What is an Overdraft?
An overdraft occurs when a payment or withdrawal from your business checking account exceeds your available balance. This could happen when you're taking out cash at an ATM, making a debit purchase at a store, writing a check, making a bank transfer or paying a bill by pre-authorized payment, such as when using Bill Pay.
Truliant offers four overdraft options so that you can choose what works best for you and your business:
Overdraft options that give you flexibility.
Balance Backup is our standard overdraft protection that comes included with all of our business checking accounts.
What Types of Overdrafts Does Balance Backup Cover?
With Balance Backup, we will strive to cover overdrafts from:1
- Checks you write that are over your available balance
- Recurring transactions, like automatic bill pay and subscription services like QuickBooks or Amazon
- Other transactions made using your checking account or debit card number
- This does not include when the card is swiped, inserted or tapped when making purchases.
How Much Does It Cost to Sign Up for Balance Backup?
Balance Backup overdraft protection does not cost anything to have on your account.
If you were to overdraft, we will charge a $28 service charge each time we cover a transaction and your account does not have the available funds (limit of six service charges per day). The $28 service charge will be waived for any transaction less than $3.00.
How Do I Sign Up for Balance Backup?
A new Business Checking or Basic Business Checking account comes with Balance Backup automatically, so there is nothing you need to do to have this service on your account.
Balance Backup+ is our extended overdraft protection available for all of our business checking accounts. Your business account(s) will automatically include our extended overdraft protection, Balance Backup+.
What Types of Overdrafts Does Balance Backup+ Cover?
With Balance Backup+, we will strive to cover overdrafts from:1
- Everyday ATM and debit card transactions
- Cash withdrawals
- Retail purchases such as fuel or a luncheon
This coverage is an extension of our basic overdraft service, Balance Backup, and also comes automatically with all of our business checking accounts.
How Much Does It Cost to Sign Up for Balance Backup+?
Balance Backup+ extended overdraft protection does not cost anything to have on your account.
If you were to overdraft, we will charge a $28 service charge each time we cover a transaction and your account does not have the available funds (limit of six service charges per day). The $28 service charge will be waived for any transaction less the $3.00.
How Do I Sign Up for Balance Backup+?
Balance Backup+ comes automatically with all of our business checking accounts, so there is nothing you need to do to have this service on your account.
How Do I Opt Out of Balance Backup+?
Visit your nearest branch or give us a call at any time at 800.822.0382 to change overdraft options on specific accounts.
Overdraft Transfer Service
Overdraft Transfer Service is Truliant's most economical overdraft protection. This service allows you to link your business checking account with another Truliant business account, like your business savings account, another business checking account or business line of credit.
When you overdraft your business checking account, Overdraft Transfer Service will automatically move money to your business checking from that linked business account or business line of credit. You may also link multiple accounts to your business checking account for instances when your first linked account does not have enough funds to cover the transaction.
When you become a member, we will link your Business Membership Savings to your Truliant business checking account to protect you from declined transactions in the event you do not have funds in your checking account for a transaction.
What Types of Overdrafts Does Overdraft Transfer Service Cover?
With Overdraft Transfer Service, we will automatically move funds to cover any transaction type that causes your business checking account to overdraft.
How Much Does It Cost to Sign Up for Overdraft Transfer Service?
Overdraft Transfer Service overdraft protection does not cost anything to have on your account.
If you were to overdraft, you will incur a $3 service charge (limit once daily) if we transfer funds from your linked account to your business checking account to cover transactions. To avoid this service charge, you can transfer funds yourself by logging into digital banking and using the 'Move Money' feature prior to 4:00 p.m. ET.
How Do I Sign Up for Overdraft Transfer Service?
To sign up, you must give us a call at 800.822.0382 or stop by a branch to select your linked account(s). Once you have your accounts linked with funds available, Overdraft Transfer Service will be activated on your account.
Declining All Overdraft Protection
You can choose to not have any overdraft protection at any time. This means that when you do not have funds in your account to cover a transaction, we will decline your transaction. While this does remove any service charges you may incur, and we don't charge Non-Sufficient Funds (NSF) fees, you may experience service interruptions, merchant fees and account suspensions.
To choose no overdraft protection, you must give us a call at 800.822.0382, or stop by a local branch and opt out of Balance Backup and Balance Backup+.
Customizing Overdraft Protection
If you choose full coverage with all three services and overdraft your account, Overdraft Transfer Service would activate first. If there are not enough funds in the linked account, we would strive to cover the overdraft with Balance Backup or Balance Backup+, depending on the type of transaction made.