Overdraft
Privilege
What is Overdraft Privilege at CSB?
CSB Overdraft Privilege is an overdraft service that is automatically
assigned to your account. Rather than the possibility of returning
unpaid insufficient fund items, we will consider payment of
your reasonable overdrafts up to your assigned limit. You
should not consider your Overdraft Privilege as a line of
credit or as a regular source of funds. It is an account service
for which you will be charged our standard $30.00 nonsufficient
funds fee per item.
How Do I Get This Special Service?
For new accounts you may be granted Overdraft Privilege after
your account has been opened and in good standing for at least
60 days. We require no action on your account on your part
and no signature is required.
For cutomers who wish their Overdraft Priviledge to cover
their everyday debit card transactions and ATM withdrawals,
you will have to opt-in to authorize the bank to cover this
type of transaction and to charge your account the fee for
doing so.
If you do not give the bank consent for these types of transactions
and withdrawals to be paid, your Overdraft Privilege will
still cover your checks and recurring debit card transactions,
such as your monthly utility payments, insurance payments,
etc.
Which Accounts Are Eligible for Overdraft
Privilege?
How Much Does Overdraft Privilege Cost?
If your account does become overdrawn, you will be charged
our standard nonsufficient funds fee of $30.00 for each item
presented against a nonsufficient funds balance in your checking
account. This could result in multiple fees. These fees will
be charged to your account and will be considered part of
your Overdraft Privilege limit.
If you are unsure of the type of checking account you have
at CSB, please refer to your checking account statement. It
will list the type of account you have with CSB. You may also
call us and we will be happy to assist you.
Will You Notify Me When I Use the Overdraft
Privilege Service?
Yes, you will receive an overdraft notice listing the items
that have been paid. You will also see the total of your nonsufficient
funds fees, which you should deduct from your account.
What Happens If I Go Over My Overdraft
Privilege Limit?
Any items presented that cause you to go over your Overdraft
Privilege limit may result in the item being returned to the
payee. You will also be charged our normal fee of $30.00 for
each item presented against a nonsufficient funds balance
in your checking account.
How Do I Access My Overdraft Privilege?
Continue to handle your checking account in the same manner
you always have. You have access to your Overdraft Privilege
Service on your checking account in all the normal ways up
to your preassigned limit. You may write a check, make a withdrawal
in person, transfer through Xpress Phone and Xpress Net Banking
or through other means of electronic payment.
If you have given us permission by opting in, the Bank will
also cover your everyday debit card transaction and ATM withdrawals.
If you do not give the Bank consent for these types of transactions
and withdrawals to be paid, your transactions will be denied
if there are insufficient funds in the account.
If I Use Overdraft Privilege, How Do
I Repay?
To repay your Overdraft Privilege, simply make the necessary
deposit(s) to your checking account to bring your account
to a positive balance. We reserve the right to require you
to pay your outstanding overdraft (negative) balance, including
our fees, immediately or on demand. If you are not able to
do so, you will receive a letter from CSB informing you of
the situation and your options. If, after a period of time,
your account has not been brought to a positive balance, we
may suspend your overdraft privilege limit and take other
steps to recover funds.
How Do I Cancel This Service?
You may choose at any time not to participate in the Overdraft
Privilege Service or you may also revoke your authorization
to cover overdrafts on your everyday debit card transactions
and ATM withdrawals. Simply notify one of our Account Relationship
Specialists at any CSB Banking Center and they will assist
you. You will find phone numbers for each CSB Banking Center
listed on our website under Locations.
Please understand by canceling your Overdraft Privilege Service,
we may return any item presented that causes an overdraft
to your account. You will also be charged our standard nonsufficient
funds fee of $30.00 per item.
The features, costs, and restrictions of our Overdraft Privilege
Service are more fully described in the Overdraft Privilege
Service Policy. We encourage you to take a few minutes to
read this policy, as well as the alternative overdraft protection
services outlined in the brochure.
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