Insufficient Funds to Cover a Debit Card Purchase? We've Got This.
What you need to know about overdrafts and overdraft fees
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:
- We have standard overdraft practices that come with your account.
- We also offer overdraft protection plans, such as a link to another account or a consumer overdraft line of credit, which may be less costly than our standard overdraft practices.
To learn more about these plans, please call us at (401) 348-1200 or (800) 475-2265.
What are the standard overdraft practices that come with my account?
We may authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- Automatic bill payments
We will not authorize and pay overdrafts for the following types of transactions unless you ask us to:
- Everyday debit card point of sale transactions.
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 debit/ATM card transaction will be declined.
What fees will I be charged if Washington Trust pays my overdraft?
Overdraft Fees will be charged as follows:
- No fee for transactions less than or equal to $4.99 that overdraw the account
- $25.00 fee for transactions between $5.00 and $34.99 that overdraw the account
- $35.00 fee for transactions $35.00 and greater that overdraw the account
We will not charge more than $175.00 in total overdraft fees on a daily basis.
Depositor and each Authorized Signatory will continue to be liable, jointly, and severally, for all overdrafts and fee amounts, as described in the Deposit Account and Disclosure Agreement. The total (negative) balance, including all fees and charges, is due and payable upon demand.
Extended Overdraft Coverage
What if I want Washington Trust to authorize and pay overdrafts on my everyday debit card point of sale transactions?
If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions submit an online secure form OR download PDF form to print and mail.
You can revoke your authorization for Washington Trust to pay these overdrafts at any time by any of the above methods. Your revocation must include both your name and account number so that we can properly identify your account.