COURTESY
OVERDRAFT PROTECTION POLICY
The policy of the Bank of Prescott is to comply with all
applicable laws and regulations as well as applicable safety and soundness
standards in the conduct of the bank’s business.
A balance resulting from non-sufficient funds (NSF) may occur from any of the following:
 | the payment of checks, electronic funds transfers or other withdrawal requests; |
| payments authorized by you; |
| the unpaid return of items deposited by you; |
| the imposition of bank service charges; or |
| the deposit of items which according to the bank’s Funds Availability Policy are treated as not yet available or finally paid. |
The bank is not obligated to pay any item presented for payment if your account does not contain sufficient collected funds. Rather than automatically returning unpaid any NSF items that you may have, the bank will consider, as a discretionary service or courtesy, approving the payment of reasonable overdrafts if your account is “eligible and in good standing.” To be considered “eligible and in good standing” the following are required and shall continue to be required:
| your account is a personal checking account and not a business account; |
| your account must have been opened for at least sixty (60) days; |
| you must have deposited in the account at least $300 in each thirty (30) day period; |
| you are not in default on any loan to the Bank of Prescott; |
| your account is brought to a positive balance at least once every thirty (30) days; |
| your account is not subject to any garnishment, execution or levy; and |
| you must have regular, reoccurring income. |
The payment of reasonable
overdrafts is not and shall not be considered an obligation of the bank, nor a
right of yours, and the bank is not contractually agreeing to do so.
The bank reserves the right to refuse to pay any overdraft of yours at
any time, even though your account is eligible and in good standing as defined
above, and regardless of whether the bank has previously paid overdrafts for
you. You will be notified by
mail of any NSF item paid or returned even though the bank has no obligation to
notify you before any such action is made.
The amount of any overdrafts plus the bank’s standard NSF/Overdraft fee
that you owe is due and payable in full upon demand.
Each owner and any agent(s) of an account are jointly and severally
liable for these overdrafts and NSF/Overdraft fees.
The Courtesy Overdraft amount
provided for personal eligible accounts that are in good standing is $300.
This amount includes all bank fees such as, and without limitation,
monthly maintenance fees, NSF/Overdraft fees, stop payment order fees, check
purchase fees and levy or garnishment fees.
Only one personal checking account per family is eligible for Courtesy Overdraft Protection. The Courtesy Overdraft Protection service as described herein does not constitute an actual or implied agreement or contract between you and the Bank of Prescott. Additionally, it does not constitute an actual or implied obligation by the Bank of Prescott. Courtesy Overdraft Protection is a discretionary courtesy that the Bank of Prescott may provide to you from time-to-time and which may be withdrawn or withheld by the Bank of Prescott at any time without notice, reason or cause.
