Customer Overdraft Policy

There are several ways your account can become overdrawn, such as (1) the payment of checks, electronic funds transfers or other withdrawal requests; (2) payments authorized by you; (3) the return of unpaid items deposited by you; (4) bank service charges; (5) a hold has been placed on your account as a result of debit card transaction. For example, you have $100 in your account and you use your debit card for a $30 transaction at a merchant. When we authorize the debit card transaction, we will place a $30 hold on your account. This hold will show up on your transaction history as a pending transaction. Your available balance is $70. When the merchant submits the transaction to us, we will post the transaction and it will no longer be pending; or (6) a deposited check has not yet cleared and a hold is placed in accordance with the bank’s Funds Availability Policy. For example, you have $100 in your account and you deposit a check for $500. If we have concerns about the collectability of the check you have deposited (for example, the check may be fraudulent), we may place a hold on the $500 deposit. This will result in a ledger balance of $600 on your account, however the available balance will only be $100. If check and/or debit card items are presented that exceed your available balance, the transaction(s) would access your Bounce Protection and we may charge you overdraft item fees. We are not obligated to pay any item presented for payment if your account does not maintain a sufficient available balance. The available balance reflects the funds in your account that are available to spend. Additional information on how Central National Bank determines your available balance is provided within the account agreement. Any disputes arising from your use of Bounce Protection are subject to the terms and conditions of the account agreement, including the provisions that require the use of arbitration on an individual basis to resolve disputes, rather than jury trials or class actions, unless you specifically reject arbitration in accordance with the rejection procedure as outlined in your account agreement. The terms and conditions of arbitration provisions contained in the account agreement are incorporated herein by this reference. To the extent any conflict exists between this policy and the account agreement, the account agreement controls.

While we are not obligated to pay any item presented for payment if your account does not maintain a sufficient available balance, we may approve your overdraft items within your current available Bounce Protection limit as a non-contractual courtesy. Limitations apply to Bounce Protection. This discretionary overdraft service is a non-contractual courtesy that is available to individual or jointly owned accounts for personal or household use. Central National Bank reserves the right to limit participation to one account per household and to suspend, revoke or discontinue this service without prior notice. In order to continue to receive the benefits afforded under Bounce Protection you must generally handle your account in a sound manner. Examples of sound account management can include (1) avoiding excessive overdrafts suggesting the use of Bounce Protection as a continuing line of credit; (2) bringing your available balance positive on a regular basis and not allowing overdrawn balances to persist; and (3) have no legal orders, levies or liens against your account. When your account is not handled in a sound manner Bounce Protection may be suspended. If your limit is suspended, unless we notify you otherwise or you request this service be removed from your account, your limit will be made available to cover overdrafts again the first business day after you bring your account to a positive balance.

PROCESSING ORDER: On each processing day, all credit transactions received prior to the business day cut-off time are processed first and added to your available balance. Generally, debits or withdrawals will then be processed in order by transaction category. Within each category transactions will post by amount in low-to-high order, except checks will post by check number order. The processing order of common categories of transactions is listed below.

  • Outgoing wires
  • ATM withdrawals
  • Debit card PIN purchases
  • Debit card POS purchases
  • ACH preauthorized withdrawals and electronic checks
  • Internet online banking
  • In-branch transactions
  • Checks

Note that this order may not be the same as the order in which your transactions occurred and could affect the total amount of overdraft item fees incurred. We reserve the right to change the order of payment without notice to you if we suspect fraud or possible illegal activity affecting your account. Also, please be aware that the order we pay your items in may create multiple overdraft items in a single banking day and you will be charged our overdraft item fee of $29 for each overdraft item paid.

You may opt out of the privilege at any time, but you are responsible for any overdrawn balances at the time of opting out. Normally, we will not approve an overdraft for you in excess of the Bounce Protection limit assigned to your account type. So as not to exceed your limit, please note that the amount of the overdraft plus the overdraft item fee of $29 will be deducted from the Bounce Protection limit for each item paid.

We may refuse to pay an overdraft item at any time even though we may have previously paid overdraft items for you. For example, we typically do not pay overdraft items if a review of your account management shows you are using Bounce Protection excessively or seem to be using Bounce Protection as a regular line of credit. In the event an item is returned unpaid you will be charged a returned item fee of $29 for each item returned per presentment.

We will notify you promptly of any non-sufficient funds items paid or returned that you may have; however, we have no obligation to notify you before we pay or return any item. The amount of any overdraft including our overdraft item fee of $29 and/or a returned item fee of $29 that you owe us is due and payable upon demand. Even if we do not ask you for payment, you must repay us, no later than 30 calendar days after the creation of the overdraft. If there is an overdraft on an account with more than one owner on the signature card, each owner and agent, if applicable, is jointly and severally liable for all overdrafts including all fees charged.

Bounce Protection should not be viewed as an encouragement to overdraw your account. To avoid fees, we encourage you to keep track of your available balance by utilizing the bank’s online, mobile or text banking services. Alternatively it may be helpful to enter all items in your check register and reconcile your checkbook regularly. The most effective way to decrease the use of your Bounce Protection overdraft service is to manage your finances responsibly. If you would like to have this service removed from your account, please call (888)262-5456.

Please note that your Bounce Protection limit may be available for each item paid under the limit created by checks and other transactions made using your checking account number, such as a teller withdrawal, a preauthorized (ACH) payment, an automatic bill payment or recurring debit card payments. Also, at your request, we may authorize and pay ATM transfers or withdrawals and everyday debit card purchases using your limit. The limit will not be included in the available balance provided during a balance inquiry. When you ask for your account’s available balance, please remember the amount we show you does not include your Bounce Protection limit.

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