Overdraft Advantage®

Understanding Overdrafts

An overdraft occurs when you do not have enough money in your account to cover a transaction, but Busey pays it on your behalf. We determine if you have enough money in your account to cover a transaction as follows:

We use the "available balance" method to determine whether your account is overdrawn, that is, whether there is enough money in your account to pay for a transaction. Importantly, your "available" balance may not be the same as your account's "actual" balance. This means an overdraft, or an NSF transaction could occur regardless of your account's actual balance.

As the name implies, your available balance is calculated based on the money "available" in your account to make payments. In other words, the available balance takes transactions that have been authorized, but not yet settled, and subtracts them from the actual balance. In addition, when calculating your available balance, any "holds" placed on deposits that have not yet cleared are also subtracted from the actual balance.

We have standard overdraft practices that come with your account. We also offer one or more overdraft protection plans which may be less expensive than our standard overdraft practices, such as the following:

A line of credit

A link to another account

How will this change affect my account or transactions?

Beginning on January 2, 2025, if a debit card or ATM transaction request exceeds your Available Balance (meaning it would cause your account to be overdrawn), the transaction will be declined and you will not be charged. This adjustment applies to automatic recurring debit card payments, as well. 

Why is this change happening?

This change is designed to enhance consumer protection and reduce the risk of overdraft fees. 

How will this impact me if I currently use Busey’s Overdraft Advantage® program?

To prevent an overdraft fee, if a debit card transaction exceeds your available balance, the transaction will be declined instead of overdrawing your account. If we are unable to prevent the transaction from posting and you overdraw your account, you will not be charged an overdraft paid item fee on that transaction.

For convenience, customers currently enrolled in Busey’s ODA program will continue to have overdraft coverage for non-debit card transactions, including checks and ACH transactions. The bank will pay these non-debit card overdrafts for enrolled customer for a $35 per item fee charged each time you overdraw your account. Please note that this change does not affect the amount of the fee assessed when an overdraft is processed.

What are Busey's standard overdraft practices?

We do authorize and pay overdrafts for the following types of transactions:

Checks and other transactions using your checking account number

Automatic Bill Payments

We do not authorize and pay overdrafts for the following types of transactions:

ATM transactions

Debit card 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 transaction will be declined.

What fees will be charged if Busey Bank pays my overdraft?

Under our standard overdraft practices the following fees are imposed:

We charge a fee of $35.00 each time we pay an overdraft

The maximum number of overdraft fees that we can assess is limited to 6 per day

An ACH transaction is an electronic payment directly to/from your bank account. The automated clearinghouse (ACH) system is a nationwide network that depository institutions use to send each other batches of electronic credit and debit transfers. The direct deposit of payroll, social security benefits, and tax refunds are typical examples of ACH credit transfers.

What is my available balance?

Your available balance is calculated based on the money "available" in your account to make payments. In other words, the available balance takes transactions that have been authorized, but not yet settled, and subtracts them from the actual balance. You can view your account’s available balance on your eBank Dashboard. 

Why has my debit card transaction been rejected?

Your transaction can be declined for many reasons, including suspected fraud, limits you have established for your card, or having insufficient funds available. We recently made an update to the Busey Overdraft Advantage^® program. This update means that any transaction made with your debit card that exceeds your Available Balance (meaning it would cause your account to be overdrawn) will be declined. You can review your available balance and transactions in eBank. You can also contact us at Busey to inquire about specific transactions.

What do I need to do to avoid having my transactions rejected due to insufficient funds?

Ensure your withdrawal amount does not exceed your available balance. You can regularly view your transactions and available balance in eBank.

What are my other options?

Busey offers the option to link your savings account to your checking account for balance management. We also offer a variety of lending options. Please contact your local service center or Customer Care to explore the option that best meets your unique needs.

Does Busey offer alternate account types?

Yes, we offer a variety of consumer checking account options, including our Bridge Checking Account, which is designed to be affordable and hassle-free, and comes without overdraft services or fees.

Can I set spending limits for my debit card?

Yes, you can. Follow these easy steps!

Log in to Busey eBank

Select your debit card from the Card Management section on your dashboard

Once you can see your debit card details, select Alerts and Protection

Set up alerts and spending limits from this screen

How can I learn more about managing my finances?

Subscribe to our Budget Breakdown newsletter, with helpful financial planning highlights delivered straight to your inbox. 

Access Financial Pathways, Busey's online learning program about financial topics like budgeting, investing, borrowing money and more! 

Visit Busey's Money Matters blog to learn about timely financial topics like fraud trends and risks, tax time considerations and more.