Instead of returning your checks, electronic withdrawals, and automatic bill payments unpaid, we will generally pay those items when you have insufficient funds up to your Overdraft Select limit, usually $500, including our Paid Item Fee of $29.95 per item. ATM withdrawals and everyday debit card transactions made when you have insufficient funds will only be paid if you give us your consent to do so. If you don't give us your consent, these transactions will be declined. 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 Select you can relax… we've got you covered.
You don't have to. You automatically qualify for Overdraft Select 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 Select limit… it's simple.
Nothing… until you use it. And then, you only pay our normal fee of $29.95 for writing a check, electronic withdrawals, and automatic bill payments on insufficient funds. If you consent to including ATM withdrawals and everyday debit transactions, the $29.95 fee for items and negative balances in excess of $10 will apply. A $0.95 per day fee will also be charged if your account is overdrawn for more than 5 consecutive business days and the balance exceeds your $500 Overdraft Select limit.
We will send you a letter each time you use the Overdraft Select service telling you the balance of your account and notifying you of any applicable fees.
Yes… You will be able to draw on your current available balance plus your Overdraft Select limit, usually $500, but only if you have given your consent to approve withdrawals on insufficient funds. Otherwise, you will be limited to withdrawing funds from your current available balance only. These rules also apply when you use another bank's ATM.
Please note and this is very important. A balance inquiry at an ATM will only show your current available balance at the time you are using the ATM. This available balance will NOT include your Overdraft Select limit. Your Overdraft Select limit will still be available if you have "Opted In". In which case, you will be able to access funds up to your available balance plus your Overdraft Select limit.
Once you've used the Overdraft Select 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.
Once you have qualified for the Bank's Overdraft Select service, the Bank will generally approve your overdrafts up to your Overdraft Select limit (generally $500), including any bank fees. With your consent (Opt-In), we will generally approve overdrafts occurring from ATM withdrawals and everyday debit card transactions up to your Overdraft Select limit. If you don't give us your consent (Opt-In), we will decline to authorize and pay these items when you have insufficient funds in your account.
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 Select service along with your ATM/debit card privileges will be suspended. 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. We may report information about your account to ChexSystems and credit bureaus. Late payments, missed payments, or other defaults on your account may be reflected in your credit report. 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 Select 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. The Bank will assess a Paid Item Fee of $29.95 per item for items and negative balances in excess of $10. The order in which items are paid may affect the total amount of fees charged to your account. As a customary practice, Century Bank pays items presented in the following order: 1) Items that are within the Bank's transaction code system. 2) ATM and Debit Card transactions are based on the time they were received by the Bank. 3) ACH items from smallest to largest amount. 4) Checks are paid in check number order. In addition, a continuous overdraft fee of $0.95 per day will be charged after your account has been negative for five consecutive business days and the balance exceeds your $500 Overdraft Select limit.
For more information about giving Century Bank your consent to
approve withdrawals on insufficient funds, visit our Overdraft Opt In page.