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Overdraft Services

You have options


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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:

Option
Description:
Consider:
Transfer between Accounts Allows you to link another deposit account at Camden National Bank as a backup account to pay transactions that exceed your Actual (Ledger) Balance, if enough funds are available. A fee per transaction will be assessed. The number of transactions may be restricted by account type.
Overdraft Line of Credit Automatic transfer from a line of credit may be established if you meet our underwriting requirements. Funds borrowed from the line of credit are subject to interest charges and minimum monthly payments.
Progressive Pay Participate in our Progressive Pay service whereby we may pay NSF transactions at our discretion. An overdraft fee per transaction will be assessed.
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:


 

First, we add deposits to your account, based on our Funds Availability Policy.
 
 

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 banking center locations before it closes
 

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


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.
Transaction
Consumer Accounts
Business Accounts
Checks or withdrawals slips Yes Yes
Automatic Payments (e.g. recurring phone bill, or utilities) Yes Yes
Recurring debit card purchases (e.g. subscriptions) Yes Yes
Everyday debit card purchases (e.g. coffee shop purchase or groceries) Optional Yes
ATM withdrawals Optional Yes
Transferring money through online or telephone banking No No

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:

  1. 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);
  2. Avoid excessive overdraft usage that suggests you are treating Progressive Pay as if it were a line of credit; and
  3. 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.