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Beginning August 19, 2020, our Overdraft Service Fee is changing. The Overdraft Service Fee, which was charged daily to overdrawn accounts, will be discontinued and replaced with a Continuing Overdraft Fee (“COF”).
What is the Continuing Overdraft Fee? |
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A COF of $35 will be charged if your account remains overdrawn more than $5.00 for 7 consecutive calendar days. This fee will be charged for up to three consecutive 7-calendar day periods that your account is overdrawn more than $5.00. |
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Example Let’s say that on a Tuesday you overdraw your account by $10 (in other words, by more than $5.00). Tuesday will be the first calendar day we count when determining whether your account will be charged a COF. If your account remains overdrawn more than $5.00 for an additional 6 consecutive calendar days (in other words, for a total of 7 consecutive calendar days), we will charge a COF to your account following the close of business on the seventh calendar day (the following Monday). There is an exception to this rule: if the seventh consecutive calendar day your account is overdrawn by more than $5.00 falls on a Saturday, Sunday, or bank-observed holiday, the COF will be charged only if your account remains overdrawn by more than $5.00 at the close of business on the next calendar day we are open for business. This example is illustrated in the table below.
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How can I avoid the Continuing Overdraft Fee? You can avoid being charged a Continuing Overdraft Fee by not allowing your account to remain overdrawn more than $5.00 for seven consecutive calendar days. You may check your account balance (and make a deposit to your account) anytime through our online and mobile banking services or by visiting a bank branch during business hours. |