Prime Overdraft

An automated transfer allows funds to be removed from another Imperial Finance Bank United Kingdom account to cover overdrafts in a consumer checking account.

Limited overdraft protection up to 30,000 automatically applies to consumer checking accounts (excluding money market and savings accounts). Prime Overdraft is a non-contractual privilege and may be revoked at any time at Imperial Finance Bank United Kingdom ’s discretion.

An overdraft charge per item of 30,000.00 will be assessed for each overdrawn check paid or other withdrawal request resulting in an overdraft and will be deducted from the £30,000 limit. This may result in multiple Overdraft Charges on the same day. A maximum of five Overdraft Charges will be assessed per account per day.

When you withdraw funds from your account by check, in-person withdrawals, ATM withdrawals, or other electronic means for more than the amount in your checking account, you will overdraw your account. Prime Overdraft offers limited protection so that your withdrawn will be paid. Under this plan, you will still pay an Overdraft Charge, which will be assessed for each withdrawal deducted from the Prime Overdraft limit, but you will avoid the merchant’s returned-check fee. Prime Overdraft in intended for inadvertent overdrafts and should not be used as a replacement for credit. Imperial Finance Bank United Kingdom reserves the right not to pay an overdraft item if your account is not in good standing. If you are not making regular deposits, or if you have repeated overdrafts.

The Bank’s posting order for transactions is as received from smallest to largest amount. Ledger Balance is the ending balance of your account after all transactions have posted for a given day. Available Balance is your prior day Ledger Balance plus or minus same day transactions (such as ATM, Debit Card, ACH, checks or same day deposits), minus holds. ATM and Debit Card transactions are authorized or pre-authorized against your Available Balance. When ATM or Debit Card transactions are posted to your account, if the transactions cause the current day final Ledger Balance to fall below $35.00, you will pay an Overdraft Charge.

ATM card and everyday Debit Card transactions will not be paid under Prime Overdraft and will be declined at the time of transaction unless you provide us with expressed prior notice of your intent to have those types of transactions paid into the overdraft. If you authorize us to pay ATM and everyday Debit Card purchases. Everyday Debit Card transactions refers to non-recurring transactions. Recurring Debit Card transactions will be paid and assessed the overdraft charge fee.

You may remove Prime Overdraft from your account at any time. You may also revoke your authorization pay ATM and everyday Debit Card transactions into the overdraft at any time. Overdrafts should be paid promptly. Failure to resolve an overdraft may result in the removal of the overdraft limit from your account or closure of the account.

Imperial Finance Bank United Kingdom offers overdraft protection plan that may allow you to avoid having your account go into the overdraft. This plan is offered in place of Prime Overdraft and include automatic transfers from another account. This plan may be less expensive than the Prime Overdraft program.

An automatic Overdraft Transfer allows funds to be moved from another Imperial Finance Bank United Kingdom account to cover an overdraft amount. The £30,000.00 Overdraft Charge per item would not apply and there is no Overdraft Transfer fee per transfer. If funds are transferred out of an interest-bearing account, interest would not be paid on the amount transferred to cover the overdraft. Any customer who is owner of two deposit accounts (checking, savings, or money market accounts) may have an Overdraft Transfer.