What is an overdraft?
An overdraft occurs when you do not have enough money in your account to cover a transaction. The best way to avoid overdrafts and merchant declined purchases is to manage your checking account properly. Keep track of your account balance by entering all checks, debit card purchases, and ATM withdrawals in your check register. Reconcile your checkbook regularly and manage your finances responsibly.
However, we realize unanticipated expenses or unforeseen problems can occur, leaving you with too little cash in your checking account. Having a check returned due to insufficient funds can be costly, inconvenient, and potentially embarrassing.
Overdraft services may save you from the additional merchant fees and possible damage to your credit history that might result if a check is returned.
Insufficient Funds Account-to-Account Transfer
Set up Insufficient Funds Account-to-Account Transfer to automatically transfer funds from a secondary account (such as a savings*, money market* or additional checking account) to your primary account when the balance falls below $0**.
* Transfers from money market or savings accounts are limited to six per month. $15 per transaction fee for exceeding six per month. Additional consequences for exceeding this limit may apply.
**Account-to-account automatic transfers debit the non-sufficient funds (NSF) balance as of the end of the day, plus a $5 fee from the secondary account and credit it to your primary account to cover the overdraft.
Consumer Overdraft Line of Credit
Our Consumer Overdraft Line of Credit automatically covers overdrafts on your checking account up to a predetermined limit.
- Available in $500 and $1500
- No annual fee
- Advances in $50 increments
- Payments due the 25th of the month (Minimum payment will be automatically withdrawn from the attached checking account if payment isn't made.)
- 18% Annual Percentage Rate (APR)
- Combined statement with checking account
- You must apply and qualify for this product
Overdraft Privilege takes the worry out of having a check returned and allows you to overdraw on your account.
Our Overdraft Privilege program offers two types of coverage:
- Basic overdraft coverage - Automatically comes with every account in "good standing". Overdraft coverage limits vary by account. We may approve overdrafts created by check, teller withdrawal, automatic or other electronic transactions, bill pay transactions or recurring debit card transactions. A NSF Paid Item(s) Fee, currently $27, may be charged for each item we cover. Note: There is a limit of 5 fees ($135) we can charge you for overdrawing on your account each day.
- Extended overdraft coverage - Includes the basic overdraft coverage plus it allows us to authorize ATM transfers and withdrawals and everyday debit card purchases, subject to the NSF Paid Item(s) Fee charged for each item.
To opt-in for extended overdraft coverage at the ATM and for everyday debit card transactions, stop by your local branch or download the opt-in form
. You can opt-in or out of the program as you like, by using the same form or by calling 207.786.5700.
Overdraft Privilege is always exercised at the discretion of the bank, which means we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will typically be declined. Your account must remain in "good standing", which means you (1) deposit enough money to bring your account to a positive end-of-day balance a least once every 30 calendar days (including the payment of all bank fees and charges); (2) avoid excessive overdrafts suggesting the use of Overdraft Privilege as a continuing line of credit; and (3) there are no legal orders, levies or liens against your account.
What you need to know about Overdraft Privilege
Overdraft Privilege Disclosure
Overdraft Privilege Opt-In/Opt-Out Form
Money Management Video