How FBR works
As long as your negative balance does not exceed the amount of First Banking Reserve you have for your account, all transactions will be paid.
- Each day that items post and overdraw your account, the amount needed to cover the overdraft items is transferred from FBR to the checking account.
- A $15 overdraft transfer fee is assessed to the checking account each time that a transfer is made - no more than once per processing day. This fee will not be charged if the overdrawn amount on any one day is $5 or less.
- Interest is assessed against the outstanding reserve in use.*
- When you make a deposit, the funds are first applied to any negative checking account balance, then to any unpaid finance charge, and finally to the outstanding FBR in use.
- When a payment (deposit) is applied to the outstanding reserve, that amount is returned to FBR and is again available for use.
To apply for First Banking Reserve, visit a financial center and speak with a Financial Services Representative.
*FBR is available upon approval. Overdraft protection transactions using FBR will be subject to the terms of your FBR agreement and Overdraft Services Agreement with First Tennessee.