An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway.
We can cover your overdrafts in two different ways:
This notice explains our standard overdraft practices.
What are the standard overdraft practices that come with my account?
We do authorize and pay overdrafts for the following types of transactions:
We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.
If we do not authorize and pay an overdraft, your transaction will be declined.
If use of your Card overdraws your account, you will be notified and you agree to make immediate payment to the Bank of the amount of any such overdraft.
What fees will I be charged if Byline Bank pays my overdraft?
Under our standard overdraft practices:
What if I want Byline Bank to authorize and pay overdrafts on my ATM and everyday Debit Card transactions?
If you want us to authorize and pay overdrafts on ATM and everyday Debit Card transactions you may opt-in to SafetyNet at any of our locations or go to our website at www.bylinebank.com/safety-net-form.
SafetyNet covers ATM and everyday Debit Card transactions that bring your account to the negative up to $250. Your account may become overdrawn in excess of the SafetyNet coverage amount as a result of a fee.
A confirmation letter of your new SafetyNet status will be sent to the address associated with your account.