An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We use your available balance to determine whether you have enough money in your account to pay an item when it is presented for payment. If your available balance is insufficient to pay an item when it is processed and posted in the order set forth in the Personal Deposit Account Agreement, we may, in our sole discretion, pay the item (creating an overdraft) or return the item unpaid (NSF). If you overdraw your account, you must immediately pay all fees, overdrafts and other amounts you owe us.
Avoiding Overdrafts and Fees
You can avoid fees for overdrafts by making sure you always maintain a sufficient available balance* to cover all of your transactions. Your available balance may change during the course of a day as debit transactions and deposits are made. You can actively monitor your account, check your available balance, and track your spending with these tools:
• Use our mobile app or online banking
• Use any Eastern Bank ATM
• Call us 24/7 at 1-800-EASTERN (327-8376)
• Sign up for Debit Alerts in online banking
*The available balance we disclose to you may not include all of your transactions, such as checks you have written that have not yet cleared or upcoming automatic payments. It is your responsibility to keep track of your available balance as you conduct transactions in order to avoid overdrafts and fees. Click here for more information.
We also offer alternative overdraft protection plans.
• Automatic Balance Protection – You may request to link your checking account to another of your Eastern Bank accounts to automatically transfer the amount needed to cover checks or other withdrawals that would overdraw your checking account. One transfer is made per day to cover the amount of all transactions that exceed your checking account’s available balance. To link your checking to another Eastern Bank account, call 1-800-EASTERN (327-8376) or visit a branch. For information regarding applicable fees click here.
• Cash Reserve Line of Credit – You may apply for a line of credit that will automatically lend you the amount you need to cover checks or other withdrawals that would overdraw your checking account, up to the amount of your approved credit limit. Funds borrowed from the line are subject to interest charges. One transfer is made per day to cover all transactions that exceed your checking account’s available balance. Information about applicable interest rates, fees, terms and conditions, and applications for a Cash Reserve Line of Credit, are available at any branch or by clicking here.
These alternative protection plans may be less expensive than our Standard Overdraft Coverage or ATM/Debit Card Overdraft Coverage. Note that even if your account has been approved for an overdraft protection plan, you may still incur Overdraft or NSF Fees if you exceed your checking account’s available balance and lack sufficient funds in your linked account or on the line of credit to cover the overdraft items.
At Eastern Bank, we want to make it easy for you to understand the Bank’s checking account services and the fees that may apply to your account. Please review this disclosure carefully to learn more about our overdraft services and to help you avoid Overdraft Fees and Returned Item (NSF) Fees.
OVERDRAFT SERVICES FOR YOUR CHECKING ACCOUNT
Eastern Bank offers discretionary overdraft coverage for checking accounts. If your account is eligible, we will consider paying debit (withdrawal) transactions that exceed your available balance, instead of automatically declining those transactions or returning them unpaid. Our overdraft coverage is a discretionary service; the Bank is not obligated to pay any item that exceeds your available balance and may cease paying overdrafts at any time without prior notice of reason or cause.
Standard Overdraft Coverage allows us to authorize and pay overdrafts for checks, other debit transactions made using your checking account number (e.g. ACH debit transactions), and automatic bill payments. Accounts are eligible for Standard Overdraft Coverage after 30 days of being opened. Accounts remain eligible as long as they are brought to a positive balance within 10 days of an overdraft, and do not incur 75 or more Overdraft and/or NSF fees in any 12-month rolling period. We typically do not authorize or pay items that will overdraw your available balance by more than $500, although we may elect to exceed that limit.
ATM/Debit Card Overdraft Coverage: We do not authorize and pay overdrafts for ATM or everyday debit card transactions for your personal checking account unless you have expressly requested us to do so (opted into). (see our What You Need to Know about Overdrafts and Overdraft Fees Form). If you do not opt into ATM/Debit Card Overdraft Coverage, we will decline any ATM or everyday debit card transaction that exceeds your available balance.
You may cancel Standard Overdraft Coverage at any time. You may also revoke your consent (opt in) for ATM/Debit Card Overdraft Coverage without removing overdraft services for other transaction types. Visit an Eastern Bank branch, call 1-800-EASTERN (327-8376), or visit us online at easternbank.com/overdraftelection for more information.
As part of our commitment to helping you make informed decisions, below is additional information to assist you in managing your account with respect to overdrafts.
Download the PDF: FDIC Guide to Preventing and Managing Overdraft Fees
Download the PDF: Eastern Bank's Consumer Overdraft Services and Fees
Download the PDF: Personal Deposit Account Agreement
Download the PDF: Personal Deposit Account Fees Disclosure