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Overdraft Privilege

Overdraft Options And how to avoid overdraft fees

Here at First South Financial, we have several options to help you keep your accounts in good standing.

Overdraft options


With this option you can use another account, such a savings, money market account or a secondary savings account as a source of overdraft funds. There is a per transfer fee, but it can save you from paying an overdraft fee. There is no charge to have this enabled for your account. Call us at 901-380-7400 if you would like to have this option added to your account.


This revolving line of credit is attached to your savings or checking account and available funds will be transferred to your account in case there are insufficient funds to cover a transaction. There is no charge to have this enabled for your account. An overdraft line of credit is a loan. You can apply by using our online application or by calling us at 901-380-7401 today! (Loans are subject to approval criteria, not all applicants will qualify)


Overdraft Privilege (ODP) helps protect you against the additional costs, embarrassment, and inconvenience of an accidental overdraft on your account by giving you a reserve for emergencies and unexpected situations. There is no charge for having this privilege on your account unless you use the service. If you do not overdraw your account, you will never be charged an overdraft fee. If you use the service, overdraft fees* will apply.

Members who have earned this privilege are notified by mail approximately 7 to 10 days before their account qualifies. Once you've been notified, you can decide to keep it or cancel it. Should you decide to keep it, the privilege may cover any type of transaction that could cause an overdraft of your account: a check, an automatic debit, an ATM withdrawal or a debit card transaction. The account must be brought back to a positive balance approximately 30 days after using ODP in order to maintain the privilege.

Overdraft privilege amounts range from $300 to $2000 and the amount of the privilege is based on several aspects of your account.

Overdraft Privilege should only be utilized as a last resort. First time users that voluntarily opted into the Overdraft Privilege program and did not fully understand how the program works may receive a full fee reimbursement and be removed from the program permanently. If you feel you should not have been charged a fee, we may be able to assist; please contact us so that we may review your account history and discuss available options with you.  For support and financial counseling, please visit any one of our banking centers or call us at 901-380-7400.


This section contains links to more information on tools and features to help you manage your accounts as well the documents you receive when you qualify for Overdraft Privilege:

  • Alerts - set up these free alerts inside online or mobile banking and be notified by text, push notification, and/or email when your account falls below a certain balance, when a large transaction has cleared, when a direct deposit has posted and more!
  • Digital Banking - see our complete line of digital banking offerings - online banking, mobile banking, mobile deposit and more
  • Advice on how to use Overdraft Privilege - access this page that provides detailed insights on how this program works

*Currently our ODP/NSF fee is $36 per occurance. Fees are subject to change without notice, please see us for complete details.

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