Anyone
who has made a mistake in their checking account, or
written a check for more money than the available balance
in the account, knows how quickly a small mistake can
turn into a big problem.
Overdraft
Privilege can help avoid these problems. Rather than
automatically returning (unpaid) any non-sufficient fund
items that you may have, Overdraft Privilege steps
in and considers payment of your reasonable overdrafts,
up to set limits and as long as you maintain your account
in good standing.
Convenient
No
need to apply or sign up for this service, its "automatic" for
eligible checking types.
Confidential
Service
As
long as you follow the rules and maintain your accounts
in "good standing", CornerBank will normally* pay
your overdrafts up to set limits and you won't be bothered
or "hassled" you
about your occasional overdrafts.
How
do I benefit from Overdraft Privilege?
| Typical
Returned
(Unpaid) Item* |
VS |
Typical
Overdraft
Privilege Item* |
| NSF
Fee = $29.00 |
NSF
Fee = $29.00 |
| 2nd
Presentment Fee = $29.00 |
2nd
Presentment Fee = None |
| Retailer
Fee = $30.00 |
Retailer
Fee = None |
| +
Time / Embarrassment |
Item
Paid - No Embarrassment |
| RESULT
- You could pay up to $88.00 per returned item. |
RESULT
- Bank paid the item and you pay $29.00 per item. |
*
Items may include by not be limited to checks,
paper drafts, in-person withdrawals, ATM withdrawals,
debit card transactions, pre-authorized automatic
debits, telephone initiated transfers, or other
electronic means. |
How
do I maintain my account in "good standing"?
-
Make
regular deposits to your account of $300 or more within
each 30-day period;
-
Bring
your account to a positive balance (not overdrawn) at
least once every 30-days;
-
Remain
current on all loan obligations to CornerBank, N.A.;
-
Your
account can not be the subject of any legal or administrative
order or levy (garnishment, lien, etc.); and
-
You
do not exceed your assigned overdraft privilege limit
(including bank's non-sufficient fees / overdraft fees).
Eligible
Checking Accounts / $400 Overdraft Privilege Limit**
Eligible
Checking Accounts / $700 Overdraft Privilege Limit**
New
Accounts
New
Accounts are automatically eligible after a 30-day qualification
period and aggregate deposits of at least $300 per month.
Overdraft Limits apply as listed above.
Ineligible
Accounts
Commercial
/ Business Checking Accounts, Savings and Money Market Accounts,
Trust Accounts, Public Fund Accounts, Minor / Student Accounts
Ineligible
Individuals
Bank
Executive Officers, Bank Directors and Principal Shareholders
of Cornerstone Alliance, Ltd. / CornerBank, N.A. (in
accordance with Regulation O)
Fees
and Charges
Pay
nothing for Overdraft Privilege, unless you use it. It's
there for you when and if you need it. Of course, any and
all bank fees and charges, including without limitation
our non-sufficient fees / overdraft fees (as set forth in
the Truth in Savings Disclosure)
will be included in the overdraft limits. In addition, the
amount of any overdrafts plus our Non-sufficient Funds and/or
Overdraft (NSF/OD) Charge(s) that you owe us shall be due
and payable upon demand.
*This
is a discretionary service and may be withdrawn by the bank
at any time.
**Overdraft
Privilege Limit including bank's non-sufficient fees / overdraft
fees.
Please
read our Overdraft Privilege Policy for additional information
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