Central Bank - Overdraft Reserve

It's a Privilege For Our Checking Account Customers

Unanticipated expenses or mathematical errors can leave your checking account short of cash. In addition, having a check returned due to insufficient funds is terribly embarrassing.

We have created Overdraft Reserve as a special privilege specifically for Central Bank checking account customers whose accounts are in good standing. There is absolutely no charge for this service unless you use it.

Without your authorization, Overdraft Reserve may not cover all types of transactions. Please ask a Personal Bank about how to make sure all your transactions are covered by this valuable service.

How Does it Work?

As long as you maintain your Central Bank checking account in good standing, we may honor your overdrafts up to the limit assigned. If you use Overdraft Reserve, the Bank will deduct its normal overdraft charge of $25.00 per item. We will notify you via mail when an overdraft occurs. The notice will reflect the sum paid, as well as the bank's charge for the overdraft item(s). It is important to subtract the fees from the balance in your checkbook.

Going Over Your Overdraft Reserve Limit

Should you write checks that put you over your Overdraft Reserve limit, the Bank may return the check or checks to the payee(s). In addition, the normal insufficient fee of $25.00 per item will be charged to your account. An insufficient funds notice will be mailed to you.

If Your Checks Are Returned

If you do not use Overdraft Reserve or another form of overdraft protection on your deposit accounts, you may fall victim to the following:

The merchant may charge you a fee when your check is returned unpaid and may be unwilling to accept checks from you in the future.
The person who accepted your check as payment may be charged a fee by his/her bank where he/she deposits it.
Your credit rating may be adversely affected.

Overdraft Reserve Covers ATM and Debit Cards

Your Overdraft Reserve privilege may extend to transactions made at an ATM or with your Debit Card. In the case of an ATM, the balance shown on your receipt will reflect your actual balance, not including your Overdraft Reserve limit. Other transactions which may be honored under the Overdraft Reserve privilege include:

Checks and other debits cashed at teller windows
Debit Card purchases
ACH debit transactions (automatic payments)
Checks issued to a third party

Overdraft Reserve Covers All Existing Eligible Personal Accounts

Overdraft Reserve privileges may be granted on all checking accounts in good standing.
Overdraft Reserve does not apply to commercial checking accounts

Repaying Overdrafts and Fees

You will be required to bring your checking account into a positive balance within 15 calendar days of your overdraft. After 15 days, if your account remains in a negative position, we may close your account and take appropriate steps to recover funds advanced to cover your overdrafts, as well as the Bank's fees.

Overdraft Reserve Is In Force Today

Overdraft Reserve privileges may start the moment you open your personal checking account.

Overdraft Reserve Limits

To Determine your Overdraft Reserve limits, refer to the chart below:

Regular Checking - $500
Interest Checking - $750

Call BANKLINE 24/7 - Your Account Information by Phone Anytime.

The balance reflected through our free telephone information service will include both current and available balance.

You may call (712) 732-2190 or toll free (866) 732-2191, anytime day or night, 365 days a year.

If you have questions regarding your newly created Overdraft Reserve privilege, don't hesitate to see a Customer Service Representative at the branch most convenient to you.

Overdraft Reserve - Customer Overdraft Policy

An insufficient balance could result in several ways, such as: a) the payment of checks, in-person withdrawals, or ATM withdrawals and other electronic withdrawals; b) payments authorized by you; c) the return of unpaid items deposited by you; d) the assessment of bank service charges; or e) the deposit of items which, according to the bank’s Funds Availability Policy, are treated as not yet available or finally paid. We are not obligated to pay any item presented for payment if your account does not contain sufficient funds. Rather than automatically returning, unpaid, any non-sufficient funds items that you have, if your eligible account is in good standing, which includes at least: a) you are not in default on any loan obligation to Central Bank, b) you bring your account to a positive balance (not overdrawn) at least once every fifteen (15) calendar days, and c) your account is not the subject of any legal or administrative order or levy, we will consider – as a discretionary courtesy or service and not a right of yours nor an obligation on our part – approving your reasonable overdrafts. Normally, we will not approve an overdraft for you in excess of your limit including any overdraft charge(s). We may refuse to pay an overdraft for you at any time, 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 have; however, we have no obligation to notify you before we pay or return any item. The amount of any overdraft plus our overdraft or return item charge(s) of $25.00 per item that you owe us shall be due and payable upon demand. 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/creating the item creating the overdraft, shall be jointly and severally liable for such overdraft, plus our overdraft or return item charge(s) of $25.00 per item. You may be able to access your Overdraft Reserve limit through a teller, ACH, check or automatic payment. In addition, if you sign the Opt-in authorization, you may be able to access your Overdraft Reserve limit through an ATM or debit card transaction. As an alternative, you may initiate an automatic transfer authorization to have funds transferred from another account at Central Bank to cover an overdraft. The fee for this service is $5.00 per transfer.

LIMITATIONS: Available to accounts in good standing for personal or household use. If the Overdraft Reserve service is suspended on three occasions in a 12-month period, the Overdraft Reserve service will be revoked for a period of at least six months. The fees charged for the items paid into overdraft or returned, as well as the amount of the overdraft item(s), will be subtracted from the disclosed overdraft protection dollar limit. The order in which transactions are received and processed can affect the total amount of overdraft fees incurred by a customer. Central Bank reserves the right to limit participation to one account per customer and to discontinue this product at any time without prior notice. Please advise a Customer Service Representative if you do not wish to have this service available on your account.