To be considered for overdraft protection (ODP), you must affirmatively “opt-in.” The amount of your ODP is dependent upon your deposit activity. Accounts receiving direct deposit will have their ODP limit adjusted within 30 days of receipt of the first direct deposit. Accounts without direct deposit will be monitored for deposit activity to determine the appropriate ODP limit. Once regular and recurring deposit activity is established, you will be notified of the amount of your ODP. You may cancel your ODP by contacting us at the number or address listed below, at any time. Your cancellation of your participation in ODP does not affect the Bank’s rights to collect any outstanding amounts owed for any currently outstanding overdrafts or charges. FSNB believes in recognizing customers that maintain their accounts in good standing. In doing so, the bank may periodically offer you ODP, if you don’t have it, or offer an increase in the amount of your existing ODP. You will be notified in advance of increases in your ODP amount. You may decline the increase by contacting us at the number or address listed below. Unless notified of your intention to decline, the increase will become effective on the date in the notice. Once your ODP limit is set, you agree to maintain direct deposit or an adequate checking account deposit relationship with FSNB during the entire period that the ODP is in effect. The ODP will be immediately terminated by the Bank upon your cancellation of direct deposit or failure to maintain a sufficient checking account deposit relationship with the Bank.
The direct deposit customer is obligated to give the Bank thirty (30) days notification prior to the cancellation of direct deposit to the Bank. Whether your overdrafts will be paid is discretionary and we reserve the right not to pay. For example, we typically do not pay overdrafts if your account is not in good standing, or you are not making regular deposits, or you have too many overdrafts. However, if you maintain your account in good standing (making regular deposits, bringing your account to a positive balance and paying all bank fees charged to your account) the Bank, while this authorization is in effect, will not return overdraft items to the payee, but will honor and pay overdraft checks and allow checking overdraft withdrawals in person, from ACH debits, or other electronic transactions, and if you have previously authorized, ATMs and one-time debit card transactions, which in the aggregate are within then agreed upon ODP amount. If you have previously authorized, ODP is available for ATM and other withdrawals, however the ODP amount IS NOT included in the balance shown on ATM receipts. Therefore, if you withdraw more than is shown as your balance on your ATM receipt, you will incur the current overdraft fee of $19.75 by using your ODP. Each overdrawn item paid or returned will be subject to the bank’s current overdraft fee of $19.75 or return item fee of $19.75, as applicable, and the fees will be included in the maximum ODP limit. Any items overdrawing the account over the maximum ODP limit will be paid or returned at the Bank’s discretion and assessed the Bank’s current overdraft fee or return item fee, as applicable. The Bank limits the daily number of overdraft fees to seven, or $138.25. In the normal course of business, we generally post transactions in the order described below. 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.
Please note the order in which transactions are processed can affect the total amount of overdraft fees that you incur.
Typically, all credits are posted to your account first, and then debit items are paid from smallest to largest within each category of transaction as described below. Note that transaction fees will be posted after each respective transaction; i.e. if a transaction results in an overdraft the overdraft fee will be processed following the item creating the overdraft, a wire transfer fee will be processed following the wire transfer, etc. The most common types of categories of transactions are posted in the following order, assuming that all example transactions are received by the Bank within the same business day: Reversal of returned deposits (Chargebacks), withdrawals made at our teller windows, telephone transfers, scheduled Automatic Fund Transfers between your accounts, Transfers made with our online and mobile banking systems, outgoing wire transfers, ATM withdrawals or ATM transfers between your accounts, recurring debit card transactions, other debit card transactions, ACH debit transactions, all other checks drawn on your account, or other fees and service charges. You will be notified of each overdrawn item paid or returned affecting your account; however, we have no obligation to notify you before we pay or return any item. Each such overdraft, including the overdraft fees must be paid in full within thirty (30) days after the overdraft first occurs. FSNB reserves the right to set off against other related accounts and suspend and/or delete overdraft privileges if you fail to repay overdrafts in a timely manner. Overdraft privileges may be reinstated at the Bank’s discretion for those accounts that meet the eligibility criteria. You agree to abide by the Bank’s rules and regulations governing checking accounts (and all amendments thereto) as stated on the “Depositor Contract” in the Deposit Account Information brochure. Upon written notice to you, the Bank may amend this authorization in any respect, including the overdraft and return item fee. Such notice shall be properly given when enclosed with your checking account statement. If this authorization needs to be amended because of a change in State or Federal Regulations, the change shall be effective immediately without notice.
ODP should not be viewed as an encouragement to overdraw your account. As always, we encourage you to manage your finances responsibly. ODP costs you nothing unless you use it. It is a convenient way to guard against the embarrassment and costs associated with returned checks. However, if you ever want to have ODP removed from your account, please contact us at the number or address below.