Overdraft Privilege may be available on eligible accounts to approve overdrafts for checks, automatic bill payments, recurring debit card payments and other transactions made using your checking account number. For consumer accounts, at your request, we may authorize and pay ATM and everyday debit card transactions using your overdraft limit. If an overdraft is approved, you may be assessed our Paid Item fee of $16 for each item. All overdrawn balances must be brought positive within 30 calendar days. First Community Bank reserves the right to not pay overdrafts. Overdraft Privilege is a non-contractual, discretionary service and we are not obligated to pay any item presented for payment if your account does not contain sufficient funds.
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:
1. We have standard overdraft practices that come with your account.
2. We also offer overdraft privilege plans, such as a link to another account or a line of credit, which may be less costly than our standard overdraft practices. To learn more, ask us about these plans.
We do authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- Automatic bill payments
We will not authorize and pay overdrafts for the following types of transactions without your consent.
- ATM transactions
- Everyday debit card transactions
We pay 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 First Community Bank pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee of up to $16 each time we pay an overdraft
- We will not charge you a fee if your account is overdrawn by $5 or less on any given day
- There is a limit of $228 per day on the total fees we can charge you for overdrawing your account
What if I want First Community 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, call (800) 971‐4671, visit our website at FirstCommunityBank.com, complete the form and present it at a branch or mail it to: P.O. Box 989, 29 College Drive, Bluefield, VA 24605.
You can revoke your authorization for First Community 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 so that we can properly identify your account.
