An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can
cover your overdrafts in two different ways:
- We have standard overdraft practices that come with your account.
- We also offer overdraft protection plans, such as a link to a savings account,
which may be less expensive than our standard
overdraft practices. To learn more about these plans please contact your personal banker.
This notice explains our standard overdraft practices.
I-Bank DOES Authorize and Pay overdrafts on the following types of transactions:
- Checks and other transactions made using your checking account number
- Automatic bill payment
I-Bank DOES NOT Authorize and Pay overdrafts on the following types of transactions, unless you opt-in below:
- ATM transactions
- Everyday debit card transactions
I-Bank pays overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.
If we do not authorize and pay an overdraft, your transaction will be declined.
If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, fill out the Opt-In form at the bottom of
this page and fax it to us at 901-322-7016 or mail it to us at Independent Bank, Attn: Customer Service, 5050 Poplar Avenue,
Memphis, TN 38157. You can also complete the form online at www.i-bankonline.com/opt-in or complete the form over the phone
by calling us at 901-844-2265 or by calling your branch of account. You can revoke your authorization for Independent Bank to
pay these overdrafts at any time by any of the above methods. Your revocation must include both your name and your account number.
The banking regulations, related to the processing of your ATM and everyday Debit card transactions, will be effective
August 15th, 2010