.png)
Customer Policy
There are several ways your account can become overdrawn, such as (1) payment of checks, electronic funds transfers or other withdrawal requests; (2) payments authorized by you (i.e. debit card at point of sale); (3) return of unpaid items deposited by you; (4) bank service charges; or (5) deposit of items which, according to the bank's Funds Availability Policy, are treated as not yet available.
While we are not obligated to pay any item presented for payment if your account does not contain enough funds, as long as you maintain your account in "good standing," we may approve your overdraft items within your unused Overdraft Privilege limit as a non-contractual courtesy. For Overdraft Privilege consideration, your account is in "good standing" if you (1) make sufficient deposits 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) have no legal orders, levies or liens against your account.
In the normal course of business, we generally pay electronic transactions first and then checks in serial number order, per the bank's policy; however, checks are often converted to electronic transactions which may post to your account more quickly; affecting the order in which they post. In addition, we post incoming transactions in batch mode, so checks and other debits may post before deposits and other credits. If there are insufficient funds in your account at the time a transaction posts, you will be charged for each item paid. We reserve the right to change the order of payment without notice to you. Also, the order we pay your items may create multiple overdrafts and you will be charged an Overdraft Fee of $30 for each overdraft item paid. OakStar Bank will limit the number of Overdraft or Insufficient Funds Fees assessed to five (5) fees per day. Any item that creates an overdrawn balance of less than $5.00 in a checking account will not be assessed a fee.
We may refuse to pay an overdraft item at any time even though we may have previously paid overdrafts for you. You will be charged an Insufficient Funds Fee of $30 for each item returned. Returned items may be presented for payment by the payee or their financial institution multiple times, which may result in multiple Insufficient Funds Fees. We will notify you promptly of any non-sufficient fund items paid or returned; however, we have no obligation to notify you before we pay or return any item. The amount of any overdraft including our Overdraft Fee of $30 and/or an Insufficient Funds Fee of $30 is due and payable upon demand even if we do not ask you for payment. You must repay us no later than 30 calendar days after the creation of the overdraft. If there is more than one owner on the account, each owner and agent, shall be jointly and severally liable for all overdrafts including all fees charged.
For new accounts, we will advise you 30 or more days after your account is opened that you may use the Overdraft Privilege service. This is provided you have maintained satisfactory activity in the account, including making regular deposits, consistent with our internal standards for the account type for which the Overdraft Privilege is offered. With your consent, we may authorize ATM transfers or withdrawals and everyday debit card purchases by using your available balance and your Overdraft Privilege limit. Your balance at the time these transactions post will determine the overdraft status and the assessment of fees. Other transactions initiated by you, or a delay in processing authorized transactions by the merchant, may result in previously authorized transactions posting against an insufficient balance. An Overdraft Fee of $30 will be charged for each ATM or everyday debit card transaction that posts against insufficient funds. So as not to exceed your limit, please remember that the amount of the overdraft plus the Overdraft Fee of $30 for each item will be deducted from the Overdraft Privilege limit.
For business accounts, ATM and debit card transactions will be handled as described above with no action required on your part.
Multiple paid items will result in multiple fees. For example, three paid items in one day will result in $90 in Overdraft Fees. Total fees for both paid and returned items during the current month and for year-to-date will be reflected on your monthly account statement.
You may opt-out of the privilege at any time, but you are responsible for any overdrawn balance at the time of opting out. Normally, we will not approve an overdraft in excess of the predetermined limit assigned to your account. If you would like to have this service removed from your account, please contact us at (417) 447-0535.
Overdraft Privilege is not to be viewed as an encouragement to overdraw your account. In order to avoid fees, manage your account responsibly by tracking your daily activity and reconcile regularly.
LIMITATIONS: Overdraft Privilege is a non-contractual courtesy that is available to individually/jointly owned accounts in good standing for personal use. OakStar Bank reserves the right to limit participation to one account per household and to suspend, revoke, or discontinue this service without prior notice. If your limit is suspended, unless we notify you otherwise or you 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 account to a positive end-of-day balance.