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.