Overdraft Protection Options
Choose the overdraft coverage that is right for you: standard, extended, or no coverage at all.
Overdraft Protection - our standard overdraft service - gives you a limited reserve to pay overdrafts that may occur from items such as checks, ACH/automatic payments and recurring debit transactions (such as automatic payments for subscriptions, dues, utility bills, etc.), and in-person transactions. Overdraft Protection does NOT cover ATM or everyday debit card transactions. If the amount of an ATM and everyday debit card transaction exceeds your available balance, it may be declined. There is no charge to have Overdraft Protection on your account unless you use the service. If you do not overdraw your account, you will never be charged an overdraft fee.
To have access to this standard Overdraft Protection service, no action is necessary. Clients who qualify for this service will be notified by mail approximately 35 to 40 days after opening their account. Once you receive the notice, you can decide to keep the service or cancel it.
Overdraft Protection with Extended Coverage - adds coverage to include the payment of ATM and everyday Debit Card transactions. If you provide your consent, you may elect to extend your coverage to have these types of transactions paid when funds are unavailable in your account. Your transactions will be paid up to the amount of your Overdraft Protection standard coverage limit. If you want Overdraft Protection with Extended Coverage, you may tell us anytime.
For more information, please read What You Need to Know About Overdrafts and Overdraft Fees.
- To choose to extend your overdraft coverage to include ATM and everyday debit card transactions. Just give us your consent: Call our automated line at 877-907-1717
- Log into your account through Online Banking
- Visit one of our branch locations and speak with a banker
- Mail the completed “What You Need to Know About Overdrafts and Overdraft Fees” form to FIRST MIDWEST BANK, OVERDRAFT SERVICES, P.O. BOX 580, JOLIET, IL 60434
If you do not choose to extend coverage, your ATM and everyday debit card transactions will be declined if you do not have available funds in your account.
No Coverage – You can remove Overdraft Protection and Overdraft Protection with Extended Coverage entirely at any time. This means that if your checks or ACH items exceed the available balance in your account, they will be returned to the payee and you may be charged additional fees by the merchant for items returned as insufficient. If you try to use your ATM or debit card and the amount of the transaction is more than your available balance, your transaction may be declined.
Please read on to learn more about the Consumer Discretionary Overdraft Protection Policy which explains the limitations of these services.
What fees will I be charged if First Midwest Bank pays my overdraft?
- We charge an overdraft item fee of $36 each time we pay an overdraft (with a limit of five (5) overdraft items per account in one day). We will not charge an overdraft fee for items paid in a processing day if your account is overdrawn by $5 or less at the end of that day. There is a limit of $180 per day on the total overdraft item fees we can charge you for overdrawing your account.
- Also, if your account remains overdrawn for seven consecutive calendar days, regardless of the dollar amount overdrawn, we will charge you a Continuous Overdraft Fee of $32, which will be charged to your account on the first Business Day following each such seven-consecutive day period that your account remains overdrawn.
Ways to Check Your Balance
We offer the following free services that allow you to check your balance before you pay a bill or make a purchase. Knowing your available balance can help you avoid overdraft and related fees.
- Sign up for account alerts through First Midwest Bank Online Banking
- Use the First Midwest Bank Mobile App
- Log into First Midwest Bank Online Banking
- Use your First Midwest Bank ATM or debit card at any First Midwest Bank ATM
- Call our Customer Care Center at 800-322-3623
We also offer overdraft service options, such as a link to a savings account, or line of credit (subject to credit approval) which may be less expensive than our standard overdraft practices. First Midwest Bank pays items as disclosed in your Retail Account Agreement and Disclosure in section 4 titled "Overdrafts and Returned Items, Transaction Processing Order, and When Fees are Charged."
Consumer Discretionary Overdraft Protection Policy
It is the policy of First Midwest Bank to comply with all applicable laws and regulations and to conduct business in accordance with applicable safety and soundness standards.
The Retail Account Agreement and Disclosure provided to you at the time you opened your account with us, as amended, controls the duties, obligations and rights of you, your authorized users and First Midwest Bank with regard to your checking, savings and/or money market accounts. If there is any conflict between the Retail Account Agreement and Disclosure and any provision of this Consumer Discretionary Overdraft Protection Policy, the Retail Account Agreement and Disclosure controls. A copy of the Retail Account Agreement and Disclosure is available to you on request from your First Midwest Personal Banker.
Overdraft Protection is not a line of credit. However, if you inadvertently overdraw your account, we will have the discretion to pay the overdraft and the amount of the Overdraft fee, subject to the maximum limit of your Overdraft Protection. First Midwest Bank is not obligated to pay any item presented for payment if your account does not contain sufficient available funds. Any discretionary payment by First Midwest Bank of an overdraft item does not obligate First Midwest Bank to pay any other overdraft item, or to provide prior notice of its decision to refuse to pay such item. For example, we typically do not pay overdrafts if your account is not in good standing, or you are not making regular deposits.
Pursuant to First Midwest Bank’s commitment to always provide you with the best level of service, now and in the future, First Midwest Bank will have the discretion to pay overdrafts within the Overdraft Protection limits, if your consumer account (primarily used for personal, family and household purposes) has been open for at least thirty (30) calendar days, and you maintain your account and each of your other First Midwest Bank accounts in good standing. “Good standing” means, at a minimum, you:
A) Bring your account to a positive balance for a minimum of one business day within each thirty (30) calendar day period; and
B) Are not in default on any loan or other obligation to First Midwest Bank.
This Overdraft Protection for consumer checking, savings, and money market accounts will generally be limited to a maximum of $500 overdraft (negative) balance. Any and all fees and charges, including without limitation the Overdraft and Returned Item Fees, will be included in the overdraft amount. Your overdraft amount may exceed the Overdraft Protection amount as a result of the assessment of a fee.
The total overdraft amount, including any and all fees and charges, is due and payable upon demand, and you and your authorized users will continue to be liable, jointly and severally, for all such amounts, as described in the Retail Account Agreement and Disclosure. Our standard Overdraft item fee of $36 will be imposed for overdrafts created by checks, drafts, in-person withdrawals or transfers, preauthorized electronic funds transfers, ACH transactions, telephone transfers, automatic loan payments, online banking transactions or other means, each an "item". We will not charge you an overdraft item fee if your account is overdrawn by $5 or less. And, we will not charge you for more than 5 overdraft items (per account) in one day. If your account remains overdrawn for seven (7) calendar days, regardless of the dollar amount overdrawn, we will charge a Continuous Overdraft Fee of $32, which will be applied to your account on the first Business Day following each such seven consecutive day period your account remains overdrawn. Transactions may not be paid in the order in which they occurred, or were received or authorized by us, and the order in which transactions are paid may impact the total number of overdrafts and the amount of fees incurred. First Midwest Bank pays items as disclosed in your Retail Account Agreement and Disclosure in section 4 titled "Overdrafts and Returned Items, Transaction Processing Order, and When Fees Are Charged." However, we reserve the right to change this order at any time. Balances at an ATM or other point of inquiry will not include your Overdraft Protection amount; however items may be paid in excess of the balance provided, creating an overdraft.
While First Midwest Bank will have the discretion to pay overdrafts on accounts in good standing (as described above), any such payment is a discretionary courtesy, and not your right or an obligation of First Midwest Bank.
First Midwest Bank in its sole and absolute discretion, can cease paying overdrafts without reason or cause at any time without prior notice.
For our consumer clients, First Midwest Bank will not authorize overdrafts for Card purchase transactions unless First Midwest Bank has provided you with the notice required by Regulation E and you have elected to extend your Overdraft Protection coverage to include payment of these overdrafts. First Midwest Bank will place a hold on your account for any Card purchase transaction authorized until the transaction is paid. This hold will reduce your available balance and reduce or eliminate your account balance available to pay for other items we receive for payment. Card purchase transactions usually are paid within two business days after the transaction is authorized. The amount of the hold will be for the amount authorized, or as otherwise permitted or required under applicable payment network rules. Holds on authorized Card purchase transactions will be removed prior to payment.
You may contact our Overdraft Services Department at 888.312.6100 for questions or concerns related to Overdraft Protection; to remove Overdraft Protection from your account(s); or to discuss alternative overdraft services that may provide a less expensive means to handle overdrafts.