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  • Understanding Interest Rates: Decoding the Language of Interest Rates

    October 14, 2024

    Categories: business, Mortgages, Personal Finances, Retirement, Saving

    At Peoples Bank, we believe that understanding interest rates is crucial for making informed financial decisions. Whether you’re taking out a loan, opening a savings account, or investing in a new venture, the rates you encounter can significantly impact your financial health. 

    Let’s decode the language of interest rates and show you how they affect your financial journey!

    What Are Interest Rates?

    Simply...
    Learn More

    Tags: understanding interest rates

  • SECURE Act 2.0: IRA Changes to Know About

    June 17, 2024

    Categories: Retirement

    Below we will be diving into the recent changes to Individual Retirement Accounts (IRAs) that every consumer should know about. As the landscape of retirement planning continues to evolve, staying informed about updates to retirement accounts is essential for making sound financial decisions.

     

    In this post, we'll explore the key changes to IRAs, how they may impact your retirement savings strategy, and what steps you can take to maximize the benefits...
    Learn More

    Tags: IRA, retirement, retirement account

  • Top 7 Reasons to Open a Certificate of Deposit

    August 9, 2022

    Categories: Personal Finances, Retirement, Saving

    Are you wondering why it makes sense to open a Certificate of Deposit (CD) in today’s financial market? Today we are going to explain what a CD is and reasons to invest in one. Since investing is the best way to make your money work for you, consider opening a CD with Peoples Bank today.

    1. Certificates of Deposits Are FDIC Insured Learn More

  • A Beginner’s Guide to Saving for Retirement

    January 20, 2022

    Categories: Budget, Personal Finances, Retirement, Saving

    It may seem like a lifetime away, but retirement has a way of sneaking up on all of us. Something to remember when it comes to retirement is that the earlier you start saving, the better. Plus, you’re never too young to invest in your future. Here are some helpful strategies you can implement to set yourself up for a successful retirement. 

    1. Rid Yourself of Debt 

    The first step in creating...
    Learn More

  • Traditional IRAs and Roth IRAs: What’s the Difference?

    December 16, 2021

    Categories: Retirement

    Both Traditional and Roth IRAs are retirement accounts, each with their own pros and cons. Understanding the differences between them is important when it comes to deciding which one you should open. We’re here to provide you with the facts you need to make an educated decision, so let’s get started!

    The Basics

    An IRA is an Individual Retirement Account that allows individuals to save their money and invest for...
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  • Q&A Regarding IRAs

    October 10, 2021

    Categories: Retirement

    IRAs can be confusing and even seem unnecessary to talk about for some, especially if retirement still seems lightyears away. Allow us to answer some of the most common questions people have about IRAs: 

    Q: Am I allowed to contribute to an IRA if I have a retirement plan through work? 

    A: Yes, as...
    Learn More

  • Retirement Savings by Age 

    September 23, 2021

    Categories: Retirement, Saving

    At any age, you should be saving for retirement - yes, even when you’re 20. This can mean more than just putting a little money into your employer's 401(k) plan. It’s important to think about all the expenses you will have in the future and how you will afford them. Therefore, we wanted to share some information on how you should save for retirement based off your age. Read on to learn more!  

    Twenties  Learn More

  • Best Retirement Strategies for Your 20s

    September 18, 2019

    Categories: Budget, Personal Finances, Retirement, Saving

    If you’re in your twenties and thinking about retirement, you are light-years away from your peers who wait until it’s too late. You’ll be so glad you started to take serious steps towards your golden years with these straightforward strategies.

    1. Negotiate More

    Your first job isn’t typically known to be a real money maker. You’ve been told to “pay your dues” and...
    Learn More

    Tags: 20s, retirement

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What You Need to Know about Overdrafts and Overdraft Fees

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:

  1. We have standard overdraft practices that are available after your account has been open for 30 days and as long as you maintain your account in good standing.
  2. We also offer an overdraft protection plan, Overdraft Protection Sweep, a link to a savings account.  It may be less expensive than our standard overdraft practices. To learn more, ask us about this plan.

This notice explains our standard overdraft practices.

 

What are the standard overdraft practices that come with my account?

After your account has been open for 30 days and as long as you maintain your account in good standing, we do authorize and pay overdrafts for the following types of transactions:

  • Checks and other transactions made using your checking account number
  • Automatic bill payments

We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):

  • ATM transactions
  • Everyday debit card transactions

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.

If we do not authorize and pay an overdraft, your transaction will be declined.

 

What fees will I be charged if Peoples Bank of Kankakee County pays my overdraft?

Under our standard overdraft practices:

  • We will charge you a fee of up to $30 each time we pay an overdraft.
  • The maximum daily overdraft fee per presentment or item paid using the Overdraft Reserve Program is $150.00 per day.
  • No per item handling fee will be charged on de minimis overdrafts. De minimis overdraft for this policy means transactions that overdraw your account by $30 or less.
  • There is an overdraft fee of $5 per day that will be charged beginning the 4th consecutive business day your account is overdrawn.

 

Nonsufficient funds (NSF) fees - if an item drafted by you (such as a check) or a transaction you set up (such as a preauthorized transfer) is presented for payment in an amount that is more than the amount of money in your account and we decide not to pay the item or transaction, you agree that we can charge you an NSF fee for returning the payment. Be aware that such an item or payment may be presented multiple times by the merchant or other payee until it is paid, and that we do not monitor or control the number of times a transaction is presented for payment. You agree that we may charge you an NSF fee each time a payment is presented if the amount of money in your account is not sufficient to cover the payment, regardless of the number of times the payment is presented.

PAYMENT ORDER OF ITEMS - The law permits us to pay items drawn on your account in any order (for purposes of this section "items" means checks, orders and electronic transactions). To assist you in handling your account with us, we are providing you with the following information regarding how we process those items. When processing checks and orders drawn on your account our policy is to pay lower numbered checks and orders in numerical sequence, but electronic transactions are paid first in the order received. The order in which items are paid is important if there is not enough money in your account to pay all of the items that are presented. There is no policy that is favorable in every instance.  If the smallest items are paid first, you may have fewer NSF or overdraft fees, but the largest, and perhaps more important items (such as rent or mortgage payments) might not be paid. However, if the largest items are paid first, your most important items might be paid but it may increase the overdraft or NSF fees if funds are not available to pay all of the items. We think our policy attains a reasonable balance between minimizing additional costs to you and paying your more important items. We encourage you to make careful records and practice good account management. This will help you to avoid creating items without sufficient funds and incurring the resulting fees.

 

What if I want Peoples Bank of Kankakee County to authorize and pay overdrafts on my ATM and everyday debit card transactions?

If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions after your account has been open for 30 days, you may opt in.    

You have an ongoing right to change this consent at any time. If your overdraft privilege has been revoked for any reason, the opt-in or opt-out selection may not apply. Please contact your nearest office for more information.

 

Alternate ways to Opt In/Out or make changes:

  • By Phone.   Our Customer Care Representatives can be reached at 815-936-7600.
  • By Mail.   Peoples Bank of Kankakee County, 333 E. Court Street, Kankakee, IL 60901
  • In Person.  Please visit your local office and ask a representative to help you decide which plan is best for you.