Overdraft Coverage

 

Because Life Happens

It’s happened to all of us. You’re out to dinner with friends or picking up formula for the baby and your debit card gets declined. When you have options like Overdraft Protection, Overdraft Privilege Standard Coverage and Extended Coverage, you can manage potentially uncomfortable situations with poise.

 

What Is An Overdraft?

An overdraft occurs when you do not have enough money in your First Century account to cover a transaction, but we pay it anyway. In this situation that account is “overdrawn”.

We can cover your overdrafts in two different ways:

  • Overdraft Protection that comes with your account
  • Overdraft Privilege - Standard Coverage – comes with all eligible accounts
  • Extended Coverage – an option you can choose to add to your account

 

What Is Overdraft Protection?

Overdraft Protection is a service that applies to all transactions and may help prevent overdrafts by automatically transferring funds to your First Century checking account from another First Century deposit account, or from a line of credit you may have at First Century. Overdraft Protection lines of credit are subject to credit approval and finance charges.

 

What Is Overdraft Privilege Standard Coverage?

Overdraft Privilege is like a safety net. It’s a simple and convenient way for your checking transactions to clear in the unlikely event your account balance runs low and your other sources of funds have been exhausted. As long as your account is eligible, this coverage comes with your checking account and is activated at account opening.

When all of your Overdraft Protection options have been exhausted, your account may overdraw into Overdraft Privilege. With Overdraft Privilege Standard Coverage you can overdraw your account up to a disclosed limit for a fee in order to pay a transaction. At our discretion, First Century may pay your items in anticipation that you will bring your account back to positive. Overdraft Privilege Standard Coverage adds a secondary layer of coverage on top of Overdraft Protection.

 

What Transactions Are Covered By Standard Overdraft Privilege?

We WILL authorize and pay overdrafts for the following types of transactions:

Checks, ACH transaction, or a recurring debit transaction

  • Online bill payments
  • Internet and telephone banking transaction
  • Teller window transactions

 

Standard Coverage WILL NOT authorize and pay overdrafts for the following types of transactions:

  • ATM transactions
  • One time debit card signature and PIN-based transactions

We will charge you a fee each time we pay an overdraft. View Fee Schedule.
For our consumer accounts, there is a limit of 5 Overdraft Fees ($170) per day we will charge. We may not charge an Overdraft Fee if a consumer account is overdrawn by $5 or less. These exceptions do not apply to business accounts.

If your account balance remains overdrawn for 7 calendar days, we will charge your account an Extended Overdraft Charge of $30 on day seven.

 

Will Extended Coverage Pay My ATM and One Time Debit Transactions?

Yes. We can’t just add this to your account though. You’ll need to let us know that you want to add Extended Coverage to your account.

Extended Coverage will authorize and pay:

  • Checks, ACH transaction, or a recurring debit transaction
  • Online bill payments
  • Internet and telephone banking transaction
  • Teller window transactions
  • ATM transactions
  • One Time Debit Card transactions

We will charge you a fee each time we pay an overdraft. View Fee Schedule.
For our consumer accounts, there is a limit of 5 Overdraft Fees ($170) per day we will charge. We may not charge an Overdraft Fee if a consumer account is overdrawn by $5 or less. These exceptions do not apply to business accounts.

 

How Do I Sign Up For Extended Coverage?

 

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