Overdraft Courtesy Service
Overdraft Courtesy Service is a service which will pay approved customers’ checks and allow other overdrafts when there are nonsufficient (NSF) funds in the account. These services are provided to transaction account customers as an alternative to a traditional overdraft line of credit. This overdraft service is extended to non-check transactions including ATM withdrawals, debit card purchases, pre-authorized automatic debits, telephone-initiated funds transfers, on-line banking transactions, or other electronic transfers. The system will automatically pay NSF presented for payment on eligible accounts up to the assigned overdraft courtesy limit.
A NSF (non-sufficient funds) (negative) balance may result from the following: Payment of checks Payment of electronic funds transfers Payment of other withdrawal requests The imposition of bank service charges The return of unpaid items deposited by you Fees for paying NSF item(s) are disclosed separately. Fees are as follows:
$29.95 Paid NSF item fee $29.95 Returned NSF item fee $5.00/day Continuing overdraft fee
More than one NSF (non-sufficient funds) item fee may be charged against the account per day, depending on the number of checks presented on, and other withdrawals made from, your account. If the account incurs multiple overdrafts in one day, a fee will be assessed for each overdraft. The Continuing Overdraft Fee will be assessed each day that the account is overdrawn. The overdraft courtesy is a non-contractual courtesy. Approving your reasonable overdrafts is a discretionary service and is not an obligation on our part. Community First Bank can refuse to approve overdrafts at any time if the account is not being maintained in good standing.
The Overdraft Courtesy Service is available only to eligible personal checking accounts primarily used for personal and household purposes. Business accounts, public accounts and Money Market accounts are not eligible. Accounts must be 30 days old and in good standing to be eligible. We may limit the number of accounts eligible for Overdraft Courtesy Service to one account per household. The customer’s accounts must be brought to a positive balance once every 30 days. Good standing is defined as:
- Making regular deposits
- Bringing the account to a positive balance once every 30 days or less (including the payment of all bank fees and charges)
- Having no legal orders, levies or liens against your account
- There are no outstanding loan delinquencies
The Overdraft Courtesy Service should not be viewed as an encouragement to overdraw your account. We encourage you to manage your finances responsibly. In the event you would like to have this service removed from your account, you can do so by calling 931-380-2265 and ask for a customer service representative. However, you are still responsible for any overdrawn balances at the time of opting out. CFBT reserves the right to limit, modify or discontinue this service without prior notice.
* Additional disclosures are provided upon establishment of the Overdraft Courtesy Service.
The amount of the overdraft Courtesy Service is not shown in your available balance, but may be available to you for ATM cash withdrawals, checks, telephone and internet banking. ACH transactions and when you use your debit card for purchases at retail merchants.
Ask your customer service representative for details.
