Understanding How Overdraft Services Can Meet Your Needs
Comerica Bank offers three overdraft options for our customers. Each provides a different level of protection when funds are unavailable in your account to meet your spending needs1.
Standard Overdraft Practices
Standard Overdraft Practices (SOP) automatically come with all checking accounts.
Overdraft service for checks and recurring payments (such as ACH transactions and web bill pay) when sufficient funds are not available
Adds Reliability — may reduce risk for payments already made
Reduces Risk — may minimize risk of late fees and negative impact to your credit report
Enhanced Overdraft Service
Enhanced Overdraft Service (EOS) is available to Comerica customers who confirm participation.
Overdraft service for ATM withdrawals/transfers and one-time Comerica Debit Card purchases (such as grocery or gas purchases) when sufficient funds are not available
This service also includes the coverage provided by the Standard Overdraft Practices described above
Provides Peace of Mind — May provide a safety net, especially in an emergency
Automatic Overdraft Protection
Automatic Overdraft Protection (AOP) is available to link to a checking account for customers that currently have or would like to open a Comerica Savings or Money Market Account, or who apply and qualify for a Credit Card2 or Home Equity Line of Credit.
Overdraft service for all types of transactions provided by your funding sources. Most transactions are approved up to the amount of available funds in the linked account
Saves Money — AOP allows you to avoid overdraft fees by linking your Comerica savings or Comerica credit card2 to your checking account to cover an overdraft.
Comerica Bank may approve payments, purchases or cash withdrawals based on a variety of factors such as your account tenure, overdraft behavior or balance information. The SOP and EOS are discretionary overdraft services; if factors warrant, Comerica may not pay overdrafts and will return such items or decline such payments, purchases or withdrawals.
What are overdraft fees?
Overdraft fees occur when you make a purchase that exceeds your account balance. When we cover an overdrawn payment you will incur an overdraft fee. There are also times when we will return your item (such as a check or ACH transaction) unpaid, this is referred to as non-sufficient funds (NSF), in which case you will not be charged a fee.
Why am I charged these fees?
An overdraft is charged if you make a transaction or withdrawal that is greater than the available funds in your account. Please note that your available funds are not the same as your account balance. Because we process transactions at the close of business, your available funds may not reflect transactions that you have made throughout the day.
In what order do you process payments?
At Comerica we process credits before debits. A number of transactions, including Debit Card and ATM withdrawals/transfers, will post according to the authorization date and time followed by checks and other withdrawals, from the highest to the lowest dollar amount.
How can I avoid these fees?
The best way to avoid overdraft fees is to make sure that you have the available funds to cover all your purchases. Keep tabs on your account balances by reviewing your account statement or with Comerica Web Banking® and Comerica Mobile Banking® and give yourself an extra cushion to leave room for the occasional mistake. Automatic Overdraft Protection is also available with a Comerica personal checking account at no charge. This allows you to avoid overdraft fees by linking your Comerica savings or Comerica credit card2 to your checking account to pay items that may overdraw.
Still have questions about how this will affect your accounts? Ask a Comerica representative by visiting your local Comerica banking center or calling 877.883.3434 today.
1 For SOP overdrafts, fees may be charged for overdrafts created by check, in-person withdrawal or other electronic means. Only overdrafts caused by one-time purchases or ATM withdrawals/transfers will be assessed fees under EOS, provided you have consented to the EOS. After we provide you with 4 business days to bring your account balance current and if your account remains overdrawn for 5 consecutive business days, we will charge an additional $6 per day beginning on the 5th business day. This fee will continue for 5 consecutive business days or until the account is brought into a positive balance, whichever is first. Your account status is determined at the close of our processing day.
2 Subject to credit approval; Elan fees may apply.