First National Bank of Odon: Courtesy Overdraft Privilege

Courtesy Overdraft Privilege POLICY (SERVICE DESCRIPTION)

       It is the policy of First National Bank of Odon (the bank, “we”, “us”, or “our”) to comply with applicable laws, rules and regulations, and to conduct business in accordance with strict safety and soundness standards. A non-sufficient funds (overdraft/negative balance) may result from: A) The payment of checks, electronic funds transfers, or other withdrawal requests you initiate; B) Payments authorized by you; C) The return, unpaid, of items deposited by you; D) Charging your account for our applicable service charges and fees; E) The deposit of items to your account which according to our Funds Availability Policy, are treated as not yet “available” or “finally paid”. We are not obligated to pay any item initiated for payment against your account if your account does not contain sufficient collected funds.
       Rather than automatically returning, unpaid, any non-sufficient funds items that you may have, if your “eligible” account has been open at least thirty (30) days and thereafter you maintain your account in good standing, which includes at least: (A) Continuing to make deposits consistent with your past practices, (B) You are not in default on any loan obligations to us, (C) We reserve the right to require you to pay your outstanding overdraft (negative) balance, including our fees, immediately or on demand, and (D) Your account is not the subject of any legal or administrative order or levy, such as bankruptcy or a tax lien, we will consider, without obligation on our part, approving your reasonable overdrafts up to your assigned COP {COURTESY OVERDRAFT PRIVILEGE} limit. This discretionary* service will generally be limited to an $800 overdraft (negative) balance for eligible personal checking accounts and a $1,500 for overdraft (negative) balance eligible business/commercial checking accounts. Our normal fees and charges including, without limitation, our non-sufficient funds/overdrafts fees {currently $25.00 per non-sufficient funds or overdraft item} as set forth in our fee schedules will be included in these limits and will be charged for each transaction presented for payment against non-sufficient funds. We will charge our normal fee whether we approve the item for payment or return it unpaid. Our fees will be added to any outstanding overdrafts you may have and will be applied against your COP limit.
        Whether your overdrafts will be paid or not is at our sole discretion and we reserve the right not to pay. For example, we typically do not pay overdrafts if your account is not in good standing as described above, or if you have too many overdrafts. We may refuse to pay an overdraft for you at any time, even if your account is in good standing and even though we may have previously paid overdrafts for you. You will be notified by mail of any non-sufficient funds items paid or returned that you may have; however, we have no obligation to notify you before we pay or return any item. The amount of any overdrafts including our fees that you owe us shall be due and payable immediately. If there is an overdraft paid by us on an account with more than one (1) owner on the signature card, each owner, and agent if applicable, drawing/presenting the item creating the overdraft, shall be jointly and severally liable for such overdrafts including our fees.
        OPTIONAL OVERDRAFT PROTECTION SERVICES: We offer additional overdraft protection services that you may apply for. These include Line-of-Credit Overdraft Protection and Transfer {from another account of yours with us} Overdraft Protection. If you apply and are approved for these optional services, you may save money on the total fees you pay us for overdraft protection services.
        INELIGIBLE ACCOUNTS AND LIMITATIONS: Available only for eligible checking accounts that are maintained in good standing as defined above. Savings Type Accounts, Money Market Accounts, Public Fund/Charitable Organization Accounts, Certain Trust Accounts, Student Minor Accounts, and any other Minor Accounts not of legal age are not eligible for this service. We may, in our sole option and discretion, limit the number of your accounts eligible for the COP Service to one account per household and/or one account per taxpayer identification number.
        ELIGIBLE ACCOUNT TYPES: The account types eligible for the COP Service are: Free Checking, NOW Checking and Free Business Checking.
        TRANSACTIONS THAT MAY CAUSE OR CREATE OVERDRAFTS USING YOUR COP LIMIT: NSF transactions initiated for payment against your checking account{s} may be approved/paid by us using, and up to, your assigned COP Service limit, including our fees. Our NSF/OD fee may be imposed for paying, or not paying, overdrafts you create through eligible transaction types which include, without limitation: Checks, In Person (teller) Withdrawal, ACH, ATM, POS, Home or Internet Banking Bill Payment and Transfers, and Telephone Banking Bill Payment and Transfers.         YOU MAY ALWAYS OPT-OUT: You may choose at any time not to participate in the COP Service by notifying one of our Service Representatives who will explain what this “Opt-Out” means, and the potential consequences, for you.
        IF YOU NEED HELP: Of course, overdrafts should never be used to pay ordinary or routine expenses and you should not rely on overdrafts to cover these expenses. If at any time you feel you need help with your financial obligations, please contact a customer service representative at (812) 636-7324 or toll free (800) 477-7324.
        ALWAYS A DISCRETIONARY* SERVICE: Our COP {Courtesy Overdraft Privilege} service does not constitute an actual or implied agreement between you and us. Nor does it constitute an actual or implied obligation of or by us. This service represents a purely discretionary courtesy or privilege that we may provide to you from time to time and which may be withdrawn or withheld by us at any time without prior notice or reason or cause.