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Overdraft Privilege Service Policy

(A Discretionary Overdraft Service)

It is The Savings Bank’s (“we, us, or our”) policy to comply with applicable laws, rules and regulations, and to conduct business in accordance with strict safety and soundness standards. A non-sufficient funds (overdraft/negative balance) may result from:

  • The payment of checks, electronic funds transfers, or other withdrawal requests you initiate;
  • Payments authorized by you;
  • The return, unpaid, of items deposited by you;
  • Charging your account for our applicable service charges and fees;
  • The deposit of items to your account which, according to our Funds Availability Policy, are treated as not yet “available” or “finally paid.”

We are not obligated to pay any item initiated for payment against your account if your account does not contain sufficient collected funds. Rather than automatically returning, unpaid, all non-sufficient funds items that you may have, if your “eligible account type” has been open for at least thirty (30) days and thereafter you maintain your account in good standing, which includes at least:

  • Continuing to make deposits consistent with your past practices, and depositing at least $400 or more in your account within each thirty (30) day period,
  • You are not in default on any loan obligation to us,
  • We reserve the right to require you to pay your outstanding overdraft (negative) balance, including our fees, immediately or on demand, and
  • Your account is not the subject of any legal or administrative order or levy, such as bankruptcy or a tax lien, we will consider, without obligation on our part, approving your reasonable overdrafts up to your assigned Overdraft Privilege Limit, including our fees.

This discretionary* service will generally be limited to an $800 overdraft (negative) balance for eligible personal checking account types; or a $1,500 overdraft (negative) balance for eligible business checking account types. Our normal fees and charges including, without limitation, our non-sufficient funds (NSF) or overdraft (OD) fees (currently $28.00 per non-sufficient funds or overdraft item, as set forth in our fee schedule) will be charged for each transaction initiated for payment from your checking account that does not have sufficient collected funds. Typically, we will charge our normal NSF/OD fee whether we approve an overdraft item for payment or return it unpaid. In addition, we will charge your account a $5.00 per business day “daily overdraft fee.” Typically, we will charge this “daily overdraft fee” for the fourth and each subsequent consecutive business day your account is overdrawn and continues to have a negative (overdraft) balance with a maximum of $35.00 for this fee.

Our NSF/OD and daily overdraft fees will be included in and count against your assigned Overdraft Privilege Limit of $800 or $1,500. Whether your overdrafts will be paid or not is at our sole discretion, and we reserve the right not to pay. For example, we typically do not pay overdrafts if your account is not in good standing as described above, or if you have too many overdrafts.

We may refuse to pay an overdraft for you at any time, even though your account is in good standing and even though we may have previously paid overdrafts for you. You will be notified by mail 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 overdrafts including our fees that you owe us shall be due and payable immediately. If there is an overdraft paid by us on an account with more than one (1) owner on the signature card, each owner, and agent if applicable, drawing/presenting the item creating the overdraft shall be jointly and severally liable for such overdrafts, including our fees.

Ineligible Accounts and Limitations: Overdraft Privilege is available only for eligible checking accounts that are maintained in good standing as defined above. Savings Type Accounts, Money Market Accounts, Public Fund/Charitable Organization Accounts, Certain Trust Accounts and Minor Accounts (not of legal age) are not eligible for this service. We may, in our sole option and discretion, limit the number of your accounts eligible for Overdraft Privilege to one account per household and/or one account per taxpayer identification number.

Eligible Account Types:

The account types that are eligible for Overdraft Privilege are:

  • Regular Checking
  • Senior Smart Checking
  • N.O.W. Checking
  • Super N.O.W. Checking
  • Business Checking

Transactions That May Cause or Create Overdrafts Using Your Overdraft Privilege Limit: NSF transactions initiated for payment against your checking account may be paid by us using your assigned Overdraft Privilege Limit, including our fees. Our NSF/OD fee may be imposed for paying, or not paying, overdrafts you create by: checks; in person (teller) withdrawal; ATM withdrawal; or other electronic means.

You May Always Opt-Out: You may choose at any time to not participate in Overdraft Privilege by notifying one of our Service Representatives who will explain what this (“Opt Out”) means, and the potential consequences, for you.

If You Need Help: Of course, overdrafts should not be used to pay ordinary or routine expenses, and you should not rely on overdrafts as a means to cover these expenses. If at any time you feel you need help with your financial obligations please contact one of our Service Representatives at (740) 474-3191.

ALWAYS A DISCRETIONARY* SERVICE: Our Overdraft Privilege Service does not constitute an actual or implied agreement between you and us. Nor does it constitute an actual or implied obligation of or by us. Our Overdraft Privilege Service represents a purely discretionary courtesy or privilege that we may provide to you from time to time and which may be withdrawn or withheld by us at any time without prior notice or reason or cause.