Frequently Asked Questions
Below is a list of questions often asked by our customers. If you don’t see what you’re looking for, please call us at 800-990-4828.
What is an overdraft?
An overdraft occurs when you don’t have enough money available in your account to cover a transaction.
What are Overdraft Services?
Atlantic Union Bank offers four options for Personal Overdraft Services and allows you to make selections for how transactions are managed when you don’t have enough money in your account. Learn more about Overdraft Services.
For Businesses, learn more about Business Overdraft Services.
I am not enrolled in Opt-In Overdraft Privilege for my personal account, what does that mean?
Generally, when your personal account is not enrolled in Opt-In Overdraft Privilege, we will decline an ATM or one-time debit card transaction if your available balance in your personal checking account isn’t enough to cover the transaction at the time of the transaction.
Learn more about Business Overdraft Privilege.
How do I change my selection for Opt-In Overdraft Privilege?
You can change your selection at any time for Opt-In Overdraft Privilege by:
- Login to Online Banking, hover over “Service & Support,” click on “Overdraft Election”
- Visit a nearby branch
- Call Customer Care at 800-990-4828
Opt-In Overdraft Privilege is not an available service for PRISM Checking accounts, and is not an available Business Overdraft Service.
If I request to opt out of Standard Overdraft Privilege for my personal account, what does that mean?
When you opt out of Standard Overdraft Privilege, Atlantic Union Bank will return checks and automated bill payments (ACH) when you do not have enough money in your personal checking account. It is important to remember that removing Standard Overdraft Privilege will not stop the payment of recurring debit card transactions. If you choose to remove Standard Overdraft Privilege, you also opt out of Opt-In Overdraft Privilege.
Learn more about Business Overdraft Privilege.
If my account is overdrawn and has a negative balance, how quickly do I need to make a deposit?
Any time your account has a negative balance, you are expected to make a deposit right away to bring your account to at least a zero balance.
How can I monitor my Account Balance?
Atlantic Union Bank offers many tools that can help you keep track of your balance and transactions:
- Set up email and text alerts in Online Banking to be notified when your balance is low, and to monitor specific transactions
- Get push notifications from your Mobile Banking App when your balance drops below an amount you set
- Check your balance at an ATM
When is my money available when I make a deposit?
When your deposited funds are available for you to withdraw, make a purchase, or pay bills, depends on the type of deposit and when you made the deposit. Certain types of deposits, such as a direct deposit, are available immediately for withdrawals and debit card purchases. Check deposits that are made before the cut-off time on a business day will generally post to your account that night, and if no holds are placed, the funds will be available to cover checks or other transactions posting that night. Learn more about our cut-off times.
What does available balance mean?
Your available balance is the portion of your account balance that is available for you to use immediately. This balance will reflect any pending transactions on your account, such as when you used your debit card to make a purchase or you withdrew money from the ATM. Your available balance can change throughout any given day based on the transactions you make.
What does current balance mean?
Your current balance is the amount in your account at the end of our nightly posting process, which occurs at the end of each business day. Your current balance does not reflect any holds or pending transactions.
What is a pending transaction?
A pending transaction is a transaction that has not been posted to your account, but is reflected in your available balance. A debit card purchase may be pending until the merchant sends in the final transaction for payment. Remember, in situations that you include a tip (such as restaurants) or estimated authorization amount (such as gas stations and hotels), the final transaction amount submitted by the merchant may differ from the original pending transaction amount.
Why is there a hold on my account?
Generally, check deposits received by the cut-off time on business days will be available the next day. But in some circumstances, Atlantic Union Bank will place holds on deposits which will delay when those funds will be available to you. There are a number of factors that contribute to a hold decision, including a review of your account history and the amount of the item presented. If we do place a hold on your deposit, you will be notified of the dates the funds will be available for payment or withdrawal. You will also be able to see any holds placed and check your available balance in Online and Mobile Banking, or by calling Customer Care at 800-990-4828. Please review our Terms and Conditions.
What is a dormant account?
A dormant account is an account that has not had any customer-initiated financial activity for a specified period. Typically, banks convert accounts with no activity for extended periods into a dormant status to reduce the risk of fraud to their customers and the bank.
Atlantic Union Bank considers all checking accounts, money market accounts and savings accounts dormant after two (2) years of inactivity. If a dormant account has a zero balance, we have the right to close the account.
Once an account is considered dormant, and there is no further activity by the account holder after a period of time determined by your state, the account will be considered abandoned and the funds will be turned over to the state accordingly to your state’s escheatment laws.
What is abandoned / unclaimed property?
Abandoned or unclaimed property refers to accounts in financial institutions (banks, credit unions, etc.) that have been inactive for a specified period of time. Each state has laws that govern when accounts are considered abandoned and when we’re required to send a customer’s property to the state. If the rightful owner fails to collect the money, funds or property in those accounts, it’s turned over or “escheated” to the state of the owner’s last known address. The state becomes the custodian and holds the unclaimed property until the rightful owner or heir files a claim.
Common forms of unclaimed property include:
- Checking and savings accounts
- Certificates of Deposit
- Safe Deposit Box contents
- Uncashed Money Orders or Cashier’s checks
- Securities, such as stocks, bonds, and mutual funds)
- Trust distributions
- Life insurance policies
- Credit balances
- Customer overpayments / refunds
To learn more about unclaimed money/funds/property, or to learn more about what steps you need to take if your funds have already been escheated to the state, please go to the online resource below:
How can I keep my account from going dormant?
Simply conduct a transaction such as making a deposit, withdrawal, transfer or using your debit card within every two-year period.
We’ll mail you a pre-dormant notification letter 30 calendar days prior to your account going into a dormant status detailing actions you can take to keep your account active, such as conducting a transaction on your account or scheduling an appointment with a Banker.
What happens if my account goes dormant?
We’ll mail you an additional letter called a dormant account notice. This notice informs you that your account is now in a dormant status and provides steps you’ll need to take to reactivate your account.
Once an account is considered dormant, and if there is no further activity generated by the account holder after a period of time that is determined by your state, the account will be considered abandoned. Abandoned bank accounts escheat to the state after five (5) years in Virginia and North Carolina and three (3) years in Maryland. This means that we will be required to turn over your account to the state, and the state will become the custodian of that property.
At that time, we will mail you a due diligence letter. The letter not only makes you aware of the impending transfer, but also lets you know the steps you need to take to claim your property prior to that occurring.