Overdraft Grace Period
We’re built for the unexpected.
Things happen. We get it, and we’re here to help with Overdraft Grace Period. Overdraft Grace Period gives you more time to avoid an overdraft fee. When your account becomes overdrawn, you won’t be charged an overdraft fee as long as you make a deposit that brings your Available Balance to zero or greater before 7:00 p.m. on the second business day.
What does it apply to?
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We charge a fee when your account is overdrawn.
Overdraft Grace Period gives you extra time to make a deposit that will bring your Available Balance to $0 or greater, avoiding the overdraft fee.
Here’s an example of how Overdraft Grace Period works. For this example:
- Your opening account balance is $75.
- A transaction takes place for $90.
- Your new account balance would be -15.
With Overdraft Grace Period, what happens next depends on whether or not you make a deposit that brings your Available Balance to $0 or greater before 7:00 p.m. on the second business day following the transaction. Here's what may happen:
| If you make a deposit that brings your Available Balance to $0 or greater before 7:00 p.m. on the second business day: | If you don’t make a deposit that brings your Available Balance to $0 or greater before 7:00 p.m. on the second business day: |
|---|---|
|
Opening account balance:
$75
|
Opening account balance:
$75
|
| Commerce pays transaction:
$90
|
Commerce pays transaction:
$90
|
| New account balance:
-$15
|
New account balance:
-$15
|
| Deposit amount:
$15
|
Deposit amount:
$0
|
| New account balance:
$0
|
Overdraft fee amount:
$36
|
| Overdraft fee amount:
$0
|
New account balance:
-$51
|
How do I get it?
You don't need to sign up for Overdraft Grace Period. It automatically applies to all personal checking accounts not covered by one of our Account Overdraft Services.How can I avoid overdrafts?
You should monitor your Available Balance using the Commerce Bank Mobile App link opens to a Commerce page, Online Banking link opens to a Commerce page, the Account Information Line or a Commerce ATM link opens to a Commerce page. You’ll also need to keep track of any transactions you’ve made that the bank doesn’t know about yet, such as checks you’ve written or recurring payments that you’ve scheduled to come out of your account. We recommend signing up for text or email Alerts in Online Banking, to help you keep track of what’s going on in your account.Frequently asked questions
When does my deposit have to be made?
Before 7:00 p.m. on the second business day after the day your account is overdrawn.What days are business days?
Monday through Friday, excluding federal holidays. Saturdays, Sundays and federal holidays are not business days. If your account becomes overdrawn on Friday, you have until 7:00 p.m. Tuesday to make a deposit. If Monday is a federal holiday, you’ll have until 7:00 p.m. on Wednesday. If your account is overdrawn on a Tuesday, you’ll have until 7:00 p.m. Thursday to make a deposit.What types of deposits count?
Any deposit that adds funds to your account to bring your Available Balance to $0 or greater before 7:00 p.m. on the second business day after your account is overdrawn. That could be a deposit of cash or a valid check, or an electronic transfer of funds from another Commerce account. Check deposits made using the Commerce Bank Mobile App and electronic transfers from accounts at other banks may not post in time to keep you from having an overdraft fee.Where can I make a deposit?
You can deposit a check at a Commerce Bank branch link opens to a Commerce page or ATM link opens to a Commerce page, or transfer funds from another Commerce account using Online Banking link opens to a Commerce page or Mobile Banking link opens to a Commerce page. Please be aware that check deposits made using our Commerce Bank Mobile App and electronic transfers from accounts at other banks may not post in time to keep you from having an overdraft fee.Do all deposits get credited to my account immediately?
No. Items deposited using our Mobile Banking app may not be credited immediately. Electronic transfers from accounts at other banks may not post in time to keep you from having an overdraft fee.Will a hold against my account impact my balance?
No, holds are not considered when calculating whether or not you will be charged an overdraft fee.How do I know what my balance is?
You can find out your Available Balance any time through Online Banking link opens to a Commerce page and Mobile Banking link opens to a Commerce page, our automated account line at 800‐453‐2265 or by checking your balance at an ATM. We recommend you also sign up for email and text Alerts that will let you know if your balance goes below an amount that you specify. You can set up Alerts by logging into Online Banking and go to “Alerts” under “Customer Service.”Does Overdraft Grace Period prevent my account from being overdrawn?
No, Overdraft Grace Period only gives you time to make a deposit and avoid an overdraft fee after your account becomes overdrawn.How much do I need to deposit to avoid an overdraft fee?
You must bring your account’s negative Available Balance to $0 or greater before 7:00 p.m. on the second business day after your account becomes overdrawn.What transactions do I need to cover?
Keep in mind that, in addition to your negative balance at the end of the day your account becomes overdrawn, you’ll need to cover any additional transactions made before the second business day that may reduce your account balance further. Here’s an example:- On Monday, your balance is $50 and you make a transaction for $60. This results in an overdraft: a balance of -$10.
- On Tuesday, you make another transaction for $15, resulting a balance of -$25.
- In order to avoid being charged a fee for Monday’s overdraft, you’ll need to deposit at least $25 (to cover your -$10 starting balance and your additional $15 transaction and bring your balance to $0) before 7:00 p.m. on Wednesday.
