Overdraft Protection

The Bank of Prescott's Overdraft Protection Main Web Page

Courtesy Overdraft Protection!

(Go to the bank's Courtesy Overdraft Protection Policy)

COURTESY OVERDRAFT PROTECTION is here!! The Bank of Prescott is pleased to announce the availability of this new service.

While COURTESY OVERDRAFT PROTECTION has certain qualifications, most all Bank of Prescott consumer checking account customers qualify. For specific qualifications, see below.

COURTESY OVERDRAFT PROTECTION will provide you with the peace of mind that your checks will be paid up to your COURTESY OVERDRAFT PROTECTION amount of $300, less the bank’s normal overdraft fee of $18 per check. There is no fee, interest or hidden charges for this service. It’s free! When COURTESY OVERDRAFT PROTECTION pays your check you will know that there will be no merchant fee for a returned check, thus saving you money and the embarrassment of a returned check.

This means that the bank will not have to call you anymore as you can be assured that your check will be paid up to your COURTESY OVERDRAFT PROTECTION less the bank’s normal overdraft fee.

If you find yourself needing payday to come a few days early, you know you can go ahead and write that check since your COURTESY OVERDRAFT PROTECTION will pay it.

COURTESY OVERDRAFT PROTECTION QUALIFICATIONS & GUIDELINES

COURTESY OVERDRAFT PROTECTION from the Bank of Prescott is a free service for qualified Bank of Prescott consumer checking account customers. There are no charges, interest or hidden fees for COURTESY OVERDRAFT PROTECTION service. The bank’s normal overdraft/NSF fee of $18 per check applies exactly like it does now, nothing additional.

COURTESY OVERDRAFT PROTECTION will be granted, and continued to be granted, to all Bank of Prescott consumer checking account customers who--

· have had their Bank of Prescott accounts for a minimum of sixty (60) days;

· have deposited at least $300 in your account within the last 30 days;

· have not defaulted on any Bank of Prescott loan;

· your account is not subject to any garnishment, levy or execution;

· have an income-producing job or other source of verifiable, reoccurring income;

· have had their account in a positive balance at least once in any thirty (30) day period;

· have not exceeded their COURTESY OVERDRAFT PROTECTION amount of $300, to include the bank’s normal overdraft fee;

· have not had any transactions of a suspicious nature, such as what would appear to be check kiting; and

· within the sole discretion of the bank, does not have a credit report which reveals a negative credit history as determined by the bank’s normal credit standards for a loan of a like amount.

Any previously granted COURTESY OVERDRAFT PROTECTION is subject to revocation by the bank if the checking account is not brought to a positive balance at least once every thirty (30) days, the customer’s income stops, the customer files for bankruptcy protection or any of the above listed initial or continuing qualifications are not adhered to. Any balance owing by the customer at the time of revocation of his COURTESY OVERDRAFT PROTECTION will be immediately due and payable. Under most circumstances, the bank will agree to allow the customer to keep his checking account open (without COURTESY OVERDRAFT PROTECTION) if the balance owing is reduced to a promissory note payable to the bank over a period mutually agreeable by the bank and the customer, the period not to exceed twelve (12) months and the monthly payments automatically deducted from the customer’s checking account. If at anytime this loan becomes thirty (30) days past due, the loan shall be immediately due and payable in full and the customer’s checking account closed. The customer will still be responsible for making all payments to the bank.

To review the Federal Reserve Board's information regarding bank overdraft protection plans and how to protect yourself from unnecessary fees, please go to: http://www.federalreserve.gov/pubs/bounce/default.htm.