Overdraft Protection is a service you can sign up for that links your checking account to a personal line of credit, home equity line of credit or a savings account to cover overdrafts. When your checking account does not have sufficient funds to cover your transactions, the funds are automatically transferred from your linked account to cover your transactions. The service is designed to give you more flexibility when you need to make purchases and don't have enough money in your checking account at the time of the transaction. Overdraft Protection helps prevent declined transactions, returned checks or other overdrafts on your accounts. Compare your options below.

Have questions? Call us at 800-399-5919 and press 2 for our Client Service Center.


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Savings

Preferred Plus Line of Credit

Home Equity Line of Credit

Sign Up for Savings Overdraft Transfers Apply Now for a Preferred Plus Line of Credit Apply Now for a Home Equity Line of Credit
How does Overdraft Protection Work? The Sandy Spring Bank savings transfer covers the amount of the overdraft (in $100 increments). Coverage is based on the available savings or money market balance. The Sandy Spring Bank Preferred Plus Line of Credit advance covers or exceeds the amount of the overdraft (in $100 increments) based on the remaining available credit. The Sandy Spring Bank Home Equity Line advance covers or exceeds the amount of the overdraft (in $100 increments) based on the remaining available credit.
Which option is best for me? This option is best for clients who like to minimize outstanding debt and have an established savings plan. This option is best for clients who don't own a home, have little or no savings, or prefer to have a line of credit This option is best for clients who own their home and appreciate the tax advantages of a Home Equity Line of Credit (Please consult your tax advisor regarding interest deductibility.)
Do I pay interest on overdraft advances? No Interest is paid in the same manner as any other advance on your Preferred Plus Line of Credit. Interest is paid in the same manner as any other advance on your Home Equity Line of Credit.
Are there any restrictions on the number of transfers per month? Federal regulations restrict the number of transfers to six per month.* No limit; based on available remaining credit. No limit; based on available remaining credit.
What are my repayment options? N/A Repayment is based on the terms of the Sandy Spring Bank Preferred Plus Line of Credit. Repayment is based on the terms of the Sandy Spring Bank Home Equity Line of Credit.
How will I know if my overdraft protection was activated? The overdraft transfer will appear on your Sandy Spring Bank Checking and savings statement. It also appears in BankXpress Online Banking account activity. A fee of $10 per transfer will be charged to your savings or money market account. The overdraft advance will appear on your monthly Sandy Spring Bank Preferred Plus Line of Credit statement and Checking Account statement. It also appears in BankXpress Online Banking account activity. The overdraft advance will appear on your monthly Sandy Spring Bank Home Equity Line of Credit statement and Checking Account statement. It also appears in BankXpress Online Banking account activity.

*By law, certain types of withdrawals are limited. Withdrawals over the limits are excess activity. You may make up to a combined total of 6 withdrawals per monthly statement cycle (or calendar month if you receive a quarterly statement) by either check, draft, debit card purchase or similar order (if available on the account,) telephone, automatic or pre-authorized transfer to another of your accounts with us or to a third party. Such transfers include those made by Telephone Banking Line, Online Banking and transfers from your savings account to cover overdrafts. The excess activity fee will be assessed each time you exceed any of these limits.

 

 

To "Opt In" to the Bank's Standard Overdraft Services, click here.