Overdraft Protection is a standard feature of Diamond Checking Accounts. An overdraft on a checking account occurs when a transaction is posted to your checking account but there is not enough money in your checking account to cover the total amount of the transaction. We call it an “Oops” and it happens to most of us at some point. To assist in these situations, Diamond offers three forms of Overdraft Protection:
Share Overdraft Transfer* – If you choose to designate another account as your transfer account, such as your savings, money is transferred from that account to cover the transaction.
Standard Overdraft Service – If no funds are available to transfer or you have not designated any accounts for Overdraft Transfer, we may at our discretion, authorize and pay the transaction for you.** This service is standard for checks and other transactions made using your checking account number, and automatic bill payments.
Additional Overdraft Service – In order to have the Standard Overdraft Service available to you for ATM and everyday debit card transactions, you must OPT-IN.
When you open your Diamond Checking Account, you will be reminded of these options and you will have the ability to designate accounts for Share Overdraft Transfer and/or you can OPT-IN to the Additional Overdraft Service at that time. There are no fees to OPT-IN and there are no fees if you don’t use this service.
As an added bonus, the first time each year that you use the service, it can be FREE…thanks to Diamond’s exclusive One Oops On Us!™***.
Need more information? Contact a Diamond representative during normal business hours. Locations/Hours