Overdraft Services
Choose what's right for you.
We know that sometimes—whether you’re making a purchase, payment, or withdrawal—you need that transaction to go through. When there isn’t enough money in your account to cover a transaction, but we pay it anyway, an overdraft occurs.
You’ve got options
It’s important to know that you have many options for how to handle times when your account balance runs low. Of course, the best way to ensure your transactions are paid is to actively monitor and track your spending to maintain a positive account balance. For those situations that exceed your Actual (Ledger) Balance, we have several options to increase the likelihood that your transactions will be paid—which may prevent a debit card decline or returned check fee:
With or without the options, we may approve your transaction, at our discretion, based on your account history and the transaction amount. We do not guarantee we will always pay a transaction that will overdraw your account. We use your Actual (Ledger) Balance to determine whether you have enough money in your account to pay an item when it’s presented for payment. If that balance is insufficient to pay an item, we may decide to pay the item (creating an overdraft) or return the item unpaid (Non-Sufficient Funds – NSF).
How your transactions work
The way we post transactions impacts your actual account balance. We generally post in this order:
Second, we subtract debit card transactions and ATM withdrawals, in chronological order from oldest to newest.* Transactions without a timestamp are posted after the others, from the lowest dollar amount to the highest.
Third, we subtract other electronic transactions by type. Transactions of the same type are posted from the lowest dollar amount to the highest.
Fourth, we subtract checks in check number order from lowest to highest, followed by in-person transactions from the lowest dollar amount to the highest.
Finally, we subtract non-transactional fees (such as a paper statement fee). Fees that are caused by a transaction, such as an Overdraft or Returned Item Fee, are posted immediately after the transaction that caused the fee.
*Sometimes an everyday debit card transaction ends up overdrawing your account, even though your account you had sufficient funds when we authorized the transaction. This may happen due to several factors, including the authorized amount being lower than the payment amount and/or the impact of the other transactions that posted between authorization and submission for payment, as sometimes the merchant delays submission for payment.
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You're in control
You can avoid overdrafts or returned items by ensuring you’ve made (and we’ve cleared) sufficient deposits or transfers to cover your account activity before the business day ends. Here’s a guide to our cutoff times for making a deposit or transferring money from another Camden National Bank account:
At one of our envelope-free ATMs* or through mobile deposit before 7:00 pm ET
As a transfer through online banking or our mobile app before 8:30 pm ET
*Eligible funds from deposits made by envelope at our ATMs before 2:00 pm ET will be available next business day. All deposits are subject to proof and verification. Please see our Funds Availability Policy for more details.
Progressive Pay: an Overdraft Service for your Checking Account
Camden National Bank offers Progressive Pay service for checking accounts. If your account is eligible, we will consider authorizing and paying debit transactions that exceed your account’s Actual (Ledger) Balance, instead of automatically declining those transactions or returning them unpaid. Progressive Pay is a discretionary service; the Bank is not obligated to pay any item that exceeds your Actual (Ledger) Balance and may cease paying overdrafts at any time without prior notice of reason or cause.
For our personal checking account customers, the standard Progressive Pay service allows us to authorize and pay overdrafts for checks, other debit transactions made using your checking account number (e.g., ACH debit transactions), and automatic bill payments. We will not authorize and pay overdrafts for ATM or everyday debit card transactions for your personal checking account unless you have opted in to payment of these overdrafts. If you do not opt in, we will decline any ATM or everyday debit card transaction that exceeds your Available Balance.
For our business checking account customers, Progressive Pay automatically allows us to authorize and pay overdrafts for all transaction types except certain transfers between Camden National Bank accounts.
Eligible accounts are automatically enrolled in our Progressive Pay service at account opening.
Enrolled accounts receive a Progressive Pay coverage amount. Your coverage amount is determined based on things such as the account’s age, activity, and usage history and may vary as things change. When we post transactions at the end of the business day, transactions may be automatically paid up to your Progressive Pay coverage amount.
- Consumers – You may elect to have your Progressive Pay coverage amount apply to everyday debit card transactions (such as groceries, gasoline and dining out) and ATM withdrawals. If you do, everyday debit card transactions and ATM withdrawals that would otherwise be declined may be authorized based on your Progressive Pay coverage amount. You may change your election at any time.
There is no cost to participate in the Progressive Pay service.
- Transactions that are paid using the Progressive Pay coverage amount are subject to our standard Overdraft Fee.
- Transactions that are returned because you have exceeded your Progressive Pay coverage amount are subject to our standard Returned Item Fee.
You will receive an overdraft notice for every covered transaction. Your monthly checking account statement the total transaction fees (both Overdraft Fees and Returned Item Fees) charged during the month and for the year-to-date.
Progressive Pay is typically extended only to accounts in good standing, which requires, but is not limited to, the following account characteristics: (a) consistent deposit activity, including sufficient deposits to bring your account balance positive at least once every 30 calendar days (including payment of all bank fees and charges); (b) no excessive overdraft usage that suggests you are treating Progressive Pay as if it were a line of credit; and (c) not subject to any legal or administrative order, levy, or lien.
Both personal and business checking account customers may opt out of Progressive Pay at any time. Personal checking account customers may also revoke their consent to Progressive Pay for ATM and everyday debit card transactions without removing overdraft services for other transactions. Visit a Camden National Bank branch, call 800-860-8821, or send a secure message from your online banking account for more information or to remove Progressive Pay services from your account.
Eligible accounts are automatically enrolled in our Progressive Pay service at account opening.
Enrolled accounts receive a Progressive Pay coverage amount. Your coverage amount is determined based on things such as the account’s age, activity, and usage history and may vary as things change. When we post transactions at the end of the business day, transactions may be automatically paid up to your Progressive Pay coverage amount.
- Consumers – You may elect to have your Progressive Pay coverage amount apply to everyday debit card transactions (such as groceries, gasoline and dining out) and ATM withdrawals. If you do, everyday debit card transactions and ATM withdrawals that would otherwise be declined may be authorized based on your Progressive Pay coverage amount. You may change your election at any time.
There is no cost to participate in the Progressive Pay service.
- Transactions that are paid using the Progressive Pay coverage amount are subject to our standard Overdraft Fee.
- Transactions that are returned because you have exceeded your Progressive Pay coverage amount are subject to our standard Returned Item Fee.
You will receive an overdraft notice for every covered transaction. Your monthly checking account statement the total transaction fees (both Overdraft Fees and Returned Item Fees) charged during the month and for the year-to-date.
In order to continue to participate in our Progressive Pay service, you must:
- Make sufficient deposits to bring your actual balance positive at least once every 30 calendar days (including the payment of all bank fees and charges);
- Avoid excessive overdraft usage that suggests you are treating Progressive Pay as if it were a line of credit; and
- Make sure there are no legal orders, levies or liens against your account.
We do not encourage overdrafts. It’s your responsibility to avoid overdrawing your account. We reserve the right to limit your participation and to suspend, revoke or discontinue Progressive Pay service without prior notice.
If you would like to remove the Progressive Pay service from your account, please call 800-860-8821, send a secure message from your online banking account, or visit any banking center location.