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Overdraft Privilege

Coatesville Savings Bank - Coatesville, Pennsylvania

Overdraft Privilege Service Policy

It is Coatesville Savings Bank’s (“we, us, or our”) policy 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, of unpaid 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, all non-sufficient funds items that you may have, if your “eligible account type” has been open for 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, and depositing at least $400 or more in your account within each thirty (30) day period, (B) You are not in default on any loan obligation 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 Overdraft Privilege Limit, including our fees.

This discretionary service will generally be limited to a $800 overdraft (negative) balance for eligible personal checking account types; or a $1,500 overdraft (negative) balance for eligible business checking account types.Our normal fees and charges including, without limitation, our Non-Sufficient Funds (NSF), Overdraft (OD) and Overdraft Privilege(ODP); currently $35.00 per non-sufficient funds or overdraft item, as set forth in our fee schedule, will be charged for each transaction (not to exceed four in a day) initiated for payment from your checking account that does not have sufficient collected funds. Typically, we will charge our normal Non-Sufficient Funds (NSF), Overdraft (OD) and Overdraft Privilege (ODP) fee of $35.00 whether we approve an overdraft item for payment or return it unpaid. In addition, we will charge your account a $5.00 “Continuous Overdraft Charge”. Typically, we will charge this “Continuous Overdraft Charge” on the seventh consecutive calendar day and every seventh day thereafter, if your account is overdrawn and continues to have a negative (overdraft) balance.

Our Non-Sufficient Funds (NSF), Overdraft (OD) and Overdraft Privilege (ODP) fees will be included in and count against your assigned Overdraft Privilege Limit of $800 or $1,500. 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 though 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.           

   

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