Important Changes to the Overdraft Privilege Program

What is The Overdraft Privilege Program?

The Overdraft Privilege Program is just that, a privilege the Bank extends to customers who consistently keep their accounts in good standing.

Nantucket Bank understands that every once in a while you may:

  • Make a mistake balancing your checkbook
  • Find yourself “a little short”
  • Run into an unforeseen or unusual expense

In the past, at our discretion we have honored items presented against insufficient/unavailable funds up to a fixed overdraft limit amount.


How is it changing?

Effective March 27, 2018, Nantucket Bank will be enhancing the Overdraft Privilege Program to ensure that the overdraft service is personalized to meet each checking accountholder’s needs. After this change, instead of a fixed overdraft limit, your overdraft limit may change daily.  Factors that influence the daily limit amount include:

  • How long the account has been open
  • The amount of deposits
  • The frequency of your deposits

Please note that the decision to pay an item will continue to be at our discretion. This service will continue to be provided to accountholders with the expectation that a deposit will be made immediately to cover any overdraft balances. The Overdraft Privilege Program will be available to both consumer and business checking customers.


Additional information about the program

Please be aware that the payment of items is not a right or guarantee.  The payment of items presented today does not guarantee that future items presented will be paid.  All items, whether paid or returned, are subject to a $35.00 overdraft or non-sufficient fund (NSF) charge.  For consumers, there is a maximum daily limit of 5 total charges we can assess for overdrawing your account.  There is no daily cap for business accounts.

Checking accountholders may opt out of all overdraft privilege coverage at any time. Opting out of the Overdraft Privilege Program may mean that items presented will be returned and a $35.00 overdraft charge (Charge to Return Check or ACH Return Charge) will be assessed.

In addition to the Overdraft Privilege Program, Nantucket Bank offers additional services to assist in managing your account relationship and avoid items being returned or overdrawing your account.  These services include overdraft account transfers called SavingsNet, and Overdraft Protection Lines of Credit.  We will be happy to discuss alternatives with you and help you determine which overdraft service may best meet your needs. Please visit any of our branch locations or call our Customer Contact Center at 508.228.0580 to discuss these or any other banking needs.

Payment Order of Items Policy

The order in which items are paid from your account is important when there is not enough available funds in your account to pay all of the items that are presented. The order items are paid can also affect the total fees assessed to your account. To assist you in managing your account with us, the order in which we process those items will be as follows, effective March 27, 2018:

  1. First, we process teller transactions, ATM withdrawals, PIN Point of Sale card transactions, and mobile, phone and online banking transfers in the order they are received.
  2. We process signature based debit card transactions second, in the order they are received.
  3. We process Automatic Clearing House (ACH) debits third, in the order they are received.
  4. We process checks fourth, based on the serial number order of the items presented, with lower numbered items paid first, on the day in which they are presented for payment.
  5. We process service charges assessed by the Bank last.

For questions about our Payment Order of Items Policy, please visit any of our branch locations or call our Customer Contact Center at 508.228.0580.

Changes to our Fees Schedules for Consumer & Business Accounts

We will also be making the following changes to our Fee Schedule for Consumer Accounts and Fee Schedule for Business Accounts, effective March 27 2018:


Fee Name Current Fee Effective March 27, 2018
Overdraft/NSF Charge1, 2 $33 $35
Charge to Return Check1, 2 $33 $35
ACH OD/NSF Charge1, 2, 3 $33 $35
ACH Return Charge1, 2, 3 $33 $35
Consecutive Overdraft Fee (one time, after 7 business days) $30 $0
Inactive Fee4 $2 $5

For questions about our fee schedule changes, please visit any of our branch locations or call our Customer Contact Center at 508.228.0580.


1. Consumer only: Chapter 234 of the Acts of 2010 limits the amount of certain charges for persons age 18 and under or 65 and over. Please consult with a bank representative to determine if you are eligible.
2. Overdraft/NSF & Return Check Charge applies to uncollected or insufficient funds for a check, debit card transaction, or bill payment. ACH OD/NSF & ACH Return Charge applies to uncollected or insufficient funds for an ACH transaction. Charge is $5 for 18/65.
3. Line item added to differentiate ACH overdraft/non-sufficient funds charges from non-ACH overdraft/non-sufficient funds charges.
4. Applies to checking accounts without transaction activity for 12 months or greater. This fee applies only to accounts with balances of $500 or less. The fee will be charged per statement cycle.