An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:

  1. We have standard overdraft practices that come with your account.
  2. We also offer overdraft protection plans, such as a link to another account or a line of credit, which may be less costly than our standard overdraft practices. To learn more, ask us about these plans.

This notice explains our standard overdraft practices.

What are the standard overdraft practices that come with my account?

We do authorize and pay overdrafts for the following types of transactions:
  • Checks and other transactions made using your checking account number.

  • Automatic bill payments.

We will not authorize and pay overdrafts for the following types of transactions without your consent:
  • ATM transactions.

  • Everyday debit card transactions.

We pay overdrafts at our discretion, 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 be declined.

What fees will I be charged if Central Savings Bank pays my overdraft?

Under our standard overdraft practices:
  • We will charge you a fee of up to $25.00 each time we pay an overdraft if your account is overdrawn more than $5.

  • We will not charge you a fee if your account is overdrawn by $5 or less on any given day and/or we will not charge you a fee if the item presented is $5 or less.

  • There is a limit of $125 per day on the total fees we can charge you for overdrawing your account.

What if I want Central Savings Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions on my consumer account?

If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, call (800) 562-4880, visit our website at www.centralsavingsbank.com, email us at odelection@centralsavingsbank.com and include the date with your full name, contact phone number and the last four digits of your account number so we are able to properly identify your account, complete the form below and present it to a banker at any branch or mail it to: PO Box 339, Sault Sainte Marie, MI 49783.

You can revoke your authorization for Central Savings Bank to pay these overdrafts at any time by any of the above methods. Your revocation must include both your name and your account number so that we can properly identify your account.