Independent Bank

What you need to know about Overdrafts and Overdraft Fees


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.

What are 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.

What Fees will I be charged if Independent Bank pays my overdraft?


Under our standard overdraft practices:

  • A $36 fee will be charged to you each time we pay an overdraft
  • The maximum amount of NSF/Overdraft fees that will be charged to your account is $180 per day
  • If your account remains overdrawn for longer than 14 business days, a $15 fee will be charged on the 15th business day the account remains overdrawn.
  • No overdraft fees will be assessed if your account is overdrawn by less than $5

What if I want Independent Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions?


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.




I want Independent Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions.

Please list the specific personal checking account numbers below for which you would like Independent Bank to authorize and pay overdrafts on ATM and everyday debit card transactions. This change in overdraft practice does not apply to business checking accounts.

Account Number*:

I do not want Independent Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions.

Name* (or if printed, signature): _________________________
Today¡¦s Date


* indicates a required field


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You can also complete the Overdraft Service Opt-In Form by

  Stopping by any of our convenient branch locations

  Calling 901-844-0400 ext 298

  Faxing a completed form to 901-322-7016


The banking regulations, related to the processing of your ATM and everyday Debit card transactions, will be effective
August 15th, 2010

Independent Bank

6/20/2018
Today's Date