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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 Overdraft 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 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

We may charge you an Overdraft Fee of $35.00 if we pay an item that exceeds your Actual (Ledger) Balance. We may charge you a Returned Item (NSF) Fee of $35.00 if we return an item unpaid due to an insufficient Actual (Ledger) Balance. You will receive a notice for every Overdraft Fee or Returned Item (NSF) Fee charged to your account. Your monthly checking account statement reflects the total Overdraft Fees and Returned Item (NSF) Fees charged during the month and for year-to-date.

Please be aware that third parties sometimes resubmit items that we return unpaid, which can result in additional Overdraft Fees and Returned Item (NSF) Fees. We determine whether a debit card transaction overdraws your account at the time the merchant submits the transaction for payment, not at the time of authorization (when you swipe your card). Debit card transactions that we authorize when you had a positive Available Balance may result in an Overdraft Fee if you your Actual (Ledger) Balance is insufficient to pay the item at the time it is submitted for payment. See our Electronic Fund Transfer Disclosure and Agreement (personal accounts) or Business Card Agreement (business accounts) for more information.

For personal checking accounts, we will not charge more than six (6) Overdraft Fees and Returned Item (NSF) Fees, in total, on any one business day. In addition, you will not be charged Overdraft Fees for ATM withdrawals or everyday debit card transactions unless you have opted in to Progressive Pay for ATM and debit card transactions. These limitations do not apply to business checking accounts. For all checking accounts (personal and business), we will not charge an Overdraft Fee or Returned Item (NSF) Fee if your end-of-day Actual (Ledger) Balance is overdrawn by $5 or less

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.