You can avoid the embarrassment and hassle of returned checks and additional fees that could be imposed by a third party with overdraft privilege and/or protection. Eligible account holders are afforded overdraft privileges*, in which up to $300 can be overdrawn. There is no interest charged on the amount withdrawn, but normal overdraft charges (as set forth in our fee schedule) still apply for each overdraft on your account. Overdraft privilege requires no sign-up; however, you may choose to opt out if so desired. Or if you choose to open a savings or an additional checking account, you can set up overdraft protection and avoid fees entirely. With overdraft protection funds will be automatically withdrawn to cover any nonsufficient funds item on your existing checking account.

 *Account holders must be in good standing. The Bank will generally pay checks and ACH items that will cause an overdrawn account balance in a deposit account that has been opened for at least ninety (90) calendar days. The maximum permissible overdrawn amount in any deposit will be the lesser of $300 or the deposit account’s most recent three-month average daily balance. A maximum of five (5) check or ACH items per account business day will be paid, with the smallest dollar amount of any items to be paid first. Overdraft privilege is a purely discretionary service and is extended at the Bank’s discretion. The Bank is not obligated to pay any item presented for payment if the account does not contain sufficient collected funds. Prior payment of an overdraft item does not constitute an agreement to pay future payments of overdrafts.

An overdraft is said to occur upon the presentation of the item (e.g., check or ACH) that is to be drawn upon an account that does not have sufficient funds to cover the amount of the item. Clay County Savings Bank will decline to authorize to pay any ATM/Debit Card transaction when it has a reasonable belief, at the time of the authorization request, that the consumer does not have sufficient funds available to cover the transaction.

It is the practice of Clay County Savings Bank to automatically return a check or other ACH item in a deposit account when the item overdraws the deposit account, unless:

  • A deposit is made into the overdrawn account by 10 AM CT (CDT) on the same business day to cover the overdrawn amount.
  • An overdraft protection account has been established whereby funds can be transferred automatically to cover an overdraft.
  • Overdraft privilege has been extended.

It is the policy of the Bank to comply with all applicable laws and regulations, and to conduct business in accordance with applicable safety and soundness standards.