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Overdraft Privilege

 
At times, unanticipated expenses or unforeseen problems can leave you with too little cash in your checking account. Having a check returned due to insufficient funds can be a costly, inconvenient and potentially embarrassing experience.  At Diamond Bank, we do not encourage overdrafts. As always, we encourage you to manage your finances responsibly. However, we want to save you from the additional merchant fees and possible damage to your credit history that might result if a check is returned. That's why we provide Overdraft Privilege, a special overdraft service for our customers. 
 
What is Overdraft Privilege?
This is a discretionary overdraft service requiring no action on your part that provides you a safety net up to an automatically assigned overdraft limit. Your Overdraft Privilege limit may be available for checks and other transactions made using your checking account number or automatic bill payment and recurring debit card payment; and for business accounts only, ATM and everyday debit card transactions. For all other personal accounts, at your request, we may authorize and pay ATM transfers or withdrawals and everyday debit card purchases using your limit. 
 
How does Overdraft Privilege work?*
As long as you maintain your account in "good standing", we may approve your overdraft items within your current available limit as a non-contractual courtesy. For overdraft privilege consideration, your account is in "good standing" if you (1) deposit enough money to bring your account to a positive end-of-day balance at least once every 30 calendar days (including the payment of all bank fees and charges); (2) avoid excessive overdrafts suggesting the use of Overdraft Privilege as a continuing line of credit; and (3) there are no legal orders, levies or liens against your account.  
Please note that the amount of the overdraft plus our NSF Paid Item Charge of $29.50 for each item will be deducted from your overdraft limit. If the item is returned, the NSF Returned Item Charge of $29.50 will be deducted from your account. No interest will be charged on the overdraft balance. 
*Refer to the customer overdraft policy for additional details. 
 
What if I go beyond my Overdraft Privilege limit? 
Overdrafts above and beyond your established limit may result in checks or other items being returned to the payee. The NSF Returned Item Charge of $29.50 will be charged per item and assessed to your account. An OD/NSF notice will be sent to notify you of items paid and/or returned. 
 
What does Overdraft Privilege cost? 
There is no additional cost associated with this privilege unless you use it. You will be charged our NSF Paid Item Charge of $29.50 for each overdrawn item created by a traditional paper-based check, a teller withdrawal, an automatic payment (ACH) transaction, or a recurring debit card payment; and for business accounts only, ATM and everyday debit card transactions. Also, for personal accounts only, if you have requested us to do so, we may authorize and cover ATM transfers or withdrawals and everyday debit card purchases. Your available balance may be affected by authorizations which could create additional overdrafts and associated fees. 
For example, three paid items in one day will result in $88.50 in NSF Paid Item charges. To help you manage your account, the total fees you have paid for items (both paid and returned) during the current month and for the year-to-date will be reflected on your monthly checking statement. 
 
What is my Overdraft Privilege limit? If I have two checking accounts, can I get Overdraft Privilege on both? 
Locate your account type below and make note of the corresponding limit. If you have multiple accounts for your household or business, you may have a limit on all eligible accounts.
Checking Account Type Overdraft Privilege Limit
Diamond Checking $500
Diamond Interest Checking $500
Diamond Platinum $500
DiamondBack $500
Diamond Secure
$500
Diamond Business Checking $1,000
Diamond Business Interest Checking $1,000
How quickly must I repay my Overdraft Privilege? 
You should make every attempt to bring your account to a positive end-of-day balance as soon as possible, and must do so within 30 calendar days. If you are not able to do so, you will receive a letter from Diamond Bank informing you that your Overdraft Privilege limit has been suspended and additional items will be returned. If you limit is suspended, unless we notify you otherwise or your request this service be removed from your account, your limit will be made available to cover overdrafts again the first business day after you bring your accounts to a positive end-of-day balance. 
 
What are some of the ways I can access my Overdraft Privilege limit? Will my limit be reflected in the balance I receive? 
The chart below shows the different ways you can access your Overdraft Privilege limit and indicates whether or not this limit will be reflected in the balance provided.
Access Points Overdraft Privilege Available? Balance Reflects My Overdraft Privilege Limit?
Teller Yes No
Writing A Check Yes N/A
Debit Card (Recurring) Yes N/A
Debit Card (Everyday) No** N/A
ATM Withdrawal No** No
ACH-Auto Debit Yes N/A
Online Banking Yes No
Bill Pay Yes N/A
Telephone Banking Yes No
**With the exception of business accounts, Overdraft Privilege service will be made available for ATM or everyday debit card transactions upon your request. Call (877) 213-2265 or visit your local Diamond Bank branch to arrange for your ATM and debit card coverage.

What if I am having trouble repaying my Overdraft Privilege or use it frequently? 
Please contact us at (877) 213-2265 if you: (1) do not believe you will be able to bring your account to a positive end-of-day balance within the required time period; (2) find that you are using Overdraft Privilege more often than you intend; or (3) do not understand why your account becomes overdrawn. We would like to discuss your situation with you. 
Following regulatory guidance, we will contact you if you are paying multiple NSF Fees (i.e., more than six fees in a rolling 12-month period), to discuss possible alternatives to Overdraft Privilege that may better meet your short term credit needs. In the event you ask us to stop contacting you because you have determined Overdraft Privilege is appropriate for your needs, we will honor your wishes. However, if we identify that the number and frequency of overdrafts increases materially for an extended period of time at some point after that, we may contact you again to ensure Overdraft Privilege is still the most appropriate option available to you for covering your short term credit needs. 
 
Click here for the Overdraft Privilege Customer Policy.