To help cover transactions exceeding your checking account, there are other overdraft options available, aside from Automated Overdraft Privilege (AOP), which you currently use. These options may be more affordable and better fit your banking needs.
In addition to these alternative options, the money management tips included below may help you better manage your account to ensure your transactions do not exceed your checking account balance.
Contact a banker today to learn more about these options.
Overdraft Protection Alternatives
Overdraft Line of Credit2
Personal Line of Credit3
Overdraft Sweep allows you to link your checking account with your South State Checking, Savings or Money Market account.
How it Works:
If you overdraw your checking account, we will transfer or “sweep” funds from your linked account to cover the overdraft. The bank will transfer funds from your linked account to pay the overdraft amount up to the amount of funds in the linked account. This provides a low-cost solution for the peace of mind that you are protected.
Please note transfers from Savings or Money Market accounts are limited to six per month per Regulation D.
An overdraft line of credit is an unsecured line of credit, with a limit of $1,000 – $4,999, for the purpose of overdraft protection for any South State personal checking account. It’s like giving yourself a loan when you need it most.
How it works:
Once your checking account balance reaches below $0, the bank will transfer funds from your line of credit, in increments of $100 up to the available amount of the line of credit, to pay the overdraft amount.
Simply by writing a check from a deposit account or using your debit card, you can advance funds from your line of credit to cover unexpected expenses.
A personal line of credit is a revolving line of credit from $5,000 – $50,000, which allows you the flexibility and convenience to fund emergency needs. If you overdraw your account, the bank will transfer funds from your line of credit, in increments of $100 up to the available amount of the line of credit, to pay the overdraft amount.
How it works:
You can easily access your personal line of credit through checks, Online and Mobile Banking transfers, by phone or in-branch. Click here to learn more and to apply today.
Money Management Tips & Resources
Avoiding an overdraft isn’t always easy, but monitoring your checking account and being aware of the funds you have available can help you plan for upcoming expenses. Some steps you can take to better manage your account include the following:
Balance your checking account frequently.
Monitor your account activity using Telephone, Online or Mobile Banking to be sure you have the funds available to cover upcoming expenses.
Set up account alerts (email or text) within Online Banking to help you manage your money, including when your balance drops below a certain point. Click here for additional information and to enroll.
Set-up automatic transfers from other accounts to cover any deficiencies.
Money Smart Program
You can also take advantage of the Federal Deposit Insurance Corporation’s (FDIC) Money Smart Program. This computer-based program provides financial education to help you manage your money and set financial goals.
The program is free! To register, click here. After registering, you’ll have access to multiple interactive modules to learn more about managing your finances, protecting your identity and more!
1. A $10 fee applies per sweep.
2. Subject to credit approval. A $5 maintenance fee will be charged at the end of each quarter. (Maintenance fee does not apply to customers who were NC residents at loan origination.) Automatic payments required.
3. Subject to credit approval. A $25 annual fee applies. (Annual fee does not apply to customers who were NC residents at loan origination.)