Yes, if your checking account has a monthly fee. All checking account terms still apply.
No. All deposits to your designated SmartSave savings account will be allocated toward your goal(s).
Your savings estimate is based on your checking account’s historical patterns. If the amount being saved does not align with the estimated amount, there could be various reasons including, but not limited to:
SmartSave will validate that your available balance is above a certain balance threshold before scheduling a transfer and will consider any ongoing and recurring commitments such as scheduled payments. However, you may have unexpected payments that cannot be foreseen and may be processed before the SmartSave transfer posts to your account. Therefore, it is possible that your balance could fall below $0, and you become overdrawn and charged overdraft fees. You are responsible for ensuring your checking account has sufficient funds. If you believe a SmartSave transfer caused an overdraft in your checking account, please contact us for a refund by calling 833-643-4125. See the following three questions for information about how to avoid overdrafts and what to do if a SmartSave transfer causes an overdraft fee.
There are many ways to protect your accounts from becoming overdrawn.
You can monitor your account balances using Online Banking and our mobile app. In addition, signing up for Alerts is a great way to stay on top of your accounts. Set up an Alert to notify you by text, email or push notification when your:
Another option is to increase the minimum checking account balance required before allowing a SmartSave transfer. To do this, please visit the SmartSave “Program Management” page → “Set my Preferences” and increase the “Minimum Checking Balance Required to Allow a Transfer”.
In addition, you can also choose to limit the “Maximum Monthly Transfers Amount” while on the same page. This is the maximum total amount that can be transferred from your checking to your designated Commerce Bank savings account in a given month through the SmartSave program.
Overdraft Services are also a great addition for your checking account.
You cannot reverse a SmartSave transfer; however, you can complete an Internal Transfer from your savings account back to your checking account to bring your checking account to a positive balance.
Please note that account limitations apply: