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Transfer Overdraft Protection (TOPS)

What's an overdraft
It used to be called "bouncing a check," but now there are many ways you can experience an overdraft. For example, if you

  • write a check
  • set up an online bill payment
  • make a purchase with your ATM or debit card
  • set up a person-to-person payment (Pop Money FREE)
  • preauthorize a withdrawal from your account or debit card

for more money than there are funds in your account, it will cause an overdraft of your account, the transaction could be declined and you would be subject to an overdraft fee.

You can protect yourself from overdrafts with Transfers Overdraft Protection Service (TOPS).  You designate a companion savings account that can be accessed if you inadvertently experience an overdraft. So if you do not have enough money in your checking account to cover a transaction, we will transfer funds from the designated savings account to your checking account to cover the difference. This can save you money because the fee for this service is much less than overdraft fees.

Most checking accounts will be assessed a $10 fee for a TOPS transaction. The service is free to Senior Checking account customers. And Pinnacle Checking customers are provided one free TOPS transaction per statement period, after which they will be assessed a $10 fee. Call Customer Support at 617-928-9000 during regular business hours to register for TOPS today!

Other Overdraft Options
Watertown Savings Bank also offers two courtesy overdraft programs: Special Overdraft Service (SOS) and SOS Plus. If you qualify* for SOS the bank will, for a fee, pay overdrafts for the following types of transactions:

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

A $30 fee is assessed each time we pay an overdraft. ($5 for senior checking customers.) There is a limit of four fees per day, per account (personal accounts only).
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.
We do NOT authorize and pay overdrafts for ATM transactions or everyday debit card transactions unless you "opt-in" for that service. If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, you can "opt-in" for SOS Plus click here. If you currently participate in SOS Plus and you want to "opt-out" click here or give us a call at 617-928-9000.

*The bank automatically sends a letter to qualifying customers. Accounts must be open and active for at least three months.

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