Overdraft Privilege Service Policy

The Savings Bank (“we, us or our”) offers the Overdraft Privilege Service. If your account qualifies for Overdraft Privilege, we will consider, without obligation on our part, paying items for which your account has insufficient or unavailable funds, instead of automatically returning those items unpaid. This document explains how Overdraft Privilege operates.  

Transactions that May Qualify for Overdraft Privilege

An overdraft occurs when you do not have enough money in your account to cover a transaction. Although there are many reasons why your account might become overdrawn, most overdrafts result from the following: 

  1. You write a check, swipe your debit card or initiate an electronic funds transfer in an amount that exceeds the amount of funds available in your account;  
  2. You deposit a check or other item into your account and the item is returned unpaid, which causes a negative balance in your account once your balance is reduced by the amount of the returned check;
  3. You have inadequate funds in your account when we assess a fee or service charge; or
  4. You initiate a transaction before funds deposited into your account are "available" or "finally paid" according to our Funds Availability Policy.  For example, if you deposit a check into your account, the proceeds of that check may not be available to you for up to seven days after you deposit the check. If you do not have sufficient funds in your account — independent of the check — to cover the transaction, you will incur an overdraft.  NOTE: Available Funds is defined as actual balance minus (1) any authorized transaction yet to post and (2) hold amounts placed on your account.

The Overdraft Privilege Service applies to a variety of transactions, including checks and other transactions made using your checking account number, automatic bill payments, ATM transactions and everyday debit card transactions; however, we will not include ATM and everyday debit card transactions within our consumer Overdraft Privilege Service without first receiving your affirmative consent to do so. Absent your affirmative consent, ATM and everyday debit card transactions generally will not be paid under Overdraft Privilege. 

Participation in Overdraft Privilege is not mandatory. You may opt-out of the service any time by notifying one of our customer service representatives at 800.582.2265 or 740.474.3191. Furthermore, you may revoke your affirmative consent to have ATM and everyday debit card transactions considered for payment under Overdraft Privilege without removing other items from the service. Simply inform us of your preference. 

As noted above, we retain full discretion to decline to pay any item under the Overdraft Privilege Program. This means we can refuse to pay any overdraft for any reason. Even if we decide to pay an overdraft item, absent an agreement to the contrary, such payment does not create any duty to pay future overdrafts. If we do not authorize and pay an overdraft, your transaction will be declined and we may assess NSF fees on your account in accordance with your account agreement and the fee schedule in effect at the time of the overdraft.


Our normal fees and charges including, without limitation, our NSF Paid Item Fee and our NSF Return Item Fee (currently $28 per item – including check, in-person withdrawal, ATM withdrawal, or other electronic withdrawal) will be charged for each transaction initiated for payment from your checking account that does not have sufficient available funds.  Typically, we will charge our normal NSF fee whether we approve an overdraft item for payment or return it unpaid.  In addition, under our standard overdraft practices:

  • We will charge your account a $5.00 per business day daily “Overdraft” Fee. Typically, we will charge this daily Overdraft fee for the fourth and each subsequent consecutive business day your account is overdrawn and continues to have a negative (overdraft) balance, with a maximum of $35.00 for this fee.
  • There is a business day combined maximum of four (4) NSF (Paid or Returned) Fees that we can assess your account.
  • The Bank does not charge a checking account participating in the Overdraft Protection Program an NSF Fee for transactions that overdraw an account by an aggregate amount of $10.00 or less.

We will notify you by mail if we pay or return any insufficient or unavailable funds items on your account; however, we have no obligation to notify you before we pay or return any item. The amount of any overdrafts – including our fees – is due and payable immediately or on demand.  Also, please note that if we return an item NSF it will likely be automatically represented by the financial institution the item was drawn on and potentially could result in an additional per item Overdraft/NSF Fee when represented if the amount of the item still exceeds the amount of available funds in your account.

Accounts Eligible for Overdraft Privilege

Overdraft Privilege is a discretionary service and is generally limited to an $800 overdraft (negative) balance for eligible personal checking accounts; or a $1,500 overdraft (negative) balance for eligible business checking accounts. Please note that both per item and daily overdraft fees count toward your Overdraft Privilege Limit. We may in our sole discretion limit the number of accounts eligible for Overdraft Privilege to one account per household or per taxpayer identification number. Further, Overdraft Privilege is usually extended only to accounts in good standing. An account in good standing exhibits, but is not limited to, the following characteristics:

  1. The account has been open for at least thirty (30) days;
  2. The account has deposits totaling at least $400 or more within each thirty (30) day period;
  3. The account demonstrates consistent deposit activity;
  4. The account owner is current on all loan obligations with us; and
  5. The account is not subject to any legal or administrative order or levy, such as bankruptcy or tax lien.

We offer other overdraft protection services in addition to Overdraft Privilege. These include overdraft protection linked to another account of yours with us, such as a savings account, and transfers by Info-line telephone (1.866.780.4636), ATM, online banking or mobile banking. If you apply and are approved for these optional services, you may save money on the total fees you pay us for overdraft protection services.

Overdrafts should not be used to pay ordinary or routine expenses and you should not rely on overdrafts as a means to cover these expenses. If at any time you feel you need help with your financial obligations, please contact us at 800.582.2265 or 740.474.3191 to discuss your options or speak with one of our customer service representatives at your local branch office.