If you’re like most people, you probably have a checking account that you use to pay your regular monthly bills. And if you’re like most people, you’ve also had the experience of accidentally over-drafting your account.
When this happens, the bank charges you a fee for going over your limit. But what if there was a way to avoid those pesky overdraft fees? Woodforest National Bank may have just the solution for you.
Read on to learn more about how Woodforest overdraft works and see if it’s a good fit for your banking needs.
What is Woodforest Bank Overdraft?
A Woodforest Bank overdraft is an unsecured line of credit that allows you to borrow money against your available credit limit.
The interest rate on a Woodforest Bank overdraft is usually higher than the rate on a regular credit card, but it’s still lower than the interest rate on a payday loan.
If you’re approved for an overdraft, the money will be transferred into your checking account immediately and you’ll start paying interest on the borrowed amount from that day forward.
You can use an overdraft for anything you like, including covering unexpected expenses, taking a vacation, or consolidating debt.
Just keep in mind that if you don’t pay off your balance in full each month, you can end up incurring expensive overdraft fees.
An overdraft fee is when Woodforest Bank allows you to spend more money than you have in your account and then charges you a fee for doing so. The fee can be as much as $35 per transaction.
So it’s important to stay on top of your account and make sure that you’re not spending more money than you have.
Woodforest Overdraft Sign Up Online
Yes, you can sign up for a Woodforest Overdraft online. You can do this by calling the automated telephone system at 1(866) 226-5724. This number is available 24 hours a day, 7 days a week.
Woodforest Overdraft Fee Policy
Fee: Each time Woodforest Bank pays an item into the overdraft, they will charge you $32. However, they will not charge you a fee if an item overdraws your account by $1.00 or less.
Woodforest Overdraft Forgiveness
At Woodforest, they understand that mistakes happen. That’s why they offer overdraft forgiveness on accounts with overdrafts of less than $1.
This way, you can avoid being charged excessive fees and get back on track quickly. If you have any questions about their overdraft forgiveness policy, please don’t hesitate to contact them.
What is Woodforest Overdraft Protection?
Overdraft protection is a service that financial institutions such as Woodforest National Bank offer to account holders.
It typically entails linking the account holder’s checking account to another account with funds available, such as a savings account, credit card, or line of credit.
When an account holder writes a check or uses their debit card but doesn’t have enough funds in their checking account to cover the transaction amount, the other linked account is automatically tapped to cover the difference or deficit.
Woodforest PrivilegePay is a program that allows qualifying customers to enjoy special benefits, including a no-fee checking account and no minimum balance requirement.
To be eligible for the program, customers must have an active Woodforest consumer checking account and meet certain qualifications, such as a minimum monthly direct deposit or average daily balance.
Customers can also take advantage of exclusive merchant offers through the Woodforest PrivilegePay portal.
Woodforest ATM Overdraft Withdrawal Limit
The Woodforest ATM overdraft limit is determined by the amount of money you have in your account.
With a monthly deposit of at least $100, you will be assigned a $100 limit; with a monthly deposit of at least $300, you will be assigned a $300 limit; and with a monthly deposit of at least $500, you will be assigned a $500 limit.
How do I overdraft my Woodforest ATM?
If you need to overdraft your Woodforest ATM, you’ll need to call the Woodforest Overdraft Service number for authorization. The number is 1-877-968-7962.
When you call, you’ll be asked for your account number and PIN, so be sure to have that information handy.
You’ll also need to tell the customer service representative how much money you want to withdraw from your account. Once everything is approved, you’ll be able to withdraw the funds from your account.
Woodforest Overdraft Course
Woodforest offers a financial literacy course called Banking GPS to help customers manage their finances. The course covers a range of topics, from budgeting and credit management to investment strategies.
Woodforest also offers special seminars on topics like identity theft and fraud prevention.
Overdrafting at Woodforest is also addressed in the course which enables customers to make sound financial decisions concerning overdrafts.
FAQs on Woodforest Overdraft
Why can’t I overdraft my Woodforest account?
You may not have opted in. When you open a checking account with Woodforest, you are not automatically enrolled in their overdraft service.
Therefore you need to manually opt into the ATM and Debit card overdrafts to enable overdraft transactions when your account has insufficient funds.
How many times can I overdraft my Woodforest account?
You can overdraft your Woodforest account a maximum of three times a day. If you do so, you may be charged a fee for each overdraft.
Can I overdraft my Woodforest account at any ATM?
Yes, you can overdraft your Woodforest account at any ATM after you call the bank for authorization. Your bank may also charge an overdraft fee for each transaction that exceeds your account balance.
So it’s important to monitor your account regularly and avoid going into an overdraft.
What is the Woodforest overdraft number?
You can reach out to Woodforest on matters concerning overdrafts through the numbers 1(866) 226-5724 and 1(877) 968-7962.
How soon can I overdraft my Woodforest account?
After 30 days of opening an account, you can overdraft your Woodforest account. There may be limits to how much you can overdraft your account, but keep in mind that you will be responsible for paying back any overdraft fees incurred.
If you think you may need to overdraft your account, it’s best to contact Woodforest customer service in advance so they can help you manage your account and avoid any unnecessary fees.
When you’re low on cash, it can be tough to make it through the month. That’s when a Woodforest overdraft might come in handy. This article has attempted to explain how Woodforest overdraft works and how you can use it to your advantage. I hope you enjoyed it and learned something new.
READ MORE: Woodforest bank operating hours.