At times, unanticipated expenses or unforeseen problems can leave you with too little cash in your checking account. Having a check returned due to insufficient funds can be a costly, inconvenient and potentially embarrassing experience.
At Camden National Bank we do not encourage overdrafts. As always, we encourage you to manage your finances responsibly. However, we want to save you from the additional merchant fees and possible damage to your credit history that might result if a check is returned. That’s why we provide “Progressive Pay,” a special overdraft service for Camden National Bank customers.
Progressive Pay is a special overdraft service that may approve the payment of items beyond your available balance on a discretionary basis, dependent on your account history and activity.
How does Progressive Pay work? Progressive Pay is available for the payment of checks and other transactions made using your checking account number or automatic bill payment and recurring debit card payments beyond your available balance. Also, at your request, we may authorize and pay ATM transfers or withdrawals and everyday debit card purchases. There are several factors considered when deciding to pay an item, including, but not limited to: (1) age of your account, (2) how often you make deposits to your account, (3) amount of deposits made to your account and (4) number of days your account carries a negative balance. Our discretionary service does not guarantee to pay items when your account has insufficient funds.
How much does Progressive Pay cost? There is no additional cost associated with this service unless you use it and no interest will be charged on the overdraft balance. You will be charged our Overdraft Item Charge/Returned Item fee of $34 for each overdrawn item created by a traditional paper-based check, a teller withdrawal, an automatic payment (ACH) transaction, or a recurring debit card payment. For example, three paid items in one day will result in $102 in Overdraft Item Charge/Returned Item fees. The $34 Overdraft Item Charge/Returned Item fee will still be charged for an item returned rather than paid, but returned items may also incur additional merchant fees and possible damage to your credit history. To help you manage your account, the total fees you have paid for items (both paid and returned) during the current month and for the year-to-date will be reflected on your monthly checking statement.
How do I know when I use Progressive Pay? You will receive an overdraft notice each time items are paid, including fees. You will need to subtract the total fees when balancing your checkbook.
What are some of the ways I can access Progressive Pay? The chart below shows the different ways you can access Progressive Pay and indicates whether or not this will be reflected in the balance provided.
|Access Points||Is Progressive Pay available?||Does the balance provided reflect Progressive Pay?|
|Writing a Check||Yes||N/A|
|Debit Card (recurring)||Yes||N/A|
|Debit Card (everyday)||No**||N/A|
|Access 24 Telephone Banking||No||No|
**Progressive Pay service will be made available for ATM or everyday debit card transactions for CONSUMER accounts only upon your request. To arrange for your ATM and everyday debit card transaction coverage, call 800-860-8821, visit one of our branches, or visit camdennational.com/overdraft_services and complete the Regulation-E opt-in agreement.
What are some other ways I can cover overdrafts at Camden National Bank? The best way to avoid overdrafts and fees is to keep track of your account balance by entering all checks, debit card purchases and ATM withdrawals in your check register, reconcile your checkbook regularly and manage your finances responsibly. Camden National Bank does not encourage overdrafts. However, if a mistake occurs, Camden National Bank offers additional ways to cover overdrafts in addition to Progressive Pay.
|Ways to Cover Overdrafts at Camden National Bank||Example of Associated Fees*|
|Good account management||$0|
|Link to savings or checking account||$10.00 transfer fee**|
|Overdraft line of credit||17% APR***|
|Progressive Pay||Paid item overdraft fee of $34 for each item|
*These costs are provided only as examples. Please ask us about our specific products and fees. **Limited to 6 pre-authorized automatic transfers in a statement cycle for saving accounts. ***Annual Percentage Rate (APR). Maximum Annual Percentage Rate subject to change without notice. Available to qualified applicants who meet the Bank’s current loan underwriting guidelines.
What if I do not want to have Progressive Pay on my checking account? If you would like to have this service removed from your account, please call 800-860-8821, send a secure message from your online banking account, or visit any branch location.
It is the policy of Camden National Bank to comply with applicable laws and regulations, and to conduct business in accordance with applicable safety and soundness standards. Rather than automatically returning any non-sufficient funds items that you may have, we will consider approving your reasonable overdrafts. A non-sufficient funds balance can result from several events, such as (1) the payment of checks, electronic funds transfers or other withdrawal requests; (2) payments authorized by you; (3) the return of unpaid items deposited by you; (4) bank service charges; or (5) the deposit of items which, according to the Bank's Funds Availability Policy, are treated as not yet available or finally paid. We are not obligated to pay any item presented for payment if your account does not contain sufficient funds.
As long as you maintain your account in “good standing,” we may approve overdraft items on your account beyond your available balance on a discretionary basis as a non-contractual courtesy. For Progressive Pay consideration, your account is in “good standing” if you (1) make sufficient deposits to bring your account to a positive end-of-day balance at least once every 30 calendar days (including the payment of all bank fees and charges); (2) avoid excessive overdraft usage that suggests the use of Progressive Pay as a continuing line of credit; and (3) there are no legal orders, levies or liens against your account. We may refuse to pay an overdraft item at any time even though we may have previously paid overdrafts for you.
There are several factors considered when deciding to pay an item, including, but not limited to: (1) age of your account, (2) how often you make deposits to your account, (3) amount of deposits made to your account and (4) number of days your account carries a negative balance. Our discretionary service does not guarantee to pay items when your account has insufficient funds. The amount of the overdraft plus our Overdraft Item Charge/Returned Item fee of $34 for each item will be deducted from your assigned progressive pay limit. Normally, we will not approve an overdraft for you in excess of the limit assigned to your account. No interest will be charged on the overdraft balance.
In the normal course of business, we generally pay electronic transactions first and then checks in serial number order, per the Bank’s policy. We reserve the right to change the order of payment without notice to you if we suspect fraud or possible illegal activity affecting your account. Also, please be aware that the order of item payment may create multiple overdraft items during a single banking day for which you will be charged our Overdraft Item Charge/Return Item fee of $34 for each overdraft item paid.
You will be promptly notified 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 overdraft including our Overdraft Item Charge/Return Item fee of $34 that you owe us shall be due and payable upon demand, or no later than 45 calendar days after the creation of the overdraft if no demand is made, or your account will be charged-off. The charge-off will become a part of your credit file with Camden National Bank and will be reported to consumer reporting agencies if not paid in full as agreed. If there is an overdraft on an account with more than one owner on the signature card, each owner and agent, if applicable, shall be jointly and severally liable for all overdrafts inclusive of fees. You may opt out of Progressive Pay at any time, but you are responsible for any overdrawn balances at the time of opting out.
LIMITATIONS: Progressive Pay is a non-contractual courtesy that is available to individually or jointly owned accounts in good standing. Other accounts that are not checking accounts, such as savings and money market accounts, are not eligible for this service. Camden National Bank reserves the right to limit participation and to suspend, revoke, or discontinue this service without prior notice.
If you would like Progressive Pay, or no longer require it, please let us know of your wish to opt-in or opt-out by contacting our Customer Assistance Center at 800-860-8821.
Camden National Bank requires that you give us permission to provide you with overdraft services on everyday debit card and ATM transactions. Everyday debit card purchases include the use of your debit card for a one-time transaction such as the grocery store, restaurant, gas station or doctor’s office. Consider the ways you use your debit card and make the choice that is right for you.
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. As a convenience to you we will strive to pay items for you in two different ways.
We do authorize and pay overdrafts for the following types of transactions:
We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined.
Under our standard overdraft practices:
If you also want to authorize Camden National Bank to authorize and pay overdrafts on ATM and everyday debit card transactions, call 800-860-8821 or visit a branch near you.
If you would like Camden National Bank to authorize and pay overdrafts on your debit card transactions, or if you no longer wish for Camden National Bank to authorize and pay overdrafts on your debit card transactions, please contact our Customer Assistance Center at 800-860-8821. Alternatively, using your online banking access, email your request to Opt-In or Opt-Out via our secure messaging system.
Camden National Bank, Member FDIC, Equal Housing Lender © 2016 Camden National Corporation, All Rights Reserved.