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SWEEP SERVICES

With Sweep Protection from Watertown Savings Bank, you can avoid costly overdraft fees by having the funds automatically “swept” from another account.  If you overdraw your Watertown Savings Bank checking account, Sweep Protection will automatically transfer the exact dollar amount needed from one of your other Watertown Savings Bank  interest bearing accounts (Savings or Money Market Deposit Account) to your checking account.  A charge of $3.00 will be assessed each time a transfer (sweep) is required.  For example, if checks and/or ATM/Debit card transactions are presented for payment, and your checking account balance is temporarily insufficient, the additional amount required to pay the items, plus $3.00, will be transferred from your Savings or Money Market Account.

Click here to sign up for Sweep Protection.

It is important to mention, however, that the interest bearing account is limited to no more than six transfers and withdrawals or a combination of transfers and withdrawals per calendar month or statement cycle (at least a four-week period).  If the transfers or withdrawals from the interest bearing account occur more than six times in any given calendar month or four-week period, the account will be reassessed and the depositor will be notified.  If violations of the six transfer limitation continue to occur following an account reassessment and depositor notification, Watertown Savings Bank reserves the right to terminate the Sweep Protection privileges.