What you need to know about overdrafts

Digital Banking Services

With online banking, you can manage your finances and help prevent overdrafts. Check account balances, transfer money between accounts, pay and receive your bills electronically, and more. Online banking is FREE with any Washington Trust account.

• Email Alerts: Set up weekly notifications for high and low balance thresholds, cleared checks, maturity dates, loan payment due dates, personal reminders, and periodic balances.
• MobiMoney: MobiMoney is the mobile app with card controls – to keep your money safe! You can turn your Washington Trust debit card on or off with a single touch!
• Bank to Bank Transfer: Transfer funds to and from your Washington Trust accounts, and to and from accounts you have with any financial institutions in the United States¹ – banks, credit unions, and most brokerage accounts
• Online Banking: Managing your money is simple with Washington Trust Online Banking. Take care of your banking anytime from the convenience of your computer.
• Money Management Tool: Do you know where your money went today? The answer is yes, if you have Washington Trust's Money Management to help with that. See where you are spending and how you can save.
• Mobile Banking: Get fast and free access² to your finances. It’s a secure way to check account balances, transactions, deposit checks, pay bills, transfer funds, access rewards, and more!

Savings Transfer Overdraft Protection (STOP)

Savings Transfer Overdraft Protection (STOP) links your checking account to a statement savings or money market account to provide funds to automatically cover checking account overdrafts.

• $20.00 annual fee
• Annual fee waived for Freedom Plus and Ultra Checking account holders
• $8.00 fee for each transfer under STOP
• Contact our Customer Solutions Center for more information.

Consumer Overdraft Line of Credit

Our Consumer Overdraft Line of Credit, Credit Reserve, provides overdraft protection to your personal checking account through a line of credit that is available when you need it. A routine credit approval is all that is required to establish your Credit Reserve account.

How to access your Credit Reserve

If a transaction causes your available account balance to drop below $0, Washington Trust will automatically transfer the needed funds into your account, up to your Credit Reserve limit.

Payment Options

If you owe a balance at the time of your regular statement date, an automatic minimum payment will be deducted from your checking account. At any time, you may repay any or all of your Credit Reserve balance without penalty.

• Minimum $1,000 limit; maximum $5,000 limit
• Minimum payment of 5% of the outstanding balance at the statement ending date or $25, whichever is greater
• Payments can be made by mail, online banking, telephone transfer, ATM, or at any branch

Interest Rates and Fees

• 18% Annual Percentage Rate (APR)
• Overdraft Fee/Returned Item Fee in excess of approved limit 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
• $5.00 late charge if deposit to cover minimum payment is not made within 21 days of the statement ending date

Effective February 1, 2023:

• The $25 annual fee on Consumer Credit Line Accounts (Credit Reserve) has be eliminated regardless of your checking account type.
• The $25 minimum finance charge for Consumer Credit Line Accounts (Credit Reserve) is no longer required.
• Finance Charges on Consumer Credit Line Account (Credit Reserve) will be assessed on the unpaid principal balance(s) of Your Account for the period such balance is outstanding. Balance(s) change each time advances are made, payments are made, or credits given. The Finance Charge begins to accrue on the date of each advance and there is no grace period.
• The $1 monthly fee for Checking Overdraft Protection has been eliminated.