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How do I qualify for Overdraft Option$?
- Open any type of personal checking account
- Properly maintain your checking account for at least 60
days
- Deposit a minimum of $500 in your checking account each
month
- Minimize the frequency of any overdraft situations
How should I maintain my account once I have Overdraft
Option$?
- Make consistent deposits to your personal checking account
- When an overdraft situation occurs, bring your account
to a positive balance quickly
- Stay within your assigned Overdraft Option$ limit
... usually $500 including bank fees
- Only use the Overdraft Option$ privilege you have
been given when it is necessary
What does Overdraft Option$ do for me?
Instead of returning your checks, debit card purchases, ATM
and other electronic withdrawals unpaid, we will generally
pay those items when you have insufficient funds up to your Overdraft Option$ limit, usually $500, including our Paid
Item Fee of $29.95 per item. When you make a mistake in your
checkbook or simply need to write a check a few days before
payday, you can avoid the embarrassment of having a check
returned and the fees most merchants charge. When you run
short of money in your account, with Overdraft Option$ you
can relax... we've got you covered.
How do I apply for Overdraft Option$?
You don't have to. You automatically qualify for Overdraft
Option$ simply by having a personal checking account
with us for longer than 60 days... and you deposit at least
$500
in your account each month. After qualifying, you will receive
a letter about the service and, at that time, you will have
the opportunity to cancel the service if you desire. Otherwise,
withdrawals against your account will generally be paid
up to your Overdraft Option$ limit... it's simple.
How much does Overdraft Option$ cost?
Nothing ... until you use it. And then, you only pay our
normal fee of $29.95 for writing a check, withdrawing money
at an ATM or other electronic means on insufficient funds...
with the peace of mind knowing your check will
generally be paid.
Will I be notified when I use the Overdraft Option$ service?
We will send you a letter each time you use the Overdraft
Option$ service telling you the check number, the amount
of the check or withdrawal and any fee you've been charged.
Can I get money from an ATM using Overdraft Option$?
Yes ... and this is very important. When using any Century
Bank ATM and our online banking site, you will be provided
two balances. one will be your Ledger Balance which is
your current balance at the time you are using the ATM.
The second will be your Available Balance which includes
your Overdraft Option$ limit, usually $500.
When using another bank's ATM, you will be able to draw
on the Available Balance in your checking account... which
is your actual balance plus your Overdraft Option$ limit,
usually $500.
How do I repay when I use the Overdraft Option$ service?
Once you've used the Overdraft Option$ service,
you simply need to make a deposit to your checking account.
It
is always best to cover overdrafts within a few days. If
this is not possible, we recommend you call us and tell
us when
you will be able to make a deposit.
Overdraft Option$ Policy
Once you have qualified for the Bank's Overdraft Option$ service,
the Bank will generally approve your overdrafts up to your Overdraft Option$ limit (generally $500), including any bank fees.
You will be notified when your checking account is overdrawn and you may receive additional notices periodically advising you of a continuing overdraft until your account has a positive balance. The Bank expects you to make a deposit in a timely manner to cover your overdraft. If your checking account is not brought to a positive balance within 30 days, the Overdraft Option$ service will be revoked. If your account is not brought to a positive balance within 60 days, your account will be closed and a collection process may be initiated to recover the amount of your overdraft plus any fees assessed. If your assigned limit is exceeded, or if the Bank determines that paying an item does not constitute sound banking practice, the Bank may return the item(s) without further notice or obligation.
Approval of overdrafts through the Overdraft Option$ service on checking accounts is a discretionary service and may be withdrawn at any time. The Bank is not obligated to pay any item presented for payment when your account does not have sufficient funds available. All transactions drawing money on insufficient funds may be assessed a Paid Item Fee of $29.95 per item and the order in which items are paid may affect the total amount of fees charged to your account. In addition, a continouus overdraft fee of $0.95 per day will be charged after your account has been negative for five consecutive days. |
