Overdraft Protection

Overdraft protection gives you a financial safety net in case you conduct a transaction and funds are not immediately available in your account to cover that transaction. Restrictions on availability apply, so be sure you ask for more details.

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 New Generations pays it anyway. New Generations can cover your overdrafts in two different ways:

  • New Generations has an Overdraft Review Process that comes with your account
  • New Generations offers Overdraft Protection Options, such as a link to a New Generations share (savings) account, which may be less expensive than our Overdraft Privilege process. To learn more, ask us about these plans.

What is the Overdraft Privilege Program that Comes With My Account?

New Generations does authorize and pay overdrafts for the following types of transactions:

  • Checks and other transactions made using your checking account number (such as ACH)
  • Automatic bill payments

New Generations does not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):

  • ATM transactions
  • Everyday debit card transactions (also known as one-time debit card transactions)

New Generations 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 New Generations pays my overdraft?

Under New Generations’ Overdraft Review Process:

  • New Generations will charge you a fee of $37.00 each time we pay an overdraft on your behalf
  • There is no limit on the total fees we can charge you for overdrawing your account

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

If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions, please come into one of our convenient area locations (links to Branch Hours and Locations page) to authorize this change to your account.

What else should I know about overdrafts?

If you use overdraft protection more than once or twice per year, you may want to talk to us about a more effective and affordable means for managing short-term expenses. Overdraft protection is not meant to be a regularly-used product, and you may save money in the long-term by utilizing another one of our products, such as one of our MasterCard credit cards.

Please call (804) 359-8754 and select option 4 for more details about Overdraft Protection features and eligibility requirements.