What You Need to Know about Overdrafts and Overdraft Fees
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:
- We have standard overdraft practices that come with your account.
- We also offer overdraft protection plans, such as a link to a savings account, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.
This notice explains our standard overdraft practices.
What are the standard overdraft practices that come with my account?
At our discretion, we do authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions (such as ACH) made using your checking account number
- Automatic bill payments
We will not authorize and pay overdrafts for the following types of transactions unless you ask us to:
- ATM transactions
- Everyday debit card transactions (for example, point-of-sale, telephone, and Internet sale)
We pay overdrafts at our discretion, which means that we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined.
What fees will I be charged if Centennial Bank pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee of $30 each time we pay an overdraft
- A fee of $5 per business day the bank is open will be imposed if the negative balance is not brought positive within 6 days. This fee also applies when any item causes an account to be negative including the imposition of other fees.
- The maximum number of overdraft fees that we can assess is limited to six (6) per day
What if I want Centennial Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions?
If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, call your local branch or complete the form below.