What you need to know about overdraft practices and 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 and an overdraft Line of Credit, 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?
We do authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- Automatic bill payments
We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):
- ATM transactions
- Everyday debit card transactions
We pay overdrafts at our discretion, which means 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 Carthage Savings and Loan Association pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee of $30 each time we pay an overdraft.
- Also, if your account is overdrawn for 5 or more consecutive business days, we will assess an additional $5 per day.
- There is no limit on the total fees we can charge you for overdrawing your account.
What if I want Carthage Savings and Loan Association to authorize and pay overdrafts on my ATM and everyday debit card transactions?
If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions, call 315-493-3480, visit one of our locations or complete the form below and either fax it to 315-493-0231 or mail it to Carthage Savings and Loan, 313 State Street, Carthage, NY 13619.