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Overdraft Protection

Cross Keys Bank offers three overdraft solutions to assist you in managing your account while allowing you to control your cost. Paying attention to your financial needs is our top priority.

Good Account Management

It is important for you to use your checking account responsibly and to never intentionally overdraw your account. However, we realize that financial shortfalls happen from time to time and Cross Keys Bank offers three overdraft solutions to assist you in managing your account while allowing you to control your cost. Paying attention to your financial needs is our top priority.

To prevent overdraft and returned item fees, we recommend that you maintain all account activity in a check register and routinely reconcile your account to the balance reported by the bank. Using our Online Banking, Mobile Banking and automated alerts to monitor your account balance and activity can assist you in managing your accounts. As an example, automatic alerts can be set to email you when your balance drops below an amount you set.

The best way to avoid overdraft and returned item fees is to keep track of your account balance by entering all items in your check register, reconcile your checkbook regularly and manage your finances responsibly. However, if a mistake occurs, Cross Keys Bank offers the following alternatives to cover overdrafts.

Overdraft Transfer Protection: This product allows you to protect your account against overdraft and returned item fees by transferring funds from another account when needed. By creating a link between your primary checking account to a secondary checking or savings with our bank, any presented items that would cause an overdraft in the primary account will be paid by available funds that are automatically transferred from the secondary account. Regardless of the number of insufficient items only one transfer fee will be assessed per day. (See our schedule of fees) Certain account types have transaction limitations: please speak to a Customer Service Representative to determine whether transaction limitations apply.

Overdraft Line of Credit: Upon credit approval you could qualify for a revolving Line of Credit, that could be tied to your checking account and protect you against overdraft and returned item fees. Any presented items that would cause an overdraft in the account will be paid by funds that are transferred from the Line of Credit (up to the available limit.) This Line of Credit is a loan that you pay back with interest. Please see a loan officer or branch manager to apply or for more information about this product.

Standard Overdraft Services (Overdraft Privilege): When you do not have enough available funds in your account to cover an item, subject to the bank's sole discretion, we may allow you to overdraw your account. Overdraft Privilege is a service we add to your checking account subject to the eligibility criteria as explained below. With Overdraft Privilege we will generally pay your overdraft items up to $500.00, however, whether your overdrafts will be paid is discretionary and we reserve the right not to pay. You will be charged our normal overdraft or returned item fee of $33.00 for each item (including redeposited items) that is presented. Both the amount of the overdraft items and all applicable fees, including but not limited to the overdraft fees, are included in this limit. All deposits to overdrawn accounts are applied to the negative balance.

Eligibility: No application is required for Overdraft Privilege; eligibility is at the sole discretion of the Bank and is based on your managing your checking account in a responsible manner. Your Overdraft Privilege may be suspended or permanently removed based on the following criteria:

  • You do not bring your account to a positive balance within 30 days of becoming overdrawn
  • You have an account that has been opened less than 30 days
  • Your account type is not eligible
  • You are more than 30 days past due on any Bank loan or delinquent on any other obligation to the Bank
  • You are subject to any legal or administrative orders, levy, or are currently a party in a bankruptcy proceeding.
  • Your account is being reviewed for fraudulent activity or transactions.
  • The primary account owner is less than 18 years old.
  • A ChexSystems or any other negative indicator has been reported to us.
  • Your account is classified as inactive.
  • You have an unresolved prior loss with the bank or an existing charged off account.
  • We believe you are not managing your account in a responsible manner which may harm you or us.

We offer this service as a courtesy in anticipation that you will be making a deposit soon to bring your account to a positive balance. We are under no obligation to pay items when your account has insufficient funds, even if previous transactions were paid. Cross Keys Bank reserves the right to limit this service to one account per customer.

Transactions Eligible for Overdraft Privilege: Overdraft Privilege will be available for all checks written, in person withdrawals, ACH transactions, preauthorized automatic transfers, and internet banking. Overdraft Privilege will NOT be available for ATM and everyday debit card transactions UNLESS you authorize the bank by completing a separate ATM/Debit Card Consent Form. If you have already completed this form at account opening, you will not need to do so again unless you would like to change your decision.

NOTE: If you also consent to Overdraft Privilege for ATM transactions, please verify your balance before initiating an ATM cash withdrawal. All overdrafts will be subject to our $33.00 overdraft fee for each withdrawal until the account returns to a positive balance.

Overdraft Privilege Opt Out: You may never need to take advantage of Overdraft Privilege, but you may find it useful in the event of a temporary shortfall. If you do not want to have Overdraft Privilege, simply contact us at 888-766-3246 or visit one of our branches and we will provide you an Overdraft Privilege opt-out form to remove this benefit from your account. It is important for you to consider that there is no additional cost for Overdraft Privilege and that by opting out you are instructing us to return unpaid all items presented against insufficient funds. If you opt out of Overdraft Privilege, you will still be charged our $33.00 returned item fee on applicable items.

Fees: One returned item fee (NSF) of $33.00 is charged to your account for each transaction item that is returned unpaid, including any re-presented items. If we do not pay the debit transaction or item on your behalf and return the debit or item, we may charge you returned item fees (NSF). Pursuant to Nacha Operating Rules and Guidelines and other applicable laws, a debit or item may be presented for payment more than one time. We may charge you returned item fees (NSF) for each resubmission of a debit or re-presentation of an item, which means you may incur multiple returned item fees (NSF) if a debit or item is returned more than one time. For example, you write a check from your account with us. The check is returned for non-sufficient funds, and we may charge you returned item fees (NSF). The same check is then re-presented to us for payment, and the check is returned again for non-sufficient funds. We may charge you returned item fees (NSF) the second time the check is presented for payment and returned for non-sufficient funds. One overdraft item paid fee (OD) of $33.00 is charged to your account for each overdraft transaction item that is paid, including any redeposited items. The maximum number of NSF/OD fees that will be charged to an account is 6 per day. We do not charge an Overdraft Item paid fee if a consumer account is overdrawn by less than $5.00. To discourage long term overdrafts, accounts that have been overdrawn seven consecutive calendar days will be charged a $4.00 Continuous Daily Overdrawn Fee for each day the account remains overdrawn beginning on the 7th day. If the 7th day falls on a weekend, your account will be charged the $4.00 continuous daily overdrawn fee on the preceding Friday.

NOTE: The above fee limitations do not apply to business accounts.

Payment Order of Items: We may determine in our discretion the order that we process and post credits, debits, and holds to your account. The order in which transactions are paid can affect the total amount of overdraft fees incurred.

Reinstatement: Once you have been suspended from our Standard Overdraft Privilege Services, you can be considered for reinstatement if you maintain your account in good standing. If your account has been overdrawn 30 consecutive days and Overdraft Privilege was revoked, it will be added back once the account reflects a positive balance. Reinstatement is at the bank's sole discretion.


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