What You Need to Know about Overdrafts and Overdraft Fees
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:
1. We have
standard overdraft practices that come with your account.
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. To learn more, ask us about these plans.
3. 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
Effective August 15, 2010, we will 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 an overdraft, your transaction will be declined.
What fees will I be charged if Cornerstone Bank pays my overdraft?
Under our standard overdraft practices:
• We will charge you a fee of
$20 each time we pay an overdraft.
• We have limited our overdraft fees to a maximum of
$120.00 per day.
What if I want Cornerstone Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions?
If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions,
• Fill out and submit this form or
• Call your local branch or
• Visit
www.BankOnCornerstone.com or
• Complete the form below and either present it at your local branch or
• Mail it to PO Box 169, Watonga, OK 73772-0169.
You may revoke this authorization in the future. If you wish to revoke a previous authorization,
click here.
