Although it is best to avoid overdrawing your account, we recognize that sometimes you would prefer to have your checks and other payments paid rather than returned. Having a payment returned can create uncomfortable situations that many customers would rather avoid. As such, Eastern Bank offers overdraft payment coverage on all our checking accounts. Standard Coverage
For qualified accounts, we will authorize and pay checks that overdraw your account, up to $500, resulting in a $35 overdraft fee per item, up to five fees per day. This account feature is enabled automatically at the bank’s discretion to accounts that have been open for at least 30 days. Once qualified, standard coverage will remain available to you so long as you:
1. Bring your account to a positive balance within 10 calendar days of an overdraft, and
2. Do not overdraw your account more than 75 times in a calendar year.
If, at any time, you decide that you do not want us to pay your overdraft transactions, you may opt out of standard coverage
. ATM/Debit Card Coverage
We will not authorize and pay overdrafts for debit card and ATM transactions unless you instruct us to do so. You may elect ATM/debit card coverage to authorize us to pay debit card purchases and ATM withdrawals that overdraw your account up to $500. You may elect ATM/debit card coverage
at any time. This coverage is available only if the $500 standard coverage is enabled on your account. Overdraft and Return Item Fees
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. There is no fee for the Overdraft Payment service if you don’t use it, but if your account becomes overdrawn by more than $5, you will be subject to an overdraft fee for each item, limited to five fees per day. If we return an item that would cause your account to be overdrawn, your account may be charged a Non-Sufficient Funds Return Item Fee. .