A Safety Net For
Your Money. A Safety Net For
Your Money.

SavingsNet Overdraft Protection Service

Link your checking account to another deposit account at Nantucket Bank.  If an overdraft occurs in your checking account, a transfer1 will occur to cover the overdraft. With our SavingsNet Overdraft Protection, you:

  • Enjoy peace-of-mind knowing your checking account is covered by unexpected expenses
  • Avoid overdraft fees and the hassle of having to move money

For more information, stop by your nearest branch, call 508.228.0580 or contact a Personal Banker directly.

 

1. SavingsNet Overdraft Transfer fee applies. See Fee Schedule.

Overdraft Protection Line of Credit

The Overdraft Protection service lets you take the bounce out of your checking. By adding a credit line1 that covers any checks or automatic bill payments that would cause your account to be overdrawn (up to your credit limit, of course), you avoid both fees and hassle.

How it works

Once approved, the revolving line of credit is linked to your Nantucket Bank checking account. If you overdraw, the line of credit is activated, covering any transactions and relieving you of any per-item overdraft charges. Other important details:

  • Discounted rate with automatic payment from a qualifying Nantucket Bank checking account
  • Credit limits range from $1,000 – $10,000

For more information, stop by your nearest branch, call 508.228.0580 or contact a Personal Banker directly.

 

1. Subject to credit approval.

Resources

We understand that accidentally overdrawing your checking account can happen. Whether an unexpected emergency expense comes up or a balancing error occurs, there is the risk of an overdraft.

An overdraft occurs when a check, debit transaction or other withdrawal is made to your account for an amount that exceeds your balance. If you participate in our Overdraft Privilege Program, at our discretion, Nantucket Bank will authorize payment of occasional overdrafts for check and automatic bill payment transactions in which you will be subject to an Overdraft/NSF Charge.

Additionally, you have the option to opt-in to authorize the bank to pay overdrafts for everyday debit card transactions by submitting a Overdraft Privilege Program Form.

Preventing overdrafts can save you time, hassle and money in both bank and merchant fees. By practicing any of the suggestions below, you’ll have a better handle on your account activity and reduce the risk of insufficient funds:

  • Monitor your account – You can easily keep tabs on your account by reviewing monthly statements or frequently logging into online banking to view transactions and balances.
  • Set-up eAlerts – You can have notifications sent by email when your account balance reaches a certain level through our online banking services.
  • Participate in our SavingsNet Overdraft Protection Program – We offer an optional SavingsNet Overdraft Protection service that you may apply for. This service can help protect your checking account from overdrafts and returned items. If you apply and qualify for this optional service, you will have overdraft protection (for your checking account) from a linked savings account. A small SavingsNet Overdraft Transfer Fee will apply.
  • Apply for an Overdraft Line of Credit – Similar to linking accounts, an Overdraft Line of Credit is a safety net that will cover a check, debit transaction or other withdrawal, should it exceed the available funds in your account (up to your available limit). This method of overdraft prevention is subject to credit approval.

Additional Resources

FDIC’s Guide to Preventing and Managing Overdraft Fees

The Federal Reserve Board’s Protecting Yourself from Overdraft and Bounced Check Fees

FTC’s Choosing a Credit Counselor