Overdraft policy continued
WHAT ELSE YOU SHOULD KNOW ABOUT OVERDRAFT PRIVILEGE 1. A link to a savings account or a line of credit with Citizens & Northern Bank may be a less expensive option than an overdraft. A single larger overdraft will result in just one fee, as opposed to multiple smaller overdrafts. Good account management is the best way to avoid overdrafts. The transfer would occur in $50 or $100 increments. Use our mobile banking, online banking, and telephone banking services to keep track of your balance. For additional financial education resources, please visit www.mymoney.gov. 2. The $35 Overdraft Item Fee is the same fee amount that is charged if a check is returned as unpaid. If multiple items overdraw your account on the same day, each item will be assessed an appropriate Paid Overdraft Item Fee or a Returned Overdraft Item Fee of $35. All fees and charges will be included as part of the Overdraft Privilege limit amount. Your account may become overdrawn more than the Overdraft Privilege limit amount because of a fee. 3. If an item is returned because the available balance in your account is not sufficient to cover the item and the item is presented for payment again, the Bank generally will not charge another Returned Overdraft Item Fee, Paid Overdraft Item Fee, or Uncollected Funds Fee. The transaction code on ACH debits is set by the merchant, not the bank. In rare circumstances, the merchant may not code the ACH transaction with the correct transaction code to indicate a representment and the Bank may be unable to match up the transactions. In those rare cases, the customer may be charged another $35 Returned or Paid Overdraft Item Fee, or $35 Uncollected Funds Fee. 4. For consumer accounts, there is a limit of ($210) per day on the total fees we can charge you for overdrawing your account. These combined fees include the overdraft fee (paid/returned), and the uncollected funds fee. This limit does not apply to business accounts. 5. The order in which transactions are received by C&N could differ from the order in which they occurred, and when processed can affect the total amount of overdraft fees incurred. Our general policy is to post Force-paid items from prior day processing, posted in time-stamp order, Cash W/D from ATM – time stamp order, POS W/D – time stamp order, Cashed checks – time stamp order, Auto Debit/automatic transfer, IB Billpay ACH Debits, ACH Debits, Checks – serial number order, and then Fees & Other misc. items. Holds on funds (described herein) and the order in which transactions are posted may impact the total amount of Overdraft Item Fees or Returned Item Fees assessed. 6. Although under payment system rules, Citizens & Northern Bank may be obligated to pay some unauthorized debit card transactions, Citizens & Northern Bank will not authorize debit card or ATM transactions unless there are available funds (including Overdraft Coverage Options) to cover the transactions and any fees (if applicable). 7. If you consent to Extended Coverage, you give us consent to pay everyday debit card and ATM overdrafts on your consumer account. These transactions may result in you incurring Overdraft Item Fees for these transactions. If you consent to Extended Coverage on your consumer account, it will remain on your account until you otherwise withdraw it or the Bank revokes it. 8. Citizens & Northern Bank authorizes and pays transactions using the available balance in your account. Citizens & Northern Bank may place a hold on deposited funds in accordance with our Expedited Funds Availability Disclosure, which will reduce the amount in your available balance. The available balance for checks, ACH items, and recurring debit card transactions is comprised of the ledger balance, less any holds on deposited funds and any debit card holds, plus the amount of the Overdraft Privilege limit and any available overdraft protection. The available balance for ATM and everyday debit card transactions on accounts with Standard Coverage is the ledger balance, less any holds on deposited funds and any debit card holds, plus any available overdraft protection, but does NOT include the Overdraft Privilege Limit. For accounts with Extended Coverage, the Overdraft Privilege Limit is included in the available balance for authorizing ATM and everyday debit card transactions. 9. Please be aware that the Overdraft Privilege amount is not included in your available balance provided through online banking, mobile banking or Citizens & Northern Bank’s ATMs. 10. Citizens & Northern Bank will place a hold on your account for any authorized debit card transaction until the transaction settles (usually within two business days) or as permitted by payment system rules. In some cases, the hold may exceed the amount of the transaction. When the hold ends, the funds will be added to the available balance in your account. If your account is overdrawn after the held funds are added to the available balance and the transaction is posted to the available balance, an Overdraft Item Fee may be assessed.
11. Except as described herein, Citizens & Northern Bank may not pay items if your account does not contain available funds (including the Overdraft Privilege limit) to cover the item(s) and the amount of any fee(s). 12. Citizens & Northern Bank may suspend your debit card if we are unable to contact you due to an incorrect mailing address or phone number(s). You must contact us with your correct mailing address and/or phone number(s) to have your debit card reinstated. 13. If your debit card is suspended, you will be unable to use your debit card for purchases or to access your account at the ATM, and if you use your debit card for recurring payments, e.g., utilities, you are responsible to make other arrangements for your recurring debit payment(s). 14. An Overdraft Privilege limits of $600, $750 or $1,000 is available for eligible consumer account types at account opening. An Overdraft Privilege limit up to $1,000 is available for eligible business account types at account opening. 15. Overdraft Privilege is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any time without prior notice. Any discretionary payment by Citizens & Northern Bank of an overdraft check (or item) does not obligate Citizens & Northern Bank to pay any other overdraft check (or item), or to provide notice of its decision to refuse to pay such check (or item). 16. Overdraft Privilege may be discontinued if you default on any loan or other obligation to us, your account becomes subject to any legal or administrative order or levy, or if you fail to maintain your account in good standing by not bringing your account to a positive balance within 30 days for a period of 24 hours. You must bring your account balance positive for at least 24 hours to have Overdraft Privilege reinstated. 17. Your account may be closed if the balance is not brought positive within 60 days of the date it became overdrawn. Should your account be closed for insufficient funds activity or other negative reasons, it may be reported to Transworld Systems, Inc for collection and we may also report the information to one or more consumer reporting agencies. 18. Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in the Deposit Account Terms and Conditions. The total (negative) balance, including all fees and charges, is due and payable upon demand. The Deposit Account Terms and Conditions (and all amendments thereto) and Truth-In-Savings Disclosure shall control any possible conflict, if any, between any provision of this document and the Deposit Account Terms and Conditions or Truth-In-Savings Disclosure. A copy of these Account Disclosures is available to you upon request at any Citizens & Northern Bank office.
C&N DEBIT CARD CARDHOLDER AGREEMENT VISA CHECK CARD CARDHOLDER AGREEMENT
This is your Citizens & Northern Corporation (‘the Bank’) Visa Check Card Cardholder Agreement (‘the Agreement’) and Disclosure. When you, or any other person authorized by you, use the Visa Check Card; you and any other authorized users have agreed to be legally bound by the terms and conditions set forth in this Agreement and further agree that such usage shall be subject to the rules, regulations and service charges as they apply from time to time to your bank account(s). 1. Accounts and Personal Identification Number - On the application you have indicated the accounts (checking, key savings) to be accessed in conjunction with your Visa Check Card. Furthermore, it is understood that you may use your Visa Check Card in conjunction with your Personal Identification Number at any Automated Teller Machine displaying the name and logo of the following: a) PLUS b) NYCE or at any other ATM or merchant location displaying an affiliated system that the Bank may add at a future date.
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