Link your Old Glory Bank personal Freedom Spending or Premium checking account to one of your Freedom Savings accounts to use available funds to cover any overdrafts.
Savings-Linked Overdraft Protection is an optional service that helps our customers avoid overdrafts. An overdraft occurs when there is not enough money in your account to pay for a purchase or payment that you make from the account.
After your Old Glory Bank personal accounts are open, you may choose to opt-in to this service by calling Customer Service at 44OldGlory (888-446-5345), assuming you have previously opted-in for Overdraft Security. Once opted-in for Savings-Linked Overdraft Protection, your Freedom Savings Account will be linked to each Freedom Spending or Premium Checking account you select. You must be an owner of both the Freedom Spending or Premium Checking account and Savings account which you are requesting to be linked. If you have a joint account, both accounts must have the same signers.
In the event your Freedom Spending or Premium Checking account has an insufficient balance to pay for a transaction, including a debit transaction, check, or electronic bill payment, funds will be automatically transferred from your linked Savings account to cover the transaction each night. The amount transferred will be the exact amount of the overdraft, which may be from multiple transactions that day.
If more than one transaction occurs on a given day which causes the Freedom Spending or Premium Checking account to be overdrawn, one automatic transfer will be made to cover all of the shortfall. For example, if you have 4 transactions for $10 each presented on the same day, all of which cause your account to be overdrawn, Old Glory Bank will make one $40 transfer from your savings account to cover all 4 transactions.
In the event your Savings account does not have adequate funds to cover the total amount of the overdraft in your Freedom Spending or Premium Checking account, no transfer will occur, and the overdraft will remain on your Freedom Spending or Premium Checking account. This may mean that the transactions presented will be declined or returned, and overdraft fees may apply.
For each monthly statement cycle, Old Glory Bank will waive the fee for the first two savings-linked overdraft protection transfers from Savings into Freedom Spending or Premium Checking. After these first two savings-linked overdraft transfers of more than ten dollars ($10.00), a $5 fee will be charged for each additional transfer per monthly statement cycle (assuming your Savings account has sufficient funds to accommodate such transfer). This fee may be assessed against any of your accounts.
Full Terms and Conditions of our Overdraft Security options are included within our Terms and Conditions (see “What You Need to Know About Overdrafts and Overdraft Fees”), linked below. Customers may only opt-in to Savings-Linked Overdraft Protection after your account has been fully opened.
IMPORTANT: Customers who have opted-in to our Overdraft Security have authorized Old Glory Bank to pay overdrafts on everyday debit card transactions. These accounts have an Overdraft Security limit of $25.00, which may be included in the account’s Available Balance, after the account has been open for at least 60 days and the account remains in good standing. For accounts over 150 days in good standing, customers may request up to $250.00 overdraft security which would also be included in the account’s Available Balance.
Click here to read more about Current vs Available Balance.
Old Glory Bank’s Overdraft Security program allows Old Glory Bank, at the bank’s discretion, to approve a debit transaction in excess of your available funds, up to the applicable amount of overdraft security protection. In the case of a transaction that causes your freedom spending or premium checking account balance to become negative, the amount in excess of your available funds, not including any overdraft security amount, will be automatically transferred from your linked Savings account if you have opted-in.
Follow the steps below to set up Savings-Linked Overdraft Protection.
- Call our Customer Service center at 888-446-5345 (available Monday through Saturday, 8 a.m. to 8 p.m. Central Time). They will need to validate your identity for security purposes, and will ask for the last 4 digits of the accounts you wish to link.
- Once we receive your request, please allow 2-3 business days for your Savings-Linked Overdraft Protection link to be established. You will receive an email confirmation when the link is established.
- You may opt-out of the service at any time by calling our Customer Service line at 888-446-5345. We are available Monday through Saturday, 8 a.m. to 8 p.m. Central Time.
Please note:
- Old Glory Bank Business accounts may not be used to cover overdrafts on Personal accounts, or vice versa. Only personal Freedom Savings accounts may be linked to personal Freedom Spending or Premium Checking accounts.
- Customers who wish to link more than one Freedom Spending or Premium Checking account to a single Savings account should complete the above opt-in form for each link. The customer must be an account owner on all accounts to be linked.
- Freedom Spending or Premium Checking account 1, jointly owned by Sue and her husband Sam
- Freedom Spending or Premium Checking account 2, jointly owned by Sue and daughter Sarah
- Savings account A, jointly owned by Sue and Sam
- Sue would complete two opt-in forms – one to link Freedom Spending Account 1 or Premium Checking account 1 to Savings account A, and another to link Freedom Spending account 2 or Premium Checking account 2 to Savings account A
- Only one Savings account may be linked as a protecting account to a single Freedom Spending or Premium Checking account. Customers may not link multiple Savings accounts to a single Freedom Spending or Premium Checking account.
- Only Savings accounts may be linked as protecting accounts. Customers may not link one Freedom Spending or Premium Checking account to another Freedom Spending or Premium Checking account.
Link to Old Glory Bank Terms and Conditions