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Important Information Regarding Everyday Debit Card Point of Sale Transactions

Overdraft

On those rare occasions when there are not enough funds in your account to use your debit card at the supermarket, gas station or your favorite store, we can approve the transaction as a courtesy to you, and advance the funds needed to complete your purchase. However, we are required by law to obtain your “opt-in” permission before we can cover overdrafts incurred by debit card point of sale transactions.

If you opt in: Opting in means your debit card transaction will be covered even if you have insufficient funds in your account. If you would like us to approve and pay overdrafts for everyday Debit Card point of sale purchases, please call us at 401-348-1200 or 800-475-2265, visit your local branch, download a PDF form to print and mail, or complete our online secure form.

If you do not opt-in: If you have insufficient funds in your account, your debit card transaction maybe declined.

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:

  1. We have standard overdraft practices that come with your account.
  2. We also offer overdraft protection plans, such as a link to a savings account or a line of credit, which may be less expensive than our standard overdraft practices. To learn more about these plans, please call us at 401-348-1200 or 800-475-2265.

This notice explains our standard overdraft practices.

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.

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 please click here to submit an online secure form OR download PDF form to print and mail

Reply today!

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