Financial Learning Center
Frequently Asked Questions
What is Overdraft Service?
Overdraft Service provided to checking account customers recognizes that occasional mistakes happen and there may be times when the available balance in your account is not enough to cover checks you have written or other transactions that you need to make. With Overdraft Service in place, the Bank may authorize and pay transactions, up to an overdraft limit, even if they cause your account to become overdrawn. Overdraft Service helps prevent checks from being returned unpaid and can prevent other transactions such as automated payments from being declined. An overdraft fee of $30.00 applies to transactions that result in a negative account balance. This service is available to qualified personal checking account customers. Customers who wish to "opt-out" of this service may do so.
With your permission, Overdraft Service also can be applied to ATM and everyday debit card transactions that you make with your Burke & Herbert Bank Visa® Debit Card. Having Overdraft Service on Card transactions provides you with the convenience of being able to complete your desired transactions and helps you avoid the embarrassment of having a transaction declined. Again, the normal overdraft fee of $30.00 applies to transactions that result in a negative account balance.
Please note that if your account becomes overdrawn you will need to make a deposit to cover the overdraft within 35 days; Overdraft Service will be removed from your account if your account balance remains negative for more than 35 consecutive days.
What is the difference between Overdraft Service and Overdraft Protection?
With Overdraft Service, the Bank may authorize and pay transactions for customers even if those transactions result in a negative account balance. An overdraft fee of $30.00 per item applies to each transaction that we authorize or pay that causes an account to become overdrawn.
With Overdraft Protection attached to your checking account, you can avoid overdrafts (and associated overdraft fees) altogether. Burke & Herbert Bank offers two types of overdraft protection: automated Overdraft Protection transfer service from a linked savings, money market, or other checking account and a personal line of credit (subject to credit approval) that may be attached to checking.
When you have either of these two overdraft protection features in place, funds are transferred from the attached account/line to checking when necessary to prevent items from being returned unpaid and prevent your checking account balance from becoming overdrawn. A fee of $5.00 applies to Overdraft Protection transfers made from a linked savings, money market, or other checking account. Finance charges apply to outstanding line of credit balances.
Why should I agree to have Overdraft Service on ATM and everyday debit card transactions?
The benefit of having Overdraft Service on ATM and everyday debit card transactions is that even if you do not have enough money in your account when you are attempting to make an ATM withdrawal or pay for a purchase with your Visa® Debit Card we may authorize the transaction anyway and allow you to overdraw your account. You may appreciate the ability to get the cash you need or complete your purchase and you avoid the potential embarrassment of having your transaction declined.
What are Burke & Herbert Bank's overdraft fees?
Each time we allow a transaction resulting in an overdraft, an overdraft fee of $30.00 applies. However, we will not apply more than six fees per day for overdrawing your account. We also will not assess a fee for items that cause an overdrawn balance of $10.00 or less.
Burke & Herbert Bank Rewards Program
What is the Burke & Herbert Bank Rewards program?
The Burke & Herbert Bank Rewards program is one of the benefits of the Burke & Herbert Bank Visa® Debit Card which comes with our checking accounts. You can take advantage of special offers and savings when you show your Card at local merchants participating in our Rewards program. Click here for a complete listing of participating merchants and their special offers and look for the "Burke & Herbert Bank Rewards" signs they display. More than 200 local merchants participate and the list is getting longer all the time.
Does the Rewards program allow me to earn points that can be redeemed for gift cards, merchandise, and other rewards?
The points-based rewards component of the Debit Card Rewards program is being phased out as Visa has announced the discontinuation of Visa Extras. Burke & Herbert Bank Visa Debit Cards that were enrolled in Visa Extras prior to July 1, 2014 continue to earn points on purchases made through September 30, 2014. All points must then be redeemed by November 30, 2014. Log in to browse the online catalog and redeem your points.