It is the policy of 1st Source Bank (hereafter known as "Bank") to comply with all applicable laws and regulations and to conduct business in accordance with applicable safety and soundness standards.
The Agreement for Deposit Accounts controls the duties, obligations and rights of the Depositor, the Authorized Signatories and the Bank with regard to your checking account. The Agreement for Deposit Accounts is incorporated herein for all purposes as if it were set forth verbatim, and its terms shall control any possible conflict, if any, between any provision of this Overdraft Policy and the Agreement for Deposit Accounts.
The Bank is not obligated to pay any item presented for payment if your account does not contain sufficient collected (available) funds. Any payment by the Bank of a non-sufficient fund check or checks (or other item) does not obligate the bank to pay an additional or subsequent non-sufficient fund check or item. Additionally, we are not obligated to provide prior written notice of a decision to refuse to pay any additional non-sufficient check or item.
Pursuant to the Bank's commitment to always provide excellent customer service, if a consumer account (primarily used for personal or household expenses) has been open for at least 90 days and your account is in good standing, the Bank may consider approving overdrafts up to a reasonable amount. Any and all bank fees and charges, including without limitation, the non-sufficient fund/overdraft fees (as set forth in our fee schedule and our Deposit Account Agreement) will be included in this reasonable amount.
The fee for overdrafts is $36 per item. In addition, in an effort to deter subsequent and long-term overdrafts, if your account is overdrawn for 7 or more consecutive business days, we will charge an additional $7 per day.
The total of the overdraft (negative) balance, including any and all bank fees and charges, including all non-sufficient fund/overdraft fees, is due and payable upon demand, and Depositor and each Authorized Signatory will continue to be liable for such amounts, as described in the Agreement for Deposit Accounts.
Again, approval of reasonable overdrafts by the Bank on consumer accounts in good standing as described above is only a courtesy and not a right or obligation and is within the Bank's sole discretion and can cease at any time without prior written notice or reason or cause. Credit agencies may be notified if overdrafts are not paid.