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SafetyNET

SafetyNET is an overdraft protection service designed to automatically assist you when you may inadvertently write checks that may be returned due to insufficient funds in your account.  We do not encourage our customers to overdraft their accounts.  This program is designed to provide an automatic service to help you with problems associated with a check that is otherwise returned. 

Our overdraft protection service is not a traditional line of credit and, as mentioned above, we do not encourage our customers to overdraw their accounts.  In fact, you may also inquire of us if there are other more traditional lines of credit available to you.  The payment of an overdraft is not guaranteed under the overdraft protection service.  We reserve the right to return any check drawn on your account if the balance of your account is not sufficient to pay the check or if your account is not in good standing.  An account in good standing is one in which regular deposits are made and the account is brought to a positive balance at least every thirty days.  This discretionary right to return a check is also reserved for various other reasons, such as if your account is overdrawn repeatedly over the overdraft limit, you are in default on a loan with us, your account is subject to legal or administrative levies or freezes, if there is a suspicion that the account is being conducted for illegal purposes or in an illegal manner, or if there is a detection of identity theft.

The limit of your overdraft protection depends on the type of account you have.  You will be charged the Bank’s standard overdraft fee of $35 for each item paid if the account is accessed when the balance is not sufficient for the amount of the transaction (for instance, through an electronic transaction).  The fees charged for covering overdrafts, as well as the amount of the overdraft item, will be subtracted from the overdraft protection limit.  More than one overdraft fee may be charged against the account per day, depending on the number of checks presented on, and other withdrawals made from the account.  Overdrafts above the overdraft limit may be returned to the payee and our normal per-check returned item fee of $35 will be charged against the account balance.  Check transactions are not the only transactions covered by the overdraft protection service.  Overdraft protection may occur, and overdraft fees would also be imposed, on transactions such as automated teller machine (ATM) withdrawals, debit card transactions (termed point-of-sale or POS), preauthorized automatic debits, telephone-initiated transfers, Internet-initiated transfers (including bill payment services), automated clearing house (ACH) transfers, or other electronic transfers. There is no daily limit on the imposition of the fee costs. Also, there is no numerical limit on the total overdraft transactions that will be subject to a fee per day. No interest will be charged on the overdraft balance, however there is a $3.27 daily overdraft fee.  All joint accountholders on the account are equally liable and responsible for the overdraft protection requirements and repayment.

You will receive an overdraft notice in the mail following the payment of each overdraft item. The notice will identify the date of the transaction, the type of transaction, the overdraft amount, the fee associated with the overdraft, the amount necessary to return the account to a positive balance, the amount of time you have to return the account to a positive balance, and the consequences of not returning the account to a positive balance within the given timeframe. You should repay your overdraft protection balance and bring your account to a positive balance within thirty days. If you are unable to bring the account to a positive balance after a period of time, we may close your account or terminate the overdraft protection service, as well as take actions to recover the funds. You will be notified by mail if we terminate or suspend access to the overdraft protection service or if the account is no longer in good standing.

Transactions may not be processed in the order in which they occurred, and the order in which transactions are received and processed by the Bank can affect the total amount of overdraft fees incurred by you. We generally process withdrawals from your account in the following order: 1) electronic transactions (such as ATM and debit card transactions), 2) ACH debit transactions, 3) checks and other debits transacted at the teller and drive-through windows (including night-drop transactions), 4) checks written to third parties that are presented to us for payment, and 5) preauthorized transactions (such as telephone transactions, Internet transactions, sweep transactions, and automated funds transfers).  For all items above, the transactions are paid from the smallest to largest item.

When you inquire about the balance of your account (such as at the teller line, over the telephone, on the Internet, or at ATM machines) the balance quoted to you does not reflect the overdraft balance of your account.

The overdraft protection service is an automatic and discretionary feature to your account and goes into effect thirty days after the account is opened as long as the account is in good standing for this thirty-day period of time. The overdraft protection service is a privilege and courtesy to you from the Bank and does not constitute an obligation of or contract with the Bank. You agree to the terms of the overdraft protection service above when an insufficiency in your account activates the overdraft protection service. If you do not wish to have this service, you may sign the waiver below (any one signature from an accountholder will waive the service). You may also cancel this service at any time in the future by contacting our new-accounts staff, who will request from you in writing that you wish to terminate the overdraft protection service. We reserve the right to lower the limits of your overdraft protection balance or to discontinue the overdraft protection service at any time without reason or cause, of which we will notify you by mail.