Privilege, we will generally pay (subject to our sole and absolute discretion) ATM withdrawals and point-of-sale (non-recurring) debit card transactions that overdraw your account up to the overdraft limit. The Additional Overdraft Privilege is not provided unless your account qualifies for, and you have not opted out of, the Standard Overdraft Privilege. For consumer accounts only, the Additional Overdraft Privilege will not be provided unless you also affirmatively opt-in by providing your consent.

Note: For the avoidance of doubt, we may also exercise our sole and absolute discretion under the Terms and Conditions of Your Account to authorize and pay overdrafts. We may exercise this discretion to pay overdrafts even if your account is not eligible for, or does not qualify for, an Overdraft Privilege, or even if an item exceeds any available overdraft limit associated with an Overdraft Privilege.