checking & savings

What you should know about overdraft

What is overdraft?

An overdraft occurs when you do not have enough money in your account to cover a transaction, but Bank of Hawaii will pay it anyway. “Not enough money in your account” means the available balance in your account is not sufficient to cover the transaction(s) even if your current balance would be enough to cover it.

What does Bank of Hawaii do when you overdraft?

When you overdraft, there are two ways we handle it:

  • We follow our standard overdrafts practices that come with your Bank of Hawaii accounts.  See Standard overdraft practice for more details.
  • We also offer overdraft protection plans, for which you may enroll or apply for, such as Overdraft Protection from Savings and Bankoh CoverCheck.

What is our standard overdraft practice?

Standard overdraft practices that come with Bank of Hawaii accounts

We may authorize and pay overdrafts for the following types of transactions.

  • Checks and other transactions made using your checking account number
  • Automatic bill payments

We do not authorize and pay overdrafts for the following types of transaction unless preauthorized to do so using Debit Card Overdraft Coverage. For more information about this service, visit Debit Card Overdraft Coverage.

  • ATM transactions
  • Everyday (or one-time) debit card transactions

IMPORTANT: 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 are overdraft fees?

Fees that will be charged if Bank of Hawaii pays an overdraft

Here are the details of how overdraft fees are assessed under our standard overdraft practices:

  • Fee: A Non-Sufficient Funds Fee (“NSF Fee”) of $30 will be charged when an item that exceeds your available balance is paid or returned.
  • Daily Fee Limit: You will not be charged more than three (3) NSF Fees in any one (1) business day.
  • Note: You will not be charged an NSF Fee on any business day that your end of day Available Balance is or would have been overdrawn by $4.99 or less. In addition, no NSF Fee will be charged if the Item causing or increasing the overdrawn amount is $2.49 or less.

Debit Card Overdraft Protection

Bank of Hawaii has options that may help you avoid your ATM or debit card transactions from being declined at the point-of-sale or ATM. While no one likes to overdraw their checking account, Bank of Hawaii Debit Card Overdraft Coverage is available to cover you in the rare circumstances you would prefer that your transaction be approved and an overdraft occur.

Available For Unpredictable Times

An overdraft may occur when you do not have enough money in your account to cover a transaction, but we (Bank of Hawaii) pay for it anyway. “Not enough money in your accounts” means the available balance in your account is not sufficient to cover the transaction(s), even if your current balance would be enough to cover it.

Our Debit Card Overdraft Coverage is an option for your checking account that may pay the occasional or unintended overdraft for ATM transaction and/or one-time 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. There is no fee to sign up or to cancel this service, although there is an Overdraft Item Fee of $30 that will be applied each time you overdraw your account. You will not be charged no more than three (3) Overdraft Item and/or Returned Item Fees (“NSF Fee”) in any one (1) business day. You will not be charged an NSF Fee on any business day that your end of day available balance is or would have been overdrawn by $4.99 or less. In addition, no NSF Fee will be charged if the item causing or increasing the overdrawn amount is $2.49 or less.

Convenient and Flexible Coverage

Debit Card Overdraft Coverage is a convenience that may help you avoid declined one-time debit card transactions and/or ATM transactions. Debit Card Overdraft Coverage also gives you flexibility. If you enroll now, you can cancel at any time. If you do not enroll now, you can always enroll later. However, if you don’t take any action, you will not be covered by Debit Card Overdraft Coverage. Regardless of whether you enroll in Debit Card Overdraft Coverage, the NSF Fees, which are described above, will still apply to checks and other transactions (such as in-person withdrawal, automatic payment and recurring debit card transactions).

Please note: Debit Card Overdraft Coverage is not available for EASE by Bank of Hawaii accounts.

 

How to enroll for debit card overdraft coverage

Visit a branch

Download the authorization form (PDF) or ask a banking representative for a “What You Need to Know About Overdraft and Overdraft Fees” form. Complete the form and return it to any banking representative at any Bank of Hawaii branch.

Call us

Press “0” and tell the customer service representative that you would like to enroll in Debit Card Overdraft Coverage.

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