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What You Need to Know About Overdrafts and Associated Fees

What You Need to Know About Overdrafts and Associated Fees

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We may cover such a transaction, or decline it for insufficient funds.

We can cover your overdrafts in two different ways:

1. We have standard overdraft practices.

2. We also offer overdraft protection plans, such as a link to a savings account, which may be less expensive than our standard overdraft practices or our overdraft protection privilege. To learn more, ask us about these plans.

This notice explains our standard overdraft practices.

What are the standard overdraft practices that come with my account?

We do authorize and pay overdrafts for the following types of transactions:

  • Checks and other transactions made using your checking account number
  • Automatic bill payments

We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):

  • ATM transactions
  • Everyday debit card transactions

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined for insufficient funds.

What fees will I be charged if Auburn Savings Bank pays my overdraft or declines it for insufficient funds?

  • We will charge you a fee of up to $25 each time we pay an overdraft or return an item for insufficient funds.*
  • There is a limit of $125 per day on the total fees we can charge you for overdrawing your account.

*These fees do not apply to ATM or everyday debit card transactions.

What if I want Auburn Savings Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions? (Special Item Overdraft Coverage)

If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions, please choose the option to authorize overdrafts that will follow this information.  You may also contact a branch location.  Fees will apply to any overdrafts inurred.

You may change your election at any time. If you wish to change your election, please call us at 207-782-6871 or 207-782-0400.

Please retain this notice for your records.