Overdraft Privilege/Savings Link

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Life happens! Peoples Bank understands that unexpected overdrafts occur from time to time – Overdraft Coverage can help.


Overdraft Coverage Options

The choice is yours. Consider these ways to cover overdrafts:

Service Cost
Overdraft Protection Savings1 $2 fee per transfer
Overdraft Privilege $29 Overdraft Fee per item

1Call us at (870) 234-5777, email us at award@pbmag.com, or come by a branch to sign up for this service.

Overdraft Protection through our Savings Link service applies to all transactions and may help prevent overdrafts by automatically transferring funds to your checking account from another account you may have at Peoples Bank for a fee. Please note that Savings Link will not be used to authorize debit card transactions.

Overdraft Privilege allows you to overdraw your account up to your overdraft limit for a fee in order to pay a transaction.

Transactions Covered with Overdraft Privilege Standard Coverage (No action required) Extended Coverage (Your consent required)* If you would like to select Extended Coverage for future transactions:

· call us at (870) 234-5777

· visit any branch

· click HERE to download a consent form and mail it to us at ATTN: Alisa Ward, P.O. Box 340 Magnolia, AR 71754 or

·  e-mail us at award@pbmag.com

Checks X X
ACH – Automatic Debits X X
Recurring Debit Card Payments X X
Online Bill Pay Items X X
Internet Banking Transfers X X
Telephone Banking X X
Teller Window Transactions X X
ATM Transactions X*
Everyday Debit Card Transactions X*


*If you choose Extended Coverage, ATM withdrawals and everyday debit card transactions will be included with the transactions listed under Standard Coverage.

You can discontinue the Overdraft Privilege in its entirety by contacting us at (870) 234-5777 or sending us an e-mail at customerservice@pbmag.com.


 What Else You Should Know

  • Linking your account to another account could be a less expensive option than occurring an overdraft charge. A single larger overdraft will result in just one fee, as opposed to multiple smaller overdrafts. Good account management is the best way to avoid overdrafts. Use our mobile banking, internet banking, debit card alerts, and telephone banking services to keep track of your balance. For additional financial education resources, please visit www.mymoney.gov.
  • The $29 Overdraft Fee is the same fee amount that is charged if a check is returned as if multiple items overdraw your account on the same day, each item will be assessed an appropriate Overdraft Fee or an NSF Charge-Returned Item fee of $29. All fees and charges will be included as part of the Overdraft Privilege limit amount. Your account may become overdrawn in excess of the Overdraft Privilege limit amount as a result of a fee.
  • There is a limit of 5 Overdraft Fees ($145) per day we will charge consumer accounts; this limitation does not apply to businesses. We will not charge an Overdraft Fee if an account is overdrawn by $5.00 or less or if the amount of the item is $5.00 or less.
  • Effective 3/20/2017, we will post in the following order: 1) credits (smallest to largest dollar amount), 2) ATM and debit card transactions (based on time stamp order), 3) ACH debits (lowest to highest dollar amount), 4) checks (check number order).
  • Although under payment system rules, Peoples Bank may be obligated to pay some unauthorized debit card transactions, Peoples Bank will not authorize debit card or ATM transactions unless there are available funds (including Overdraft Coverage Options) to cover the transactions and any fee(s).
  • Giving us your consent to pay every day debit card and ATM overdrafts may result in you incurring Overdraft Fees for transactions that we would otherwise be required to pay without assessing an Overdraft. However, this would allow us to authorize transactions up to the amount of your Overdraft Privilege limit and may also help you avoid overdrafts in excess of your available funds that could result in restriction of your debit card.
  • Peoples Bank authorizes and pays transactions using the available balance in your account. The available balance is comprised of the ledger balance (collected funds) less any debit card holds, and does not include any deposited funds on hold. Peoples Bank may place a hold on deposited funds in accordance with our Deposit Account Agreement and Disclosure. If the funds in the available balance are not sufficient to cover a transaction, the amount of the Overdraft Privilege limit may be used to authorize and pay a transaction.
  • Please be aware that the Overdraft Privilege amount is not included in your balance provided through online or mobile banking.
  • Peoples Bank will place a hold on your account for any authorized debit card transaction until the transaction settles (usually within two business days) or as permitted by the payment system. In some cases, the hold may exceed the amount of the transaction. When the hold ends, the funds will be added to the available balance in your account. If your account is overdrawn after the held funds are added to the available balance and the transaction is posted to the available balance, an Overdraft Fee may be assessed.
  • Except as described in this letter, Peoples Bank may not pay items if your account does not contain available funds (including the Overdraft Privilege limit) to cover the item(s) and the amount of any fee(s).
  • We may restrict your debit card use if you incur overdrafts in excess of the available funds in your account, including any Overdraft Privilege. If your debit card is suspended, you will be unable to use your debit card for purchases or to access your account at the ATM, and if you use your debit card for recurring payments, e.g., utilities, you are responsible to make other arrangements for your recurring debit payment(s).
  • Overdraft Privilege is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any time without prior notification.
  • Overdraft Privilege may be discontinued if you(r): 1) are past due more than 30 days on any loan or other obligation to us, 2) fail to make at least $300 in deposits every 32-day period, 3) account becomes subject to any legal or administrative order or levy, 4) are in bankruptcy, 5) fail to maintain your account in good standing by not bringing your account to a positive balance within 32 days for a minimum of one business day, or 6) have a current outstanding balance in an Overdraft Repayment
  • Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in the Deposit Account Agreement and the total (negative) balance, including all fees and charges, is due and payable upon demand.

If you have any questions about Overdraft Protection or Overdraft Privilege, please call us at (870) 234-5777 or visit a branch.