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Overdrawing your account (spending more money than is in your account) can be a costly mistake. An overdraft occurs when a transaction is posted to an account which causes the available balance to be less than $0. It’s always better not to overdraw your account in the first place, but if you occasionally have trouble tracking the balance in your account and have ever overdrawn your account, you may want to consider Overdraft Protection.
It is never a good idea to overdraw your account. But for those (hopefully rare) times when you make a mistake and become overdrawn, having Overdraft Protection may help:
- HOW OVERDRAFT PROTECTION WORKS:
Suppose you do not have an Overdraft Protection limit and your account balance is $50. If you write a check for $100, the Bank will return your check unpaid and charge your account a fee (in this example, $25) for writing a check for more money than was available in your account. In most cases the merchant or retailer that you wrote the check to will also charge you a fee (in this example, $25). This means that you have now incurred fees of $50 ($25 at the Bank and $25 at the merchant or retailer) for a check that wasn’t even paid.
If you enroll in Overdraft Protection and were approved for a $200 Overdraft Protection limit, then when transactions are processed at the end of the business day, it would be determined that your account balance is only $50 but with your $200 Overdraft Protection limit, you are able to overdraw your account up to $200. This means that the check would be paid. However, the transaction caused your account to become overdrawn, so your account would be charged a $25 overdraft fee. In this example, you would have incurred fees of $25 compared to $50 in the prior example in which you did not have an Overdraft Protection limit. Additionally, you avoided being charged any merchant or retailer related fees.
• When you use your Overdraft Protection limit, you must remember to subtract the overdraft fee and the transaction amount from your account balance. In the example above you would have subtracted $125 from your account: $100 (the amount of the check) plus $25 (the amount of the overdraft fee). Your account would be overdrawn by $75.
• Every debit item that is posted to an overdrawn account will be subject to an overdraft fee of $25. Your account must be brought to a positive balance within 30 days of the first overdraft for at least 1 business day or Overdraft Protection will be suspended from your account.
• Overdraft Protection should not be viewed as an encouragement to overdraw your account. As always, we advise you to manage your finances responsibly.
HOW TO ENROLL:
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If you choose to enroll in Overdraft Protection, visit your nearest CNB branch or call us during our business hours at 1-866-385-3444. You must make an affirmative consent to enroll in Overdraft Protection; however, an Overdraft Protection limit will not be placed on your account unless qualifications are met. Limits are, in part, based upon initial and regular deposit activity. If an Overdraft Protection limit is added to your account, you will be notified, in writing, of the effective date and the limit. City National Bank periodically reviews accounts for appropriate Overdraft Protection limits and notifies customer of any changes to their limit.
You may un-enroll from Overdraft Protection at any time by contacting us at 1-866-385-3444 or writing to us at City National Bank, Attn: Overdraft Protection Department, PO Box 2009, Lawton OK 73502-2009. Our customer service business hours are Monday through Friday, 8:00 AM to 7:00 PM, and Saturday, 9:00 AM to 4:00 PM, excluding federal holidays.
USING OVERDRAFT PROTECTION WITH YOUR VISA DEBIT OR ATM CARD:
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Customers with a VISA Debit Card or an ATM Card who have made an affirmative consent to enroll in Overdraft Protection have additional options regarding overdrafts. When making VISA Debit Card or ATM transactions, the following rules apply.
If you would like to access your Overdraft Protection for everyday VISA Debit Card and ATM Card transactions, you must choose, by “opting-in” for the Bank to authorize and pay these items. Checks or bill payments that are set up to be paid on a recurring basis with your VISA Debit Card, such as your mortgage, rent or utilities, do not require an “opt-in” to be paid using Overdraft Protection.
Your available Overdraft Protection limit will not show as part of your available balance at an ATM; however, the machine will allow you to overdraw your account up to your available Overdraft Protection limit. If your account balance is zero, the ATM receipt may not list a dollar amount on the available balance line detailed above.
If you do not “opt-in”, then we cannot allow access to your Overdraft Protection for everyday VISA Debit Card and ATM Card transactions. These transactions will be declined when you don’t have enough money in your account and you will not be charged a non-sufficient item fee; however, you may be charged a VISA Debit Card denial fee. See the Bank’s Consumer Deposit Account Brochure, available at all City National Bank branches, for a schedule of current fees. If you choose not to “opt-in” initially, you can do so later.
You may un-enroll from Overdraft Protection and/or opt-out of the payment for everyday VISA Debit Card and ATM Card transactions at any time by contacting us at 1-866-385-3444 or writing to us at City National Bank, Attn: Overdraft Protection Department, PO Box 2009, Lawton OK 73502-2009. Our customer service business hours are Monday through Friday, 8:00 AM to 7:00 PM, and Saturday, 9:00 AM to 4:00 PM, excluding federal holidays.
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Every debit item, including checks written, ATM withdrawals, ACH debits, point of sale debit card transactions or any other electronic transaction, on an overdrawn account will be charged an overdraft fee. However, you must “opt-in” (as described above) to access your Overdraft Protection limit for your everyday VISA Debit Card or ATM Card transactions. Each overdraft paid or returned will be subject to a fee ($25), not to exceed five overdraft fees per day ($125), and will be deducted from your available Overdraft Protection limit. Any overdraft items in excess of your Overdraft Protection limit may be paid or returned at the Bank’s discretion and assessed a fee. Even if Overdraft Protection is available, this does not guarantee all items that overdraw the account will be paid. See the Bank’s Consumer Deposit Account Brochure, available at all City National Bank branches, for a schedule of current fees.
Each overdraft, including the overdraft fees, should be paid in full within thirty (30) days after the overdraft first occurs. Overdraft Protection will be suspended from your account if you fail to bring your account to a positive balance within 30 days of the first overdraft for at least 1 business day. In addition, Overdraft Protection will be suspended for excessive use if 10 or more items are returned in a statement cycle. A suspension is defined as the removal of an Overdraft limit until the account is returned to a positive balance and the account must remain positive for 5 consecutive business days.
The Bank will promptly notify you, in writing, under the following circumstances:
• Your Overdraft Protection limit is accessed;
• Your account remains overdrawn for an extended period of time;
• Overdraft Protection is suspended or revoked from your account;
• Availability of the Overdraft Repayment Plan to those that qualify; or
• To secure repayment of any overdraft, fee, or services charges owed to the Bank.
Notices will be sent by mail, or electronically, if you have opted to receive electronic communications. In addition, monthly account statements which include overdraft and return item fees for the statement cycle and year to date will be provided to you.
TIPS TO AVOID OVERDRAFT AND NON-SUFFICIENT FUNDS FEES:
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• Practice responsible account management, keep track of your transactions and know how much money is in your account.
• Avoid using Overdraft Protection as a short-term loan. It is a costly form of credit.
• Record checks and all other transactions when you make them. Don’t forget to record spending by other account owners/signers.
• Pay special attention to record your ATM withdrawals and fees, VISA Debit Card purchases, and other online payments.
• Make sure you record all automatic payments (such as utility, insurance & loan payments) and account fees in a timely manner.
• Remember that some checks and automatic payments may not have cleared your account yet.
• Review your monthly account statements. Between statements, use Text Banking, CityNET Online Banking, Mobile Banking or Telephone Banking to check your balance and view which payments have cleared.
• When possible, keep extra funds in your checking account.
• Ask us how to set up a Pre-Authorized Overdraft Transfer from another account at City National Bank.
• Use the following low-cost tools available to you to help manage your account and transfer funds when needed: Text Banking, CityNET Online Banking, Mobile Banking or Telephone Banking.
• Limit the number of times your access your Overdraft Protection limit. Withdraw all funds needed in one transaction at a CNB branch or CNB ATM.
• Remember that the order in which transactions post may affect the total number of fees that are incurred. Transactions may not be processed in the order in which they occurred.
Tips for Practicing Responsible Account Management:
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Balance Your Checkbook
Even if you don’t carry a checkbook or write many checks, it is still important to balance your checkbook. Learning how to balance (or reconcile) your account is easy. It only takes a few extra minutes every month and dedication to developing good account management habits.
By writing down every transaction as it occurs (including any fees) in your check register, you will have a running tally of what your current account balance should be. This can be useful when you want to write a check, or withdraw cash, and you need to know whether you have enough money in the account to cover it.
Balancing your checkbook every month helps you:
• Keep track of your money
• Catch mistakes
• Avoid overdrafts
Track Your Transactions
Part of responsible financial management is good record keeping. CityNET Online Banking can always be your “go to” resource when it comes to monitoring your transaction history and knowing your current account balance, but it is just as important for you to keep a hard copy of your finances for your own day-to-day records.
• Record all transactions you make in your check register, including online bill payments and VISA debit card purchases, as you make them. If pen and paper is a little old-fashioned for you, there are mobile check register applications available for some mobile devices. Whether you use the latest technology or go the traditional route, knowing how much money you have in the bank will help you stay on track and avoid any unnecessary fees.
• The name “check register” can be slightly misleading – remember that it is not JUST a place to track the checks you write. In order to be a useful tool, you should ALSO record your other transactions in your check register – including debit check card transactions, ATM withdrawals, bank deposits, and any fees.
Balance Your Account
Once a month, your bank account statement arrives in the mail or you get a notice that it is available to you online. If you have tracked all of your transactions over the course of the month, you will find that they match up with what is on your statement when you balance, or reconcile, your account.
Balancing your account only takes about 5 to 10 minutes and is one of the best money management habits you can have. Simply go through your statement, look at each transaction and make sure everything on your statement matches what is in your check register. You can check off the items in your check register that match your statement.
If you find something on your statement that does not match your check register, take a minute to try to figure out why. Did you forget to put something in your register? Did you mix up the numbers in one of your figures? Did the bank make an error? Although it is rare, it can happen occasionally.
We encourage you to balance your bank account with our step-by-step account balancing worksheet that you will find included in your statement each month.
Terms and Conditions:
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